May budget implications for SMSF
There has been a lot of talk about the May budget and the implications for self managed super funds, possibly the most significant of which is the $500,000 cap on member (undeducted) contributions. This change, if legislated, will be retrospective, meaning that it will apply to any contributions made since 1 July 2007.
There is always a chance that the proposal will not be legislated in its current form, and prominent industry professionals are lobbying the Government to remove the retrospective aspect; however, it is essential that you consider this proposed change in any plans that you may have for future member contributions.
For more on the key budget measures Click Here
Reminder to SMSF Trustees
Transition Date for Collectables and Personal Use Assets Ends on 1 July, 2016