Super contribution caps to rise
Prepare for Changes as Concessional and Non-Concessional Caps Rise What You Need to Know for 2025 The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable […]
ATO warning regarding prohibited SMSF loans
Navigating Superannuation Compliance ATO’s Focus on Loans to SMSF Members Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if […]
Losses in crypto investments for SMSFs
Navigating Cryptocurrency Investments in SMSFs Understanding Risks and Safeguards Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; theft, where fraudsters would […]
Care required in paying super benefits
Navigating SMSF Benefit Payments: Rules and Risks for Trustees Ensuring Compliance and Minimizing Penalties in Superannuation Benefit Distributions Generally, before SMSF trustees pay a member’s super benefits, they need to ensure that: the member has reached their preservation age; the member has met one of the conditions of release; and the governing rules of the […]
NALI provisions did not apply to loan structure
AAT Decision: SMSF Interest Income and Non-arm’s Length Income (NALI) A Look at the AAT Ruling on Exempt Current Pension Income and NALI Determinations The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole beneficiary of a unit trust was not non-arm’s length income (‘NALI’), […]
Appointing an SMSF auditor
Important Reminders for SMSF Trustees and Auditors Key Requirements for Appointing and Engaging Approved SMSF Auditors The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before […]
Minimum annual payments for super income streams
Minimum annual payments for super income streams The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007. If the minimum payment is not made by 30 June, this can result in adverse taxation consequences for […]
Proportional indexation of transfer balance caps from 1 July 2023
The ATO reminds taxpayers that, from 1 July 2023, the general transfer balance cap will be indexed. Individuals will have a personal transfer balance cap between $1.6 and $1.9 million, based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023. While indexation occurred on 1 July […]
Super health check
Use this checklist to review the health of your super in 5 easy steps Getting started The best way to perform these checks is either on ATO online services through myGov or by contacting your super advisor directly You need a myGov account linked to the ATO Once you link your myGov account, you can also use […]
Know the rules for accessing superannuation
ATO warns SMSF trustees against illegal early access to superannuation Reminder of strict rules on using SMSF funds for personal or business expenses and related party investments The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members. This means SMSF trustees can’t […]
