SMSF Tech

Time to review insurance arrangements

Self-managed super fund members who have maintained an account with another fund so they can keep existing life insurance cover, need to review their arrangements ahead of changes to insurance in super next month. From 1 July, APRA-regulated super funds…

LRBA safe harbor interest rate increased

The safe harbor interest rate for self-managed super funds borrowing from related parties has been set at 5.95 percent for the 2019/20 financial year. This is an increase from 5.8 per cent in 2018/19. Trustees must maintain their related party…

June 30 housekeeping schedule

As the financial year ends, it is time for SMSF trustees and superannuants to check that they have optimised their contribution strategies and made all necessary pension payments. Contributions. The contribution limits remain the same as 2018, with every Australian…

Super opens up for older Australians

With the re-election of the Coalition, the Government can be expected to go ahead with its plan to introduce three measures that will allow older people to contribute more to their super. The plan is to relax the contribution work…

Take care with personal super contributions

Personal superannuation contributions were introduced into the system a couple of years ago as a simple way for people to top up their super and claim a tax deduction. They complement super guarantee contributions, salary sacrifice arrangements and non-concessional contributions.…

ATO launches disqualified trustee register

The Australian Taxation Office has established a disqualified self-managed super fund trustee register that will allow SMSF professionals and other trustees to see who they are dealing with. The ATO says it is important when setting up an SMSF and…

ATO unhappy with SMSF reporting

The Australian Taxation Office has warned that it is seeing “many errors” in reports it receives from self-managed super fund trustees relating to event-based reporting. Under event based reporting rules, which took effect in July last year, SMSFs are required…

Labor’s plans for super contribution rules

Among the changes that Labor has planned for superannuation, if it wins the election, is one that has not had much attention. It would lower the non-concessional contribution rate. Under current arrangements, super fund members can make non-concessional contributions of…

Planning for the end of excess franking credit refunds

There is no sure-fire way to get around the impact of Labor’s plan to abolish refunds on excess franking credits but there are a number of options that may provide an advantage in different to circumstances, a leading self-managed super…

ATO to shut down ‘inexperienced’ SMSF auditors

The Australian Taxation Office has issued a warning that self-managed super fund auditors need to have performed audit work regularly to maintain the practical experience necessary to do their job properly. The ATO says it is writing to about 100…