Retirement
SMSFs’ tax time checklist
There are “several critical issues” SMSF trustees need to be aware of as the end of the financial year edges closer, the SMSF Association has said.
SMSFs’ tax time checklist
There are “several critical issues” SMSF trustees need to be aware of as the end of the financial year edges closer, the SMSF Association has said.
Chief executive John Maroney said SMSF trustees should have transfer balance account reporting, transitional CGT relief and reviewing super contributions on their radars.
The 2017-18 financial year is the first year in which lower concessional and non-concessional contribution caps have been law. This means trustees need to make sure they’re inside the legal thresholds, Mr Maroney said.
“However, it is also the first year where the ’10 per cent rule’ is removed for personal deductible contributions, meaning all individuals are able to contribute $25,000 in personal contributions and claim a deduction for them rather than only those who were self-employed,” he continued.
“These end of financial year issues can be complex and we would encourage any SMSF trustees who are unsure of their entitlements and obligations to seek specialist SMSF advice immediately.”
Mark in your calendar:
1 July 2018
“SMSF trustees need to be aware they may have to report a transfer balance cap income stream before 1 July 2018,” Mr Maroney explained.
“If a member in retirement phase was receiving an income stream on 30 June 2017 that continued to be paid after that date, this income stream must be reported on the transfer balance account report (TBAR) form before 1 July 2018.”
2 July 2018
Trustees need to lodge their 2016-17 annual return by this date. As Mr Maroney explained, this date is also the deadline for trustees to make an election for transitional CGT relief.
“The CGT relief rules allow funds to reset the cost base of assets affected by the introduction of the transfer balance cap and changes to transition to retirement income streams,” he elaborated.
“This is a valuable, one-off opportunity for SMSF members to minimise the impact of the changes on their retirement savings, and should not be overlooked.”
28 October 2018
Events occurring in the 2017-18 financial year need to be reported by 28 October 2018, or annually in the SMSF’s 2017-18 return.
This depends on the SMSF’s timeframe, Mr Maroney said, explaining that SMSFs with members receiving pensions and with total balances exceeding $1 million need to report their transfer balance cap events quarterly.
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
SMSF growth continues after pandemic peak
The statistics have begun to change coming out of the COVID-19 pandemic, according to new findings from Australian Investment Exchange Limited (AUSIEX). Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
SMSF growth continues after pandemic peak
The statistics have begun to change coming out of the COVID-19 pandemic, according to new findings from Australian Investment Exchange Limited (AUSIEX). Read more