Category: Blog
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 death..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 create..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 expected ..Read More
Superannuation contributions – proposed changes to TR 2010/1
Following the release of LCR 2021/2 on the non-arm's length income (NALI) rules, the ATO has issued proposed changes to Taxation Ruling TR 2010/1, its ruling on superannuation contributions. The key changes address the application of the NALI rules where: A super provider incurs non-arm's ..Read More
Super funds: ATO approach to non-arm’s length income rules
Law Companion Ruling LCR 2021/2, issued on 28 July 2021, with effect from 1 July 2018, explains the recent changes to the non-arm's length income (NALI) rules. Under the amendments, income is included in a super fund's non-arm's length component and taxed at 45% if there is a related-party scheme wh..Read More
Retirement income strategy covenant: Treasury paper released
Treasury on 19 July 2021 released its position paper on the proposed introduction of a retirement income covenant for superannuation trustees. The covenant is intended to codify the requirements and obligations for super trustees (including SMSFs) to improve retirement outcomes for individuals. E..Read More
Super re-contributions of COVID-19 early release amounts will not be counted as part of the non-concessional contribution cap
The ATO has confirmed the basic operation of the COVID-19 re-contribution amendments contained in the Treasury Laws Amendment (More Flexible Superannuation) Act 2021. The ATO said individuals who received a COVID-19 early release of super amount will be able to re-contribute up to the amount t..Read More
Super funds and the risk of failing an APRA performance test
Trustees of superannuation funds need to closely monitor how much investment risk they are taking relative to the benchmark to be used in the APRA performance tests for MySuper products from 1 July 2021. In a recent article, Tim Unger, Senior Director of Investments at Willis Towers Watson, warns t..Read More
SMSF membership increase: ATO interim admin solution
From 1 July 2021, SMSFs and small APRA funds can have up to 6 members following legislative amendments. The ATO said it is currently implementing the necessary system changes to enable SMSFs to add members 5 and 6 to their fund through the Australian Business Register (ABR). The ATO recommends tha..Read More