1 July 2019 Superannuation Changes

In February 2019, a number of laws were passed through Parliament that will see changes to superannuation in the coming year.  The changes are due to commence from 1 July 2019. These reforms join other recent changes first proposed in the 2018/19 Federal Budget. The changes include: Fees Accounts classified as low balance (those that[…]


Budget 2018 Superannuation Changes

  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[…]

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SMSF Alert: Deferral of lodgment due date for 2016–17 SMSF annual returns

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[…]

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ATO release details on Event Based Reporting

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[…]

Changes to Segregated Pension Assets and Actuarial Certificates

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[…]

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Budget 2017 Superannuation Changes

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[…]