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 […]
Further eligibility age change for downsizer contributions
Be aware of new eligibility rules regarding superannuation downsizer contributions In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, […]
Illegal early access to super
Accessing your super early may be illegal You cannot access your super before you retire unless you meet one of the conditions that make it legal to access your super and receive relevant approval. Always check first with Omnis Group’s Superannuation team before taking any action. There are only a few reasons that you might […]
ATO warning to SMSFs ‘Paying the price for non-compliance’
There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws This includes applying administrative penalties. A number of factors determine the amount of the administrative penalty, including: the type of contravention; when it occurred; and the number of penalty units that […]
SMSFs investing in crypto assets
ATO advice for SMSFs thinking about investing in crypto assets The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations that offer trustees help to set up a fund or use their existing fund to invest in […]
Valuing fund assets for an SMSF’s annual return
One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied with super laws. The market value of an asset is the amount someone could be reasonably expected to pay if the asset […]
