Category: Blog
Super fund NALI/NALE rules: ATO 12 months extension
The ATO has advised that it’s extending the transitional compliance approach contained in PCG 2020/5 by 12 months to 30 June 2023. It has amended LCR 2021/2 to reflect this extension. This means that the ATO will not allocate compliance resources in the 2022–2023 financial year to deter..Read More
SMSF Lifetime CGT Cap
Lifetime CGT cap allows an SMSF member to: contribute qualifying proceeds from the sale of assets used in the course of carrying on a small business, and elect for them to count towards a separate lifetime CGT cap, rather than non concessional/concessional caps The CGT cap amount is index..Read More
Downsizer contributions
Downsizer contributions refer to a type of voluntary superannuation contribution in Australia that can be made by individuals aged 55 or over using the proceeds from the sale of their main residence. Introduced in 2018, downsizer contributions allow eligible individuals to make a one-time contrib..Read More
Super guarantee certification course from the ATO
The ATO has rolled out a free 8 modules super guarantee employer obligations course, designed to educate employers about their super guarantee (SG) responsibilities for eligible employees. The course should take around two hours to complete. Participants can take an assessment after completing th..Read More
Family law super splits: interest rate for adjusting base amount
The Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2022 specifies the interest rate to be used for adjusting the “base amount” allocated in a court order or a superannuation agreement under the Family Law Act 1975 that splits a future defined benefit superann..Read More
SMSF auditor number misuse linked to late SMSF lodgments: ATO
The ATO has found that more than a third of instances involving the misuse of SMSF auditor numbers (SANs) relate to late lodgments of SMSF annual returns (SARs). The ATO said it issued each auditor with a list of SMSFs that lodged a SAR for any income year that reported them as an auditor with ..Read More
GST payable on sale of subdivided lots in the SMSF
An SMSF that sold subdivided residential lots was required to be registered for GST and thus liable to pay GST on the sale of those lots. Mr and Mrs Collins resided and conducted their nursery business on 25 acres of land they acquired in 1986. In 1992 they acquired an adjoining 35-acre lot. In A..Read More
Superannuation Changes after 1 July 2022
Changes to super for under-18s From 1 July 2022, employers will need to pay super for their employees who are under 18 years old if they work more than 30 hours for you in a week, regardless of how much they are paid. This is because the $450-per-month threshold for super guarantee is being rem..Read More
Super fund NALE rules – law to be amended
The Government has announced that it will amend the law to ensure the non-arm's length expense (NALE) provisions for superannuation funds operate as intended. The Government will consult with relevant stakeholders on the appropriate operation of the non-arm's length income (NALI) and NALE provisio..Read More
Super information for family law proceedings: 1 April 2022 start date
From 1 April 2022, parties to family law proceedings are able to apply to the courts for information from the ATO about their former partner's super. This follows amendments to the TAA and Family Law Act 1975 that cleared the way for a new mechanism for sharing super information by parties to fa..Read More