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SMSF Administration

Technical Experts

Five Key SMSF Items to address before 30 June 2018

Our extensive eBook will assist you in addressing the key tasks and actions to take before the end of the financial year.

FOR SMSF ADVISERS

Kris Kitto  |  Executive Director

"The ‘rubber hits the road’ and new strategies must be implemented..."

This time last year the focus for advisers and their SMSF trustee clients was around the introduction of the $1.6m transfer balance cap and the related capital gains tax relief provisions. This time around we feel the full brunt of last years sweeping legislative changes.


Now the ‘rubber hits the road’ and new strategies must be implemented to ensure SMSF trustees are in the best possible position for 2018 and beyond.


SMSF professionals must consider all these changes to ensure their SMSF clients are making the most of their fund both before and after 1 July 2018.


This resource touches on the key changes within the last financial year, who will be impacted, and what actions should be taken both before and after 30 June 2018. 

SMSF minimum drawdown requirements for pensions and income streams.

1.

The ATO has granted an extended lodgement deadline for all SMSF returns until 2 July 2018 rather than the typical 15 May lodgement deadline. From a practical perspective, most SMSF administrators will be processing and lodging reportable events as they happen – regardless of whether the SMSF has quarterly or annual reporting obligations.

For an SMSF to be eligible to claim tax exempt income in any financial year, it must meet the minimum drawdown requirements for all pensions and income streams members are receiving.

2017 SMSF returns lodged and CGT Relief correctly applied.

Reviewing the further reduction of the concessional contributions cap.

5.

2.

Now we are in a different world. The introduction of the $1.6m transfer balance cap means every client who is drawing above the mandated minimum pension amounts are required to be reviewed.

Contribution caps and rules have significantly changed for the 2018 financial year. Firstly, the available annual cap amounts have reduced, and a $1.6m total superannuation balance has been introduced for the 2018 and future financial years.

4.

Formalise putting your drawdown strategy in place.

Report initial transfer balance account amounts.

3.

All SMSFs must report events that affect their member’s transfer balances. Typically, this will include the commencement or commutation of a pension. 

Ensuring SMSF trustees are in the best possible position for 2018 and beyond.

All SMSF professionals must consider all these changes to ensure their clients are making the most of their fund both before and after 1 July 2018. 

5 KEY SMSF ITEMS TO ADDRESS BEFORE 30 JUNE 2018

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