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Time has come for all superannuation Trustees, to hold qualification

By: admin|

We are constantly reading of the many self managed super funds that breach regulations in the areas of excess contributions, lending of funds to related parties, using their super funds as their personal cheque account and failing to lodge the funds tax returns on time.

One area that causes a lot of grief is the breaching of the superannuation contributions caps and to further educate the 460,000 Self Managed Super Fund, their Trustee’s and their advisors, the Australian Taxation Office has released a new learner guide on excess contributions tax (ECT) to assist with the gaining of an understanding of the rules and regulations

The learner guide explains:

  • what Excess contributions tax (ECT) is;
  • how to estimate the ECT you or your clients may be liable to pay;
  • what happens when an ECT  assessment has been raised;
  • what  your payment obligations are;
  • how and when you or with your advisors assistance, can apply for the Commissioner’s discretion to disregard or reallocate their contributions; and
  • What you can do to object to an assessment.

The guide contains useful examples and exercises to test your knowledge.

Useful link

AAMC Training Group has been delivering the Advice in Self Managed Superfund courses too many professionals and this same course can be broken down into required segments to assist the many trustees to fully understand their roles and responsibilities to meet the regulatory requirements. Clients that undertake the selected trustee units and complete the assessments with be awarded a statement of attainment for the units completed. The regulators do not accept ignorance as a defence for any breaches, so the cost of education is the cheaper alternative.

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