Category: Blog
COVID-19 relief for SMSFs extended to 2021-22
The ATO has extended to 2021-22 the following administrative concessions for SMSFs impacted by COVID-19 that were offered for the 2020 and 2021 financial years: SMSF residency test — if a trustee or director is stranded overseas due to COVID-19, the ATO will not apply compliance resources t..Read More
Super COVID-19 re-contributions form
The ATO has finalised its approved form to be used by individuals since 1 July 2021 to notify their super fund of re-contributions of COVID-19 early release amounts The ATO approved form (NAT 75394) only needs to be used by individuals making personal contributions to be treated as a COVID-19 r..Read More
Super contributions “work test” and COVID-19 disaster payments: APRA view
APRA has published new frequently asked questions (FAQ) on the interaction between COVID-19 disaster payments and satisfying the "work test" for the purposes of personal superannuation contributions. APRA FAQ No 15 warns superannuation trustees not to assume members aged 67 to 74 in receipt of ..Read More
Total super assets $3.3 trillion at June 2021
APRA has released its Quarterly Superannuation Performance for the June 2021 quarter reporting total super assets of $3.303 trillion at the end of the June 2021 quarter (up 14.7 per cent for the year due to strong investment performance and contributions growth). Total assets in MySuper were up 2..Read More
SuperStream extension to SMSF rollovers: auditor reporting obligations
The ATO has given trustees until 1 October 2021 to transition to SuperStream and advised that approved SMSF auditors only need to report contraventions arising from non-compliance with the SuperStream extension to SMSF rollovers, if the rollover is requested on or after 1 October 2021. The Supe..Read More
SMSFmemberTICK service
SMSF trustees are required to use the SMSFmemberTICK service to verify the member TFN before they can roll out member benefits to another fund. The SVS will verify the following: SMSF complying status that the TFN of the SMSF member is an associate of the the SMSF no verified date of death..Read More
SMSFs: ABR updated to accept more than 4 members
SMSFs and small APRA funds can have up to 6 members from 1 July 2021 following legislative amendments. The ATO has advised that the Australian Business Register (ABR) has been updated to enable SMSFs to add a fifth or sixth member instead of using the interim process. Before an SMSF can be create..Read More
Super COVID-19 re-contributions
The ATO has confirmed that individuals can now re-contribute superannuation amounts they withdrew under the COVID-19 early release program without them counting towards their non-concessional contributions cap. The ATO advised that its approved form for making COVID-19 re-contributions is expected ..Read More
Superannuation contributions – proposed changes to TR 2010/1
Following the release of LCR 2021/2 on the non-arm's length income (NALI) rules, the ATO has issued proposed changes to Taxation Ruling TR 2010/1, its ruling on superannuation contributions. The key changes address the application of the NALI rules where: A super provider incurs non-arm's ..Read More
Super funds: ATO approach to non-arm’s length income rules
Law Companion Ruling LCR 2021/2, issued on 28 July 2021, with effect from 1 July 2018, explains the recent changes to the non-arm's length income (NALI) rules. Under the amendments, income is included in a super fund's non-arm's length component and taxed at 45% if there is a related-party scheme wh..Read More