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SMSF Updates

Personal super contributions: deduction work test modification
28 Apr, 2023

The ATO has released a Draft Legislative Instrument proposing to use the Commissioner's remedial power (CRP) to modify the "work test" under s 290-165(1A) of the ITAA 1997 to deduct personal super contributions, with date of effect from 1 July 2022. Draft LI 2023/D11 proposes to modify s 290-16..Read More

Compulsory quarterly transfer balance reporting
13 Apr, 2023

The ATO reminds from 1 July 2023, self-managed super fund (SMSF) must report certain events that affect members transfer balance account quarterly. Trustees report these events by lodging a transfer balance account report (TBAR) no later than 28 days after the end of the quarter in which the..Read More

Superannuation rates and thresholds for 2023-24
02 Mar, 2023

In accordance with Subdiv 960-M of the ITAA 1997, the Australian Bureau of Statistics has calculated the following superannuation rates and thresholds for 2023-24: CONTRIBUTIONS CAPS:  The concessional contributions cap is unchanged at $27,500 for 2023-24. The non-concessional contribut..Read More

30% Tax on Earnings for Super Balances Exceeding $3 Million from 2025
28 Feb, 2023

The governments has confirmed that the government will implement a 30% tax on earnings for super balances exceeding $3 million from 2025. After weeks of speculation regarding changes to concessions, the revised tax rate will take effect on 1 July 2025. Currently, earnings from superannuation are ..Read More

The SMSF Sector Has Shown Continued Growth
28 Feb, 2023

The latest ATO's annual statistics reveal that the self-managed super fund (SMSF) sector in Australia is experiencing continuous growth. The ATO's 13th edition of the SMSF statistical overview provides essential data and analysis of the sector for the 2020-21 financial year, based on SMSF annual ret..Read More

Can an SMSF Buy a Farm from a Related Party?
27 Feb, 2023

An SMSF can buy a farm from a related party, but it must comply with the rules and regulations set out by the Australian Taxation Office (ATO) to ensure compliance with superannuation laws. The purchase of assets from related parties is generally prohibited under superannuation law to prevent member..Read More

Can a SMSF Buy a Farm and Lease It to a Related Party?
27 Feb, 2023

Self-Managed Superannuation Funds (SMSFs) are becoming an increasingly popular choice for Australians who want greater control over their retirement savings. SMSFs offer a range of investment options, including the ability to purchase property. In fact, some SMSFs invest in agricultural land, which ..Read More

What are the Matters or Issues You Should Consider When Setting up a SMSF?
27 Feb, 2023

When setting up a self-managed superannuation fund (SMSF), there are several matters or issues that should be carefully considered. Here are some key considerations to keep in mind: Cost: Setting up and managing an SMSF can be more expensive than other types of superannuation funds. SMSFs requi..Read More

Can I Set Up a SMSF by Myself?
27 Feb, 2023

Yes, you can set up a self-managed superannuation fund (SMSF) yourself, but it is important to understand that there are legal and financial obligations that come with being an SMSF trustee. Setting up an SMSF involves a number of steps, including creating a trust deed, appointing trustees, regis..Read More

What is the minimum amount to set up a SMSF?
20 Feb, 2023

A Self-Managed Super Fund (SMSF) is a type of superannuation fund that allows you to take greater control of your retirement savings by giving you more flexibility and choice in how you invest your money. Unlike other types of superannuation funds, where the investment decisions are made by a profes..Read More

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