Archive for the How is income in my Super Taxed Category

If you carry on an enterprise, you must register for GST if your GST turnover is $75,000 or more. However, most SMSFs don’t have to register for GST because most SMSFs mainly make input-taxed supplies, which don’t count towards your GST turnover. Input taxed supplies include financial

Apportionment of net income into tax and non taxable Tax Payable on members earnings in the fund Reserving – Net Income not allocated to the Members Account Generally speaking the net income of the fund is shared (allocated) across the members of the fund based on their

Other forms of income that are included in the fund that are included as assessable income are: Dividend Income – on shares in listed or private companies. Interest Income – from bank accounts, cash management accounts, term deposits Rental Income – received form residential and commercial property

Mistakenly people often think dividend income is tax free in your super fund, infact the a franking credit often results in no tax payable or even a refund to the SMSF. As your super fund is taxed at 15% on its income, fully franked dividends from Australian

Capital Gains made in the super fund is also reduced to 10% (CGT discount of one third) from assets (investments) held after 21.09.1999 and where the assets (investments) are held for more than 12 months. Where a SMSF is wholly in pension phase capital gains are tax free. <Segregated

The government’s initiatives to induce Australians to save using Super includes making the receipt of income from your pension Super tax free. For example lets say your super is worth $400K at 55 and you are eligible to retire, you can convert your super to a pension

This is income that you shouldn’t generally receive, it is income receive from a related party and considerd to be income that is not received on a arms length basis. It is usually private company dividends or trust distributions. This income is taxed at the top marginal

Income in a superfund is calculated like income for normal income tax purposes and is taxable at the reduced rate of <see tax rate %> to attract Australians to save for there retirement, <see rates for changes>. Please note our website terms of use