Administering and Reporting

Written by Mary Simmons, Head of Technical, SMSF Association Scams Awareness Week is the perfect time to highlight the Australian Taxation Office’s (ATO) ongoing efforts to crack down on promoters of illegal early release (IER) schemes. As an SMSF trustee, it’s essential to understand both the ATO’s role in taking action against these promoters and…

  This article has been reproduced with permission from ASX Limited ABN 98 008 624 691 and its related bodies corporate (“ASX”). The article was first published on ASX’s website on 7 June 2024. Written by Mary Simmons, Head of Technical, SMSF Association The New Financial Year is a good time to review Self-Managed Superannuation…

Updated as of 21 May 2024 Gain an overview of the 2024/25 financial year contribution caps, benefit payments, eligibility and more with our helpful Super Reference Guide.  The 2024/25 Super Reference Guide is a useful and quick reference to help you and your self managed super fund step through the year with confidence. Download your…

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…

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.…

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…

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…

Written by Fabian Bussoletti, Technical Manager, SMSF Association When determining an individual’s liability to Division 293 tax, the ATO uses information obtained from the individual’s personal income tax return, as well as information reported to the ATO by their super fund. As the 31 October due date for lodging personal income tax returns has now…

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…