Superannuation and Taxation by Jimmy B. Prince

Author:Jimmy B. Prince
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-10-12T04:00:00+00:00

Tax trap

If you roll over your benefits the trustee will transfer a cash amount to your new fund. So you may incur CGT on the sale of certain investment assets held in your old super fund. This will be deducted from your benefits before they are transferred. Your new fund will notify you of the actual amount that was rolled over and the date it was credited to your new account.

Partnerships and superannuation

If you carry on a business in partnership, a partner of a partnership can claim a tax deduction for concessional contributions made on behalf of the employees of the partnership. But a partnership cannot claim a tax deduction in respect of any superannuation contributions the partnership makes on behalf of the partners. This is because, under Australian tax law, a partner is not an employee of the partnership. Nevertheless, a partner may qualify for a tax deduction for personal superannuation contributions they make in their individual income tax return. This is on the condition that they are self-employed or substantially self-employed (they satisfy the 10 per cent rule test). For more information see the Tax Office publication Personal superannuation contributions.

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