SMSF Updates
Family law super splits: interest rate for adjusting base amount
The Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2022 specifies the interest rate to be used for adjusting the “base amount” allocated in a court order or a superannuation agreement under the Family Law Act 1975 that splits a future defined benefit superann..Read More
SMSF auditor number misuse linked to late SMSF lodgments: ATO
The ATO has found that more than a third of instances involving the misuse of SMSF auditor numbers (SANs) relate to late lodgments of SMSF annual returns (SARs). The ATO said it issued each auditor with a list of SMSFs that lodged a SAR for any income year that reported them as an auditor with ..Read More
GST payable on sale of subdivided lots in the SMSF
An SMSF that sold subdivided residential lots was required to be registered for GST and thus liable to pay GST on the sale of those lots. Mr and Mrs Collins resided and conducted their nursery business on 25 acres of land they acquired in 1986. In 1992 they acquired an adjoining 35-acre lot. In A..Read More
Superannuation Changes after 1 July 2022
Changes to super for under-18s From 1 July 2022, employers will need to pay super for their employees who are under 18 years old if they work more than 30 hours for you in a week, regardless of how much they are paid. This is because the $450-per-month threshold for super guarantee is being rem..Read More
Super fund NALE rules – law to be amended
The Government has announced that it will amend the law to ensure the non-arm's length expense (NALE) provisions for superannuation funds operate as intended. The Government will consult with relevant stakeholders on the appropriate operation of the non-arm's length income (NALI) and NALE provisio..Read More
Super information for family law proceedings: 1 April 2022 start date
From 1 April 2022, parties to family law proceedings are able to apply to the courts for information from the ATO about their former partner's super. This follows amendments to the TAA and Family Law Act 1975 that cleared the way for a new mechanism for sharing super information by parties to fa..Read More
SMSFs and related-party LRBAs: PCG 2016/5 updated
On Monday 21 March 2022, the ATO updated Practical Compliance Guideline PCG 2016/5 on when the non-arm's length income (NALI) provisions will not apply to SMSF related-party limited recourse borrowing arrangements (LRBAs). PCG 2016/5 sets out the ATO safe harbours under which existing related-pa..Read More
Total super assets $3.5 trillion at December 2021
APRA has released its Quarterly Superannuation Performance publication for the December 2021 quarter reporting total super assets of $3.473 trillion at the end of the December 2021 quarter (up 14% for the year). Total assets in MySuper were up 18.2% to $950bn, while self-managed super fund ..Read More
SMSF rates and thresholds for 2022-23
CONTRIBUTIONS CAPS: The CGT cap amount for non-concessional contributions is $1.65m for 2022-23 (up from $1.615m). The concessional contributions cap is unchanged at $27,500 for 2022-23. The non-concessional cap is also unchanged at $110,000 (or $330,000 under the bring-forward rule..Read More
ATO SMSF statistical overview 2019-20 released
The ATO released its annual Self-Managed Super Funds: A statistical overview 2019-20 . As of 30 June 2021, there were almost 598,000 SMSFs (with 1.115m members) holding $822bn in total assets. In the 5 years to 2020-21, the number of SMSFs grew by an annual average of 1.7 per cent. There were 25..Read More