The proposed $3 million soft cap is problematic for a myriad of reasons.

Illegal early access of super is a compliance priority for the ATO emphasising the importance of knowing exactly how to make drawdowns properly.

Several aspects of the work test have been changed creating other potential SMSF compliance issues however the government has addressed some of these. As such please note this article was written prior to the release of ATO Legislative Instrument LI 2023/18 on 10 May 2023. This Legislative Instrument ensures all individuals aged 67 to 75 who need to rely on the extended definition of employee under the SIS Act to claim a tax deduction for their personal contributions, continue to be eligible to do so, from 1 July 2022. As this instrument will be repealed on 1 July 2028, we can expect a miscellaneous law change in the future to fix this unintended consequence resulting from the work test relocating to the Tax Act.

The indexation to be applied to the general transfer balance cap in the new financial year comes with complexity and broader consequences.

SMSF trustees must be prepared for the additional compliance requirements they face when purchasing assets considered non-conventional.

A recent court ruling confirmed SMSF trustees must obtain and consider all relevant information before making distributions upon the death of a member.

Recent legislative amendments have significantly changed how contribution errors must now be addressed.

There are many compliance issues to consider when transferring overseas pension benefits back to Australia.

There are many compliance issues to consider when transferring overseas pension benefits back to Australia.