A previously complying SMSF is now non-compliant as of FY2021 say
The funds assets are
- $200,000 tax-free contributions ie. contributed from after tax savings
- $100,000 taxable amounts ie. contributed from pre-tax income
- $10,000 is earned in the year the fund is made non-compliant
Q1 - What tax is payable in the year the fund is made non-compliant ? My understanding is that the taxable capital component will be taxed at the highest marginal tax rate ie. 47% and the income will similarly be taxed at 47%. Is this correct ?
Q2 - The fund is made compliant again in FY 2024, part way through the year ie. part year. Are there any tax or penalty obligations arising from the transition back to "complying" & if so how much and are the tax-free and taxable components treated any differently ?
Q3 - The fund is made compliant again in FY2024, at the beginning of the year ie. for the full year. . Are there any tax or penalty obligations arising from the transition back to "complying" & if so how much and are the tax-free and taxable components treated any differently ?
Q4 - What is the personal tax obligation related to $15,000 pension payments paid from the fund during the years of non-compliance. At the time of non-compliance this would be $5,000 from the taxable component and $10,000 from the tax-free component (ignoring the impact of fund earnings)- would that make any difference ?
thanks for your assistance
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