Category: Blog
Super guarantee amnesty now law
The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received assent as Act No 21 of 2020 on 6 March 2020. The Act introduces a one-off amnesty for historical underpayment of superannuation guarantee (SG) that begins on 24 May 2018 and ends six months after the Bill receives..Read More
Top five errors in SMSF annual returns
The general due date for self-lodgment of the annual return for new SMSFs is 28 February. For existing SMSFs without overdue tax returns, the due date is 15 May. The ATO has identified the most common errors it sees in these returns. These include: annual returns not having a unique b..Read More
Can money owing to the SMSF be written off or foregone?
Recently we have an SMSF client who sold the artwork owned by the SMSF to a private buyer for $20,000. The buyer has not paid the costs in full so far. The client has tried to recover the debt but the buyer has moved overseas and been reluctant to pay the remaining balance. The question is if this..Read More
Transfers between trustees and custodians of superannuation funds or trusts
After the mortgage has been paid off, the property title in the name of the bare trust trustee can be changed to the SMSF trustee name(s). The following documents are required by Revenue NSW: Original executed transfer or agreement Statutory declaration by the transferee stating the detai..Read More
Property transfers between members and SMSF
SMSF members can transfer their real property in their personal names or related entities to their SMSF. To transfer the title to the SMSF, you will need to collect all the following documents and send them to Revenue NSW: Original executed agreement to transfer Copy of the SMSF trust deed A..Read More
Super co-contribution rules for 2020 financial year
You need to meet the following conditions first to be able to receive: have made personal super contributions to your super account before 30 June 2020 pass the income threshold and 10% eligible income tests be less than 71 years old by 30 June 2020 must be permanent resident or citiz..Read More
How to contribute from age 65
If you are fully retired after you turn 65 years old, you can not make any non-concessional contributions. You also can not make any non-concessional contribution if you member balance exceeding $1.6 million regardless you meet the work test or not. There are still limited circumstances that y..Read More
Guideline on the changes to taxation of TRIS updated
The ATO has updated its guideline on the implementation of the changes to the taxation of transition to retirement income streams (TRIS), to reflect various recent legislative amendments. Practical Compliance Guideline PCG 2017/3 contains the ATO’s compliance approach for certain APRA-regulat..Read More
SMSs for SMSFs
To protect SMSF trustees' retirement savings from fraud and misconduct, the ATO will send trustees an email and/or a text message when changes are made within your self-managed super fund (SMSF). This system has been designed to issue an SMS and email when certain details are updated in the ATO sys..Read More
Employers need to pay further contributions on salary sacrificing amounts from 1 January 2020
This new superannuation contribution obligation will start from 1 January 2020. The employer is required to pay further 9.5% superannuation contributions on the salary sacrificing amounts. For example, employee's salary package includes: $100,000 salary + $9,500 employer contributions + $..Read More