Category: Blog
Super Guarantee Charge statement due 28 May
The ATO reminds employers of their outstanding super guarantee obligations. If employers don’t pay enough super for your employees, or pay super late, they need to: lodge a super guarantee charge (SGC) statement with the ATO by 28 May 2021 to disclose to us any super you have missed or paid..Read More
Vic stamp duty: transactions restructuring super funds exempt
The Victorian Supreme Court has held that transactions effecting a restructuring of super funds in which two brothers had interests were exempt from duty. Two brothers (Colin and Paul) had interests in three complying super funds (the DLF Fund, the DLF Executive Fund and the JT Fund). The investm..Read More
ATO using Home Affairs data to check identity and residency status
The ATO has registered a notice of a data-matching program to access data from the Department of Home Affairs on passenger movements during the 2016–17 to 2022–23 financial years. The data will be used: to verify identity and residency status for registration purposes in ATO risk de..Read More
SMSF auditor independence: ATO guidance updated
The ATO has updated its Auditor Independence guidance for approved SMSF auditors. Specifically, the reciprocal auditing arrangements and referral source issues for firms when re-structuring. The guidance clarifies that the ATO will not consider it an independence threat if the fees generated from..Read More
Interaction between Division 7A and COVID-19 LRBA repayment relief
The ATO have published guidance on the interaction between COVID-19 limited recourse borrowing arrangements (LRBA) repayment relief and Division 7A. This LRBA guidance applies if a self-managed superannuation fund (SMSF) has: an LRBA from a related private company where Division 7A applies..Read More
New Illegal SMSF scheme warning
The ATO have recently identified a new scheme where SMSF trustees were informed that they can set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF in an attempt to avoid paying potential tax liabilities. Taking part in this arrangement and others like ..Read More
ATO SMSF statistical overview 2018-19: growth in new SMSFs slowing
The ATO has released its annual Self-Managed Super Funds: statistical overview 2018-19 which is based on data from SMSF annual returns. There were over 593,000 SMSFs holding $733bn in total assets as at 30 June 2020, with more than 1.107m SMSF members. SMSFs had assets of over $1.3m each on averag..Read More
Superannuation Caps and Threshold from 2021-22
Superannuation contributions cap $27,500 from 2021-22 Using the latest AWOTE details (ABS Catalogue no: 6302.0) the following superannuation rates and thresholds for 2021-22 are calculated in accordance with Subdiv 960-M of the ITAA 1997. CONTRIBUTIONS CAPS: The concessional contributions cap is..Read More
Contribution caps increase from 1 July 2021
Contribution caps for both concessional and non-concessional contribution will increase from 1/7/21: The new cap is as below: Concessional $27,500 Non- concessional $110,000 If you use the bring forward rules for NCC, the following threshold will apply: TSB: tota..Read More
SMSF lodgement and compliance updates from the ATO
the latest tax gap for small super funds shows around 97.5 per cent compliance reported regulatory contraventions among self-managed superfunds are currently tracking at about 2 per cent during the 2020 financial year, 22,000 new self-managed superfunds were registered, a 7 per cent increa..Read More