Latest annual stats show the SMSF sector continues to grow The latest statistical overview provides analysis of SMSF’s for the 2021-22 financial year. The ATO has released the latest edition of their annual statistical overview. The overview provides key statistics and analysis of Australia’s SMSF sector for the financial year. Highlights include: Over 610,000 SMSFs holding $876 billion in assets, with more than 1.1 million SMSF members, as at 30 June 2023 SMSFs had assets of almost $1.5 million on average in 2021-22, up 18% over five years but down by 2% from 2020-21 65% of SMSFs have ex ..read more

ATO reminds SMSFs to keep good records How self-managed super fund (SMSF) trustees can meet their responsibility to keep accurate tax and super records. Keeping good records Keeping good records is more than just knowing which records to keep and for how long. It involves having a system for organising and maintaining records that makes it easier for you, and any SMSF professional you use, to: complete the fund’s independent audit each year lodge your fund’s annual return. It may also help reduce audit and administration costs for your fund. To help keep your records organised, you may want ..read more

Contribution caps to increase from 1 July 2024 Following the release of the latest Average Weekly Ordinary Time Earnings (AWOTE) index, the expected increase to the contribution caps from 1 July 2024 has been confirmed. As a result, from 1 July 2024: The standard Concessional contribution cap will increase from $27,500 to $30,0001. The Non-concessional contribution cap, which is expressed as 4 times the standard concessional contribution cap, will increase from $110,000 to $120,0002. The maximum Non-concessional cap available, under the Non-concessional contribution bring-forward provisions ..read more

Concessional contributions cap Keep track of your concessional (before-tax) contributions so you don’t exceed the contributions cap. About the concessional contributions cap The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. From 1 July 2021, the concessional contributions cap is $27,500. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. The cap increases in increments of $2,500 in line with the stat ..read more

Smoothly Closing the Chapter: Essential Steps for Winding Up Your SMSF What you need to know in the SMSF winding-up process If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount to pay final tax or expenses if required). Once your final return has been processed all remaining member benefits must be paid o ..read more

Smoothly Closing the Chapter: Essential Steps for Winding Up Your SMSF What you need to know in the SMSF winding-up process If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount to pay final tax or expenses if required). Once your final return has been processed all remaining member benefits must be paid o ..read more

Protecting Your SMSF Investments: Understanding the Risks of Crypto Asset Loss Navigating Scams, Thefts and Platform Failures Over the last few financial 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 hack into trustees crypto accounts and steal all their crypto collapsed crypto trading platforms, many of whom were based overseas and lost passwords resulting in trustees be ..read more

Proposed Changes to Non-Arm’s Length Income (NALI) Provisions for Super Funds A Closer Look at the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 The Government has introduced changes to the non-arm’s length income (NALI) provisions which apply to expenditure incurred by super funds. This measure is not yet law. Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was introduced on 13 September 2023 and will: limit the amount of non-arm’s length income arising from a general non-arm’s length ..read more

Changes to Superannuation Minimum Drawdown Requirements in Response to COVID-19 Conclusion of Temporary Reductions for the 2023–24 Financial Year In response to COVID-19, the government temporarily reduced superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20, 2020–21, 2021–22 and 2022–23 financial years. For the 2023–24 financial year, the 50% reduction in the minimum pension drawdown rate will no longer apply. This means that on 1 July 2023 when you calculate the minimum annual payment on your pension balance, the 50% reduction w ..read more

The reduced eligibility age to make a downsizer contribution from age 55 is now law This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. What does this mean? From 1 January 2023, eligible individuals aged 55 years or older can choose to make a downsizer contribution into their super fund of up to $300,000 per person ($600,000 per couple) from the proceeds of selling their home. There are no changes to the remaining eligibility criteria. Key dates for downsizer contributions Eligible individuals aged 55 years or older can make a downs ..read more