Blog / '2022'
New rules permit certain SMSF legacy pension to be commuted
From an SMSF perspective, the new SIS regulations will allow a member to commute their market linked income stream (MLIS) (also known as a ‘term allocated pension’) to the extent of an excess transfer balance account amount included in a commutation authority. However, this new measure will only apply to an MLIS commenced on or after 1 July 2017.
Crackdown on Auditor independence as auditor numbers continue to go down
SMSF auditors must comply with the auditor independence requirements set by the Accounting and Professional Ethics Standards Board (APESB) in APES 110. The guide to these independence requirements was revised in May 2020, with application from 1 January 2020. However, the ATO provided a grace period for enforcement up until 30 June 2021. From 1…
ATO’s SuperStream relief will need a booster shot
The ATO has recently announced a temporary measure to assist SMSFs with rollovers from a SMSF and between SMSFs. SMSFs have been having issues with obtaining an electronic service address (ESA) to facilitate rollovers to and from the fund and in certain situations the ATO may provide permission to perform the rollover outside of SuperStream.…
Extension of the 50% reduction to minimum pension drawdown to 2022-23
As announced prior to the release of the budget and re-affirmed in the budget, the 50% reduction of the minimum pension has been extended to the 2022-23 income year: Retiree’s, accountants and advisers will need to note that: The extension is subject to the relevant legislative instrument being tabled to amend the SIS regulations, hopefully…
Contributions calculator
An important consideration when making a superannuation contribution or when a contribution is made on behalf of a member, e.g., employer contribution, is the contribution cap consequences. Exceeding a contribution cap can lead to additional tax. So, it’s crucial to know which cap applies and how much cap space is available. Whilst there are still…
Work test repealed from super regulations
The Government has affected the removal of the work test from the superannuation contribution acceptance rules for those aged 67 to 74. This will apply from 1 July 2022.
New super measures pass both houses
On 10 February 2022, Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 passed both houses and will become law once the Governor General gives it Royal Assent. The Bill contained six measures, five of which were super related.
SMSF SuperStream rollover exclusions
The ATO has updated their SuperStream implementation and onboarding information document to advise of scenarios where a rollover in or out of an SMSF will not be required to be transacted via SuperStream.
NALI fix needs a fix
The amendments made to the non-arm’s length income rules to include the concept of non-arm’s length expenditure took effect from 1 July 2018. However, despite nearly four years passing, an ATO draft ruling, consultation period, finalisation of the ATO’s ruling, there still remains significant concerns on the wide reaching effect of these 2018 amendments and particularly the potential dire tax outcome for a superannuation fund that has non-arm’s length expenditure.
Beware of small SG contributions made to SMSFs wholly in retirement phase
One of the measures to come out of this year’s Federal Budget and is included in a Bill recently introduced into the lower house1, is the proposal to remove the $450 monthly threshold for employer superannuation guarantee (SG) liability. Whilst this measure will expand the coverage of the SG to eligible employees earnings salary or…
SMSFs wholly in retirement phase
One of the measures to come out of this year’s Federal Budget and is included in a Bill recently introduced into the lower house, is the proposal to remove the $450 monthly threshold for employer superannuation guarantee (SG) liability.
What is an actuarial certificate and when is it required
Follow your path to find out if your fund needs an actuarial certificate for income years on or after 2017-18.