The COVID-19 pandemic has affected everyone’s lives, and SMSF trustees are no exception.
With the worst of the pandemic hopefully behind us, you may still have difficult questions to ponder as you focus on how best to position your SMSF in 2021-22, as well as meet your fund’s annual regulatory obligations for 2020-21.
If there is anything in this paper that you are unsure about, we encourage you to contact an SMSF Specialist to discuss your specific circumstances in more detail.
Non-concessional (after-tax) contributions are limited to $100,000 for the 2021 financial year and concessional (before-tax) contributions are limited to $25,000. These annual limits will increase on 1 July 2021 to $110,000 for non-concessional contributions and $27,500 for concessional contributions.