Self-Managed Super Fund tips – It boasts a Concessional Tax Rate
Normally a self-managed super fund will incur a 15% rate of tax and as you will know this is a concessional rate. This only applies if your fund complies with the laws.
If your self-managed super fund does not comply, it will be the normal tax on income rate that will be used.
It will be income such as net capital gains, rent, dividends, interest and assessable contributions.
Both personal and employer contributions considered to be assessable contributions – i.e. there will be a tax on income – and will be taxed at 15%, while assets that will be used to get a pension will not be taxed.
When it comes to capital gains, with regard to a self-managed super fund, there is a third tax discount allowed but this comes with the proviso that the asset concerned has been owned for over a year.
When tax on income is applied there are deductions allowed – mainly things such as insurance payments and auditor fees. It is only arm’s length investments that are covered as non-arms length income will face 47% tax.
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