Quicker approval of complying status New SMSFs no longer need to wait until after the first annual return is lodged to receive complying status. Since March, several days after registration new SMSFs have been listed on Super Fund Lookup as ‘Registered – status not determined’ before being updated to ‘complying’ a few days later. Indexation […]

The federal government’s review of financial hardship and compassionate grounds for early release of superannuation is continuing.

The ATO has provided an update on an unintended consequence resulting when a capped defined benefit income stream that commenced before 1 July 2017 is commuted to start a new market-linked income stream.

The ATO’s SMSF Assist website will be shut down in July. Information relevant to SMSFs will now be located on the main website, ato.gov.au.

The ATO has started a new publication, the SMSF Regulator’s Bulletin (SMSFRB), to provide advice and guidance for SMSFs.

Lodgement for the SMSF 2017 annual return has been deferred until 30 June 2018, also giving more time to make transitional capital gains tax elections.

SMSFs do not need to report any information relevant to the transfer balance cap until 1 July 2018, but they can choose to start reporting from 1 October 2017 with the release of the transfer balance cap report.

Penalty unit value increases The value of each commonwealth penalty unit increased by $30 on 1 July 2017 to $210. This increases the cost of fines for specified breaches. The value will increase each three years in line with the consumer price index, starting from 1 July 2020. Transfer cap and death benefits ATO Law […]

Diverting personal services income into an SMSF – deadline extended Due to the volume of change with the 1 July changes to superannuation, SMSF trustees were given an additional three months to contact the ATO and voluntarily disclose arrangements whereby personal services income has been diverted into the SMSF.The ATO raised concerns about these arrangements […]