Category: Blog
Retirement income strategy covenant: draft legislation released
Treasury on 27 September 2021 released the Exposure Draft - Treasury Laws Amendment (Measures for a later sitting) Bill 2021: Retirement income covenant . The Draft Bill with effect from 1 July 2022, will insert a new covenant in the SIS Act to require trustees of a registrable superannuation enti..Read More
SMSF audit relief extended to 2021-22
The ATO has also extended to 2021-22 its existing COVID-19 relief in the Addendum to the Auditor/actuary contravention report (ACR) which already applies to the 2019-20 and 2020-21 financial years. The ACR relief for 2021-22 applies for rental relief (including rental reductions, waivers and defe..Read More
COVID-19 relief for SMSFs extended to 2021-22
The ATO has extended to 2021-22 the following administrative concessions for SMSFs impacted by COVID-19 that were offered for the 2020 and 2021 financial years: SMSF residency test — if a trustee or director is stranded overseas due to COVID-19, the ATO will not apply compliance resources..Read More
Super COVID-19 re-contributions form
The ATO has finalised its approved form to be used by individuals since 1 July 2021 to notify their super fund of re-contributions of COVID-19 early release amounts The ATO approved form (NAT 75394) only needs to be used by individuals making personal contributions to be treated as a COVID-19 r..Read More
Super contributions “work test” and COVID-19 disaster payments: APRA view
APRA has published new frequently asked questions (FAQ) on the interaction between COVID-19 disaster payments and satisfying the "work test" for the purposes of personal superannuation contributions. APRA FAQ No 15 warns superannuation trustees not to assume members aged 67 to 74 in receipt of ..Read More
Total super assets $3.3 trillion at June 2021
APRA has released its Quarterly Superannuation Performance for the June 2021 quarter reporting total super assets of $3.303 trillion at the end of the June 2021 quarter (up 14.7 per cent for the year due to strong investment performance and contributions growth). Total assets in MySuper were up 2..Read More
SuperStream extension to SMSF rollovers: auditor reporting obligations
The ATO has given trustees until 1 October 2021 to transition to SuperStream and advised that approved SMSF auditors only need to report contraventions arising from non-compliance with the SuperStream extension to SMSF rollovers, if the rollover is requested on or after 1 October 2021. The Supe..Read More
SMSFmemberTICK service
SMSF trustees are required to use the SMSFmemberTICK service to verify the member TFN before they can roll out member benefits to another fund. The SVS will verify the following: SMSF complying status that the TFN of the SMSF member is an associate of the the SMSF no verified date of..Read More
SMSFs: ABR updated to accept more than 4 members
SMSFs and small APRA funds can have up to 6 members from 1 July 2021 following legislative amendments. The ATO has advised that the Australian Business Register (ABR) has been updated to enable SMSFs to add a fifth or sixth member instead of using the interim process. Before an SMSF can be crea..Read More
Super COVID-19 re-contributions
The ATO has confirmed that individuals can now re-contribute superannuation amounts they withdrew under the COVID-19 early release program without them counting towards their non-concessional contributions cap. The ATO advised that its approved form for making COVID-19 re-contributions is expecte..Read More