News and updates

Keep up to date with the latest news for SMSF.

Related party LRBA safe harbour rate for 2023-24

11 July 2023 : ATO safe harbour interest rate for related party limited recourse borrowing for real property for 2023-24.

Federal Budget 2023-24

24 May 2023 : The Treasurer delivered the Federal Budget on Tuesday 9 May 2023.

TBAR lodgement quarterly for all from 1 July 2023

25 April 2023 : Transfer balance account event are required to be lodged quarterly from 1 July 2023 for all SMSFs (includes reporting of pension commencement and commutation).

Transfer balance cap indexation

27 March 2023 : The transfer balance cap is due to increase on 1 July 2023 from 1.7 million to 1.9 million.

New tax on super balance above $3 million

20 March 2023 : The Treasurer has announced a proposal to increase the tax on Australian with superannuation balances above $3 million.

Federal Budget – October 2022 (New Government)

5 December 2022 : This is a second Federal Budget for 2022-23, subsequent to the May 2022 Federal election that resulted in a change of Government.

Downsizing contributions into superannuation (update)

5 December 2022 : Reduction of the eligible age for making downsizing contributions.

Removal of work test for voluntary superannuation contributions

1 July 2022 : Removal of work test for some voluntary superannuation contributions.

Federal Budget 2022-23

18 April 2022 : There were no new announcement relating to the superannuation system.

Rollover through SuperStream now mandatory

3 October 2021 : Rollovers in and out of SMSFs must comply with the SuperStream rules from 1 October 2021.

Increase in contributions caps – 1 July 2021

1 July 2021 : From 1 July 2021, the annual concessional contribution cap amount is $27,500.

ATO blocks SMSF wth overdue tax return from receiving employer contributions

4 September 2020 : ATO change SMSF status to 'Regulation details removed' if Annual Return is more than two weeks overdue.

Personal contributions – changes to age limit

20 August 2020 : Changes to age limit for making voluntary contributions apply from 1 July 2020.

Limited recourse borrowing – intermediary arrangement

28 July 2020 : Legislative instrument allows for a specific type of LRBA called an intermediary LRBA.

SMSF and property development

17 July 2020 : The ATO released the Self-managed Super Fund Regulator's Bulletin SMSFRB 2020/1.

ATO guidance on COVID-19 - Related party loans and SMSF providing rent relief

21 April 2020 : Additional guidance on certain SMSF arrangements due to the impact of COVID-19.

Government COVID-19 assistance

24 March 2020 : Early release of superannuation and Reducing the minimum pension drawdown requirements.

LRBA borrowings to affect Total superannuation balance

5 November 2019 : Total superannuation balance to be increased by outstanding balance of Limited recourse borrowing arrangement entered into on or after 1 July 2018.

Investment strategy and diversification

30 August 2019 : Consideration of investment diversification in the SMSF investment strategy.

Moving to retirement phase Transition-to-retirement income streams

16 May 2019 : ATO issues GN 2019/1 - Changes to transition-to-retirement income streams.

SuperStream for SMSF rollovers delayed

29 April 2019 : SuperStream for SMSF rollovers delayed.

Budget 2019-20

10 April 2019 : The Budget 2019-20 was delivered on 2 April 2019 as the Budget that is back in the black and back on track.

Government not making changes to SMSF borrowings

4 April 2019 : Council of Financial Regulators (CFR) and Australian Taxation Office (ATO) report that LRBAs are unlikely to pose systemic risk to the financial system.

Importance of evidence supporting market values of assets

21 December 2018 : Recent cases held SMSF auditors to be lacking in their assessment of the value of investments stated on the financial accounts.

Tax treatments of digital currencies (cryptocurrencies)

6 December 2018 : The ATO treats cryptocurrencies as a CGT asset – meaning you make a capital gain or loss from the disposal of cryptocurrencies.

SMSF statistical information – June 2018

14 November 2018 : ATO recently published the June 2018 quarterly statistical reports for the SMSF market.

Budget 2018-19 - Budget measures - superannuation

23 May 2018 : A review of the measures affecting or relating to superannuation announced in the Budget 2018-19.

Downsizer contributions

2 May 2018 : From 1 July 2018, individuals aged 65 and over may contribute up to $300,000 from the proceeds of selling their main residence.

Maximum number of members to increase to six

2 May 2018 - Propose change to increase the maximum number of members in a self-managed super fund from four to six.

Last chance to elect for the CGT reset

2 May 2018 : The election must be made on the 2017 Annual Return for the SMSF, and the Annual Return must be lodged by the due date.

ATO extends due date for 2017 annual return

30 January 2018 : The ATO has extended the due date for lodgement of the 2017 SMSF annual return.

Changes taking effect from 1 July 2017

3 July 2017 : Changes taking effect from 1 July 2017 will reduce superannuation concessions.

Budget 2017-18 - Budget measures - superannuation

28 May 2017 : A review of the measures affecting or relating to superannuation announced in the Budget 2017-18.

$1.6 million transfer cap to limit exempt pension income

9 January 2017 : The $1.6 million cap will limit the amount of income earned that is exempt from income tax in the superannuation fund for members with balances exceeding that cap.

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