Super contribution rules when turning 65

SMSF Informer

A commonly asked technical question by advisers concerns personal super contribution issues in the financial year when the client turns age 65. Mark Gleeson has the answers.

Understanding the rules when your client turns 65 allows advisers to maximise contributions and not create any excessive taxes for the client.

You can use the steps below to identify when your client can contribute and how much they can contribute.

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Basic Errors That Can Delay Your Tax Refund

WCCO | CBS Minnesota

By Ray Martin, CBS MoneyWatch

(CBSMoneyWatch) Millions of people are getting a jump on filing their tax returns now that they have received their W-2s and 1099 forms. And for most, the incentive to get moving is to get that tax refund in their bank account as soon as possible.

The average refund for filers last year was about $3,000. Last week, by contrast, I spoke to some people with average incomes who were $6,000 refunds! I’m not a fan of large tax refunds because they are typically the result of overpaying taxes. It’s a form of starving your cash flow all year long so that you can get a lump sum by filing some forms to prove its really your money. 

But if you typically get a refund, you’ll want to get your taxes prepared and filed as quickly as possible. So here are a few things…

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A Tax Administration Issue

All Things Accounting

Inconsistencies that pervade the revenue collection system cause inordinate delays and are time consuming. One contradiction that should be speedily resolved is the requirement to report assessable income for Education Tax based ( line 41 of the Income Tax form (IT01)) <–See PDF Form Here

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and the confusion at the Revenue Office when the taxpayer reduces his/her liability by the amount paid through the Pay As You Earn (PAYE)system.

Many times the taxpayer is asked to revise his return at the Tax Collection Centre and this is a travesty. This contempt is compounded when the taxpayer is asked to write a letter stating that an error was made. Nothing in the taxpayer’s initial presentation of the taxpayer’s liability on the Education Tax form (ET01) suggests that this course of action is warranted.

Mini Glossry: ETOI is the Education Tax Return, IT01 is the Income tax Final Return

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