Category: Blog
ATO: SMSF events reporting
The ATO reminds SMSFs that they must report certain events that affect a member's transfer balance account to the ATO, in the event-based reporting framework for SMSFs. They are: Events you need to report. How often and when you need to report. When you need to report sooner. Working o..Read More
SMSF: LRBAs unlikely to pose risk to super system
The Council of Financial Regulators has released its second report on Leverage and risk in the superannuation system . Consistent with the 2019 report, the Council found that limited recourse borrowing arrangements (LRBAs) were used almost exclusively by SMSFs, are “unlikely to pose a materi..Read More
Gavin Ma Has Completed His 100th Marathon
Gavin Ma established iCare Super in March 2012. He is passionate about running and started marathon races since July 2015. He has finished his 100th marathon at Marysville Marathon Festival on 6 November 2022. It took him 88 months to complete 100 marathons. The full record ..Read More
What the October 2022 Federal Budget Means for Your SMSF?
There are no new measures for superannuation in this budget. The following has been confirmed: Downsizer contributions : The Government has confirmed the reduction in the eligibility age from 60 to 55 for Australians wishing to make downsizer contributions. Legislation to give effect to this..Read More
SMSF auditor registration fees: sunsetting Regs to be remade
Treasury has released Exposure Draft - Superannuation Auditor Registration Imposition Regulations 2022, commencing day after registration, propose to remake the Superannuation Auditor Registration Imposition Regulations 2012 which are due to sunset on 1 April 2023. The Draft Regulations will p..Read More
ATO: SMSF Voluntary disclosure service
The ATO has released information about lodging their SMSF early engagement and voluntary disclosure service. SMSF trustees can use this service to inform the ATO of a contravention that has occurred, rather than waiting for their auditor to tell the ATO after the financial year has ended. If tru..Read More
Issues with SMSF investing in crypto assets
The ATO has recommended that trustees of a SMSF thinking about investing in crypto assets, that they seek professional advice from a licensed financial adviser. The ATO alerts trustees of organisations who offer trustees help to set up a fund or use their existing fund to invest in crypto asse..Read More
Downsizer Super Contributions Eligibility Age is Reduced to 55
The Treasury Laws Amendment (2022 Measures No 2) Bill 2022 will give effect to the Government’s election commitment to reduce the eligibility age to 55 (down from 60) to make downsizer contributions into super. Date of effect: will apply to contributions made from the first quarter after assent t..Read More
Temporary COVID-19 relief for SMSF trustees ended 30 June 2022
The ATO offered COVID-19 relief and support to SMSFs financially impacted by COVID-19 for the 2019–20, 2020–21 and 2021–22 income years. This included: SMSF residency relief rental relief (including rental reduction, waiver and deferral relief) loan repayment relief, including for l..Read More
Minimum super drawdowns rates remain reduced
Super minimum drawdown requirements remain reduced by 50% for 2022–23 income year. This means the minimum annual payment trustees need to make to their members' account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities has been reduced by 50%..Read More