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’.