Category: Blog
SMSF new changes
The following super reform Bills received Royal Assent on 22 June 2021 (after being passed by Parliament on 17 June): Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 (Act No 45 of 2021). The Bill implements the 2019-20 Budget measure to extend the bring forward age limit to 65 a..Read More
ATO releases new version of SMSF Independent auditor’s report (IAR)
The ATO has recently released a new version of the Self-managed super fund (SMSF) independent auditor’s report (IAR) (NAT 11466-07.2021) form that SMSF auditors must complete for all audits from 1 July 2021. The new version of the IAR must be used for any audits that SMSF auditors complete o..Read More
Family law super splits: interest rate for adjusting base amount
The Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2021 was registered on 17 June 2021. It 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 fu..Read More
Your Future, Your Super Bill passed with amendments, awaits assent
The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 awaits Royal Assent after being passed by both Houses on 17 June 2021 with 8 Government amendments in the Senate (to which the House of Reps agreed). The Bill implements the Government's Your Future, Your Super (YFYS) reforms from ..Read More
SMSF membership limit increase Bill passed, awaits assent
The Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 awaits Royal Assent after being passed on 17 June 2021 by both Houses without amendment. The Bill will commence from 1 July 2021, provided that it receives Royal Assent by 30 June 2021. The Bill increases from 4 to 6 the ma..Read More
Superannuation information for family law proceedings: exposure draft
On 31 May 2021 Treasury released exposure draft Treasury Laws Amendment (Measures for Consultation) Bill 2021: Superannuation information for family law proceedings. The draft legislation proposes to amend the TAA 1953 and the Family Law Act 1975. The amendment is to create an "information shar..Read More
Superannuation pension drawdowns – 50 per cent reduction extended to 2021-22
The Government has announced that the temporary 50 per cent reduction in minimum annual payment amounts for superannuation pensions and annuities will be extended by a further year to 30 June 2022...Read More
Late lodgment and SMSF status
Funds who fail to lodge their annual report (SAR) by their 15 May or 5 June due date, who have not received a deferral to lodge by the ATO before their due date, will automatically have their status on SFLU changed to “Regulation details removed” if they have not lodged the SAR by the end of the..Read More
Super Guarantee Charge statement due 28 May
The ATO reminds employers of their outstanding super guarantee obligations. If employers don’t pay enough super for your employees, or pay super late, they need to: lodge a super guarantee charge (SGC) statement with the ATO by 28 May 2021 to disclose to us any super you have missed or paid..Read More
Vic stamp duty: transactions restructuring super funds exempt
The Victorian Supreme Court has held that transactions effecting a restructuring of super funds in which two brothers had interests were exempt from duty. Two brothers (Colin and Paul) had interests in three complying super funds (the DLF Fund, the DLF Executive Fund and the JT Fund). The investm..Read More