Dunno? Dealing with contributions made in error [VIDEO]

I regularly get asked questions from readers through my blog on issues and strategies relating to self managed super funds, so I thought why not bring these questions to ‘life’ by starting a new regular weekly blog, “Dunno: ask a question”.

Each week I will hand-pick a reader question and respond with a video, audio (blogcast) or written response.  Look out for these each and every Thursday.  If you “dunno” an answer, don’t be afraid to ask Aaron the question!

Reader Question:

Can a deposit into a SMSF made in error be withdrawn in the next financial year without a tax penalty if both members of a fund were over sixty-five when the deposit was made and the fund was in accumulation mode? How would such a deposit be described by the auditor of the fund?

Tell us what you think about the “Dunno?” blog posts


VIDEOBLOG: SMSFs a key part of ATO’s 2012-13 compliance program

The Australian Taxation Office (ATO) has recently released their compliance activity program for 2012-13, which outlines some of the key areas they will focus in respect to self managed super funds including:

  • meeting income tax obligations, in particular on-time lodgement and irregularities with exempt current pension income tax deductions
  • meeting regulatory obligations, in particular new trustee behaviours, illegal early release, re-reporting of contributions to avoid excess contributions tax and compliance with ECT release authorities
  • more active follow-up of breaches reported by approved auditor through an auditor contravention report

Read more about the ATO Compliance Program for 2012-13

Now it’s Hitler ranting about SMSFs

With retail and industry super funds feeling the effects of the growth Self Managed Super Funds, I thought I would share this funny video with you taken from a little-seen movie about the last days of Adolf Hitler.  This video clip, has become the basis for hundreds of satirical videos on YouTube.  This version, looks at the growth of SMSFs at the detriment of industry and retail super funds.

I hope you enjoy it as much as I did…

PS.  Thank you to Peter Davis from SMSF Audit Specialists for highlighting this extremely funny video to me.  See the video on feynman2718’s YouTube Channel.

(C) The SMSF Academy 2012
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