Administering and Reporting

Administering and ReportingSMSF InsightsUnderstanding SMSFs

ATO releases updated superannuation rates and thresholds

Written by Fabian Bussoletti, Technical Manager, SMSF Association Each year, several key superannuation rates and thresholds are indexed in line with movements to Average Weekly Ordinary Time Earnings (AWOTE) or the Consumer Price Index (CPI). Following the recent release of these key statistics by the Australian Bureau of Statistics (ABS), the ATO has officially released…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

ATO makes changes to the Small Business Superannuation Clearing House

Written by Mary Simmons, Head of Technical, SMSF Association In mid March 2024, the Australian Taxation Office (ATO) launched a crucial update to the Small Business Superannuation Clearing House (SBSCH). This update introduces a new feature: SMSF bank account validation. This change aims to increase the accuracy and safety of super contributions for everyone involved.…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

Contribution caps to increase from 1 July 2024

Written by Fabian Bussoletti, Technical Manager, SMSF Association Following the release of the latest Average Weekly Ordinary Time Earnings (AWOTE) index, the expected increase to the contribution caps from 1 July 2024 has been confirmed. As a result, from 1 July 2024: The standard Concessional contribution cap will increase from $27,500 to $30,000.1The Non-concessional contribution…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

Understanding Rent Valuations in SMSFs: Balancing income tax and compliance risks

Navigating the complex landscape of Self-Managed Super Funds (SMSFs) can be challenging. Ensuring compliance and avoiding tax pitfalls like Non-Arm’s Length Income (NALI) are critical for trustees, particularly when it comes to rent valuations for related commercial tenancies. The Trustee’s Responsibility As a trustee you must ensure that all rental transactions with related parties are…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

ATO Update: SMSFs to navigate enhanced online security measures

Written by Mary Simmons, Head of Technical, SMSF Association As part of the ATO’s commitment to safeguarding taxpayer’s information from fraudulent activity and identity theft, an added layer of verification will be introduced to ensure that only authorised tax agents, BAS agents, or payroll service providers can link to an SMSF. The client-to-agent linking protocol…

Administering and ReportingPropertyUnderstanding SMSFs

Artwork in an SMSF

Written by Daniel Shaw, DFK Benjamin King Money, SMSF Specialist Advisor (SSA®) SMSFs have long held artwork as part of the trustee’s investment philosophy. However, legislation introduced in 2011, provides stricter rules for trustees to adhere to, when looking to invest in this asset class. The ATO considers artwork as a collectable and a personal…