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Super Contribution for 2008
financial year:
Last date to contribute 30th August 2008 and strategy
to pay Zero tax!
Super
funds contributions are deductible in the financial year when they paid to the
super fund. All contributions for 2008 financial year must be paid before 28th
July 2008 to avoid paying Superannuation Guarantee levy. If payment is made
after 30th June 2008, deduction is available in only in 2008 / 09
year.
Many
times it is possible that this contribution is not made by the business owner for several reasons such us cash
flow or missed due to the failure of advice at the right time etc, below we
give you a strategy, where contributions can possibly be made till 30th
August 2008.
A
newly created SMSF under Sec 42 (3) ( c ) of SIS Act gets 60 days to elect to
be a regulated Superannuation Fund. Hence, if a new SMSF elects to be regulated
before 30th August 2008, contributions can be made to the fund for
the financial year ended 30th June 2008.
Contributions Pre 30th
June 2008
Since
the contributions will be dated Pre 30th June 2008, they will
pertain to the previous financial year, these contributions can be via a cheque
deposited in the newly created SMSF after 30th June 2008. This
situation is similar to public offer big funds such as AMP or Colonial, who are
never able to bank all cheques which they receive on 30th June on 30th
June - it takes them several weeks to allocate contributions and bank cheques.
If
the company or individual owns shares, these shares can easily be transferred
to the SMSF as in-specie contribution after 30th June 2008.
However,
there is a downside to this strategy, please note that since the fund receipted
money's in the current financial year, the contribution will be tested against
the contribution caps of 2008 /09 financial year. For example the fund receives
contributions in August 2008 for 2008 year of $20,000 for a member below 50
years old; only another $30,000 can be contributed in the current financial
year before excess contribution tax is triggered.
But
the upside is that if any tax payable (it is now possible to have nil tax on
contribution due to gearing in SMSF) on these contributions, it will be paid by
the super fund not before 28th February 2010 or after 19 months. Due
to this timing difference, if contributions are invested in a simple 8% fixed
deposit can give a fantastic result of NIL tax in comparison to 30% tax rate
for a company (and its owners) and a maximum of 46.5% for a sole trader or a
partner business person.
If
you already have a SMSF and want to avail the benefit of timing difference,
there is no regulation to stop you from setting up another SMSF to make use of
this strategy, however cost of setting up the fund ($110 if you buy from us)
should be compared to the potential tax saving. Later on funds can be rolled
over to existing fund and fund closed.
Unfortunately
employees are not able to use this benefit, as they must salary sacrifice any income
in the year of earning.
Can
a SMSF receive "cash contribution" from a member (say personal contribution)
before 30th June 2008 and holds the cash as an asset "Cash on Hand" on
30th June 2008 and deposits the cash on say 25th August
2008 is not tested by the writer, we encourage you to make your own enquiries.
If
you want to set up a SMSF now, please click here, trust deed is emailed to you
instantly after payment. If you have any further queries on this strategy, do
not hesitate to contact us on sales@trustdeed.com.au
or phone our technical department on 02 9638 2807.
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www.trustdeed.com.au provides online service for creating, storing & managing legal documents for Companies and Trust deeds for SMSF, Family, Unit & Hybrid Trusts, click here for more information.
 New / Update SMSF Trust Deeds cost only $110 and can be created in 20 minutes, Trust Deeds are emailed instantly!
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FIRST TRUST DEED FREE |
if you are an advisor, financial planner, accountant or a solicitor, we can offer you to create one trust deed on our system for free. This offer is valid provided you purchase 10 or more new SMSF deeds or update 10 SMSF trust deeds for your clients. To claim your first free trust deed, first register on our website www.trustdeed.com.au and phone our office on 02 9638 2807 for a promotional code.
If want to communicate with your clients, advising them the need & advantages to update their trust deed, click here to download a pro-forma letter to your clients.
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| remeber you can create a SMSF trust deed at any time 24 / 7 |
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www.trustdeed.com.au goes on live help
If you are an advisor and use our website for your clients SMSF  Trust Deed. You now have access to SMSF Specialist Advisor who will answer all your technical questions online for you. Simply click the button above and start chat.
New or update your existing SMSF Trust Deed for $110 You can keep the trust deed up to date for the next five years for only $165.
Our SMSF trust deed has been prepared with input from accountants who have over two decades of experience in setting up structures for their clients and have combined knowledge of auditing and lodging tax returns for more then 2000 SMSF's, their practical experience is an invaluable contribution.
For further questions on our trust deed, ring 02 9638 2807 or email sales@trustdeed.com.au |
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Our Website has complete Document manager for all future downloads
We are the only online SMSF Trust Deed providers where you can purchase a Trust Deed 24/7 for $110
It takes only Less then 20 minutes to register and build a SMSF Deed.
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| Phone 02 9638 2807 or visit www.trustdeed.com.au |
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This email is sent by:
Sales Team
www.trustdeed.com.au
Deed Dot Com Dot Au Pty Ltd
P 02 9638 2807 F 02 9838 3060
Unit 4, 287 Victoria Road, Quantum Corporate Park NSW 2116
PO Box 1010 Dundas NSW 2117
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 Live Help
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| HOW IT WORKS |
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Additions to our Website
Our News
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5th June 08 :
Online Account Based Pension Documents
April08 :
Launched Unit Trust Deed
25th April 08 :
Launched Stationery Shopping Cart
Future Plans
1st September 08 :
Online Company Formation
Introduction Price $404 Incl.
ASIC Fees
1st November 08 :
Online Hybrid Trust
1st October 08:
Development of SMSF Tools
- Change of Name
- Adding Member
- Deleting Member
- Audit Programme
- Loan Agreement
- Lease Agreement
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