Category: Blog
SMSFs and related-party LRBAs: PCG 2016/5 updated
On Monday 21 March 2022, the ATO updated Practical Compliance Guideline PCG 2016/5 on when the non-arm's length income (NALI) provisions will not apply to SMSF related-party limited recourse borrowing arrangements (LRBAs). PCG 2016/5 sets out the ATO safe harbours under which existing related-pa..Read More
Total super assets $3.5 trillion at December 2021
APRA has released its Quarterly Superannuation Performance publication for the December 2021 quarter reporting total super assets of $3.473 trillion at the end of the December 2021 quarter (up 14% for the year). Total assets in MySuper were up 18.2% to $950bn, while self-managed super fund ..Read More
SMSF rates and thresholds for 2022-23
CONTRIBUTIONS CAPS: The CGT cap amount for non-concessional contributions is $1.65m for 2022-23 (up from $1.615m). The concessional contributions cap is unchanged at $27,500 for 2022-23. The non-concessional cap is also unchanged at $110,000 (or $330,000 under the bring-forward rule..Read More
ATO SMSF statistical overview 2019-20 released
The ATO released its annual Self-Managed Super Funds: A statistical overview 2019-20 . As of 30 June 2021, there were almost 598,000 SMSFs (with 1.115m members) holding $822bn in total assets. In the 5 years to 2020-21, the number of SMSFs grew by an annual average of 1.7 per cent. There were 25..Read More
New super rules commence from 1 July 2022
The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 was passed by the Senate on 10 February 2022 with no amendments. The Bill now awaits assent. Measures include: allow individuals aged between 67 and 75 to make non..Read More
SMSFs and crypto-assets: ASIC warning about scams
ASIC has warned individuals about an increase in marketing and scams targeting people to switch from retail and industry super funds to self-managed super funds (SMSFs) to invest in crypto-assets (or cryptocurrencies). ASIC reminded super fund members that they should seek advice from a licensed ..Read More
eSAT to be decommissioned – transition to Online services for business
The electronic superannuation audit tool (eSAT) is decommissioning in early March 2022. Once it is decommissioned, you'll be unable to use eSAT to lodge with the ATO: new or amended Auditor Contravention Reports (ACRs) Audit Complete Advices (ACAs). Transition to Online service..Read More
Super choice of fund: ASIC guidance for employers and trustees
ASIC has released the following guidance for employers and trustees in relation to recent law reforms impacting the superannuation choice of fund regime: INFO 89: Communicating with employees about superannuation fund choice: what you can and cannot do INFO 241: Prohibition of influenc..Read More
Retirement income strategy covenant: draft legislation released
Treasury on 27 September 2021 released the Exposure Draft - Treasury Laws Amendment (Measures for a later sitting) Bill 2021: Retirement income covenant . The Draft Bill with effect from 1 July 2022, will insert a new covenant in the SIS Act to require trustees of a registrable superannuation enti..Read More
SMSF audit relief extended to 2021-22
The ATO has also extended to 2021-22 its existing COVID-19 relief in the Addendum to the Auditor/actuary contravention report (ACR) which already applies to the 2019-20 and 2020-21 financial years. The ACR relief for 2021-22 applies for rental relief (including rental reductions, waivers and deferr..Read More