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…
March 14, 2024
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.…
March 1, 2024
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…
January 30, 2024
SMSF Trust Deed
Written by Scott Hay-Bartlem, Partner, Cooper Grace Ward, SMSF Specialist (FSSA) The trust deed of is one of the most important documents for self-managed superannuation fund, so it is very important your trust deed is the right one for you. So how do you know if your SMSF’s trust deed works for you, and whether…
November 16, 2023
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…
November 16, 2023
Be on the lookout for Division 293 tax notices
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…
November 14, 2023
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…
June 8, 2023
Your Handy 2023/24 Super Reference Guide
Updated as of 08 June 2023 Gain an overview of the 2023/24 financial year contribution caps, benefit payments, eligibility and more with our helpful Super Reference Guide. The 2023/24 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…
October 26, 2022
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…
September 13, 2022
Time is running out to apply for a Director Identification Number (director ID)
You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever. The following provides some useful further information. If, after reading this document, there is anything that you are unsure…