Category: Blog
New super rules commence from 1 July 2022
The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 was passed by the Senate on 10 February 2022 with no amendments. The Bill now awaits assent. Measures include: allow individuals aged between 67 and 75 to make non..Read More
SMSFs and crypto-assets: ASIC warning about scams
ASIC has warned individuals about an increase in marketing and scams targeting people to switch from retail and industry super funds to self-managed super funds (SMSFs) to invest in crypto-assets (or cryptocurrencies). ASIC reminded super fund members that they should seek advice from a licensed ..Read More
eSAT to be decommissioned – transition to Online services for business
The electronic superannuation audit tool (eSAT) is decommissioning in early March 2022. Once it is decommissioned, you'll be unable to use eSAT to lodge with the ATO: new or amended Auditor Contravention Reports (ACRs) Audit Complete Advices (ACAs). Transition to Online service..Read More
Super choice of fund: ASIC guidance for employers and trustees
ASIC has released the following guidance for employers and trustees in relation to recent law reforms impacting the superannuation choice of fund regime: INFO 89: Communicating with employees about superannuation fund choice: what you can and cannot do INFO 241: Prohibition of influenc..Read More
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 deferr..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 t..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