The Government has not made any major changes to Superannuation in the 2018 budget but there are still some minor tweaks to be aware of: 12 Month work test exemption for certain members over 65 Maximum SMSF Members to be increased from 4 to 6 Ability for large income earners to elect not to receive[…]
The ATO has deferred the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for the 2016–17 financial year. The new deadline for lodgment of these returns is now 30 June 2018. Commenting on the announcement, Deputy Commissioner James O’Halloran said: “Recognising the crucial considerations and decisions that SMSFs and their advisers need to[…]
The Australian Tax office has has substantially softened a highly controversial ‘events-based’ reporting proposal after consultation with industry bodies. The below is a edited summary of the ATO release From 1 July 2018: • SMSFs with members with a total super balance of less than $1 million will report events that impact their members’ transfer balances[…]
Key points Significant impact to Exempt Pension Income Calculation (ECPI) Increased reporting and administration requirements Additional importance of pension minutes and documentation to ensure compliance Who does it affect? Funds that change to, or from 100% Pension during the year. Eg 100% accumulation fund converts to 100% pension Mixed mode fund (pension and accumulation) converts[…]
This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2015-16 to 30 June 2017. Source: ATO extends due date for 2015-16 SMSF returns | Australian Taxation Office
In response to industry feedback, the ATO has this morning confirmed it will extend the due date for lodgment of SMSF annual returns for 2015/16. Source: ATO extends crucial deadline for SMSFs – SMSFAdviser Magazine
Government delivers stability in 2017-18 Federal Budget Stability and confidence for superannuation is the good news coming out of the 2017-18 Federal Budget. With SMSF members still working through the wide-reaching and complex superannuation changes of the last Budget which take effect from 1 July 2017, this Budget’s minimal changes will result in a period[…]
Provides information about the law companion guide on capital gains tax relief. Source: Transitional CGT relief | Australian Taxation Office
From 1 July 2017, the government will introduce a $1.6 million cap on the total amount that can be transferred into the tax-free retirement phase for account-based pensions. Source: Introducing a transfer balance cap of $1.6 million for pension phase accounts | Australian Taxation Office
What will be the key compliance risks and challenges for SMSF loans this year? Source: Compliance and SMSF loans in 2017 | Accountants Daily