Whilst the focus may be on 2020-21 year-end matters for SMSFs, such as contributions being receipted and minimum pensions paid by 30 June 2021, there are a number of changes taking place on 1 July 2021. In this TechHub article we summarise what is, and also what is not changing, including:

  • Indexation of the general transfer balance cap and the effect on an individual’s personal transfer balance cap.
  • Indexation of the concessional contribution cap and the effect on the non-concessional cap and bring forward rule.
  • Minimum pension payment percentages for account based and market linked pensions.
  • Increase to the Preservation Age and the Age Pension age.
  • Changes to an accounting standard that may require an SMSF to prepare general purpose financial statements, depending on the requirements of its trust deed.


To read more about these and other changes, please refer to our article ‘What to expect on 1 July 2021’. 

Search by keywords

Archive

Disclaimer
This information is general information only and not intended to be financial product advice, investment advice, tax advice or legal advice and should not be relied upon as such. As this information is general in nature it may omit detail that could be significant to your particular circumstances. Scenarios, examples, and comparisons are shown for illustrative purposes only. Certain industry data used may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Accurium has not independently verified any such data provided by third parties or industry or general publications. No representation or warranty, express or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. We recommend that individuals seek professional advice before making any financial decisions. This information is intended to assist you as part of your own advice to your client. Use of this information is your responsibility. To the maximum extent permitted by law, Accurium expressly disclaims all liabilities and responsibility in respect of any expenses, losses, damages or costs incurred by any recipient as a result of the use or reliance on the information including, without limitation, any liability arising from fault or negligence or otherwise. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision.