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
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
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
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
Draft regulations that propose removing the fund-capped contributions rules, if implemented, could open up new strategies for business real property assets and foreign fund rollovers, according to DBA Lawyers. Source: Draft regulations tipped to simplify property transfers
Further information about the requirement for bank account details of SMSFs. Source: Common errors on SMSF annual returns | Australian Taxation Office
The changes to the superannuation system, announced by the Australian Government in the 2016-17 Budget, have now received royal assent. Find out how these changes may affect trustees of self-managed super funds. Source: Super changes for self-managed super funds | Australian Taxation Office
Source: ATO ruling gets the thumbs up from SMSF Association – SMSF Association
