After a SMSF is established it is necessary for the fund trustees to determine how the members’ benefits are invested and how funds are contributed to the SMSF.
Our specialist advisors together with RSM Financial Services Australia (AFSL 238282) are able to assist SMSF trustees with:
- contribution limits - there are various limits for concessional, non-concessional and contributions relating to capital gains. Exceeding the relevant contribution limits can potentially result in penalty tax applying at up to the top marginal tax rate of 49%
- contribution types - as well as contributing cash to superannuation, it is possible for certain assets, such as listed shares and some property to be transferred to superannuation as an in specie contribution
- structuring borrowing arrangements - in limited circumstance a SMSF can borrow to purchase assets in the superannuation fund