Licensing and Advice Issues
Following the submission of the Quality of Advice Report, the government will find it hard to find a balance between the competing interests of groups that want a more lenient regulatory structure and those who expect the opposite position. Unless a review for the regulatory settings are completed, issue will continue to persist in 2023. […]
Indexation of the caps and potential policy changes
Indexation for the general transfer balance cap and the contribution cap is based on the CPI figure for the December quarter. The Concessional Contribution cap for the 2022 financial year and onwards is $27,500. The Non-concessional Contribution cap for the 2022 financial year is $110,000. For more information about contribution caps, please see our page. […]
SuperStream
From 1 October 2021, SMSFs will need to comply with the SuperStream rules when processing rollovers into or out of the SMSF. SuperStream is a standard for processing data and payments electronically within the superannuation industry. SMSFs are required to process rollovers within three business days of receiving the rollover or transfer request. To use […]
Tax Return Lodgements
Due dates For new SMSFs, the first tax lodgement is due on 28th of February in the following financial year. For SMSFs that has been in existence from the second year onwards, the due date is on 15th of May in the following year. For example, the 2022 tax return would be due on 15 […]
Asset Revaluations
The ATO has recently updated their guidelines regarding year end market valuations for assets. The updated guidance aims to provide Trustees more responsibility in the process of obtaining evidence to support a declaration of an asset’s market value. In a recent change which can be viewed here, the ATO has updated its choice of wording, […]
