SMSF Critical Amounts, Changes & Dates

Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the regulators is in your best interests. With the end of the financial year fast approaching, this update will help you do exactly that:

1 January 2016

  • Defined benefit income capped at 10% for social security income tests.

Pre 30 June 2016

  • Make sure that contributions are made and received by 30 June. If contributions are by EFT, ensure that the balance showing the contribution is in the account as at 30 June.
  • Review Investment strategy including any insurance held by the SMSF.
  • If your fund accepts employer contributions (other than a related party employer), the fund must be compliant with SuperStream.
  • Rectify any outstanding compliance issues noted by your auditor.

From 1 July 2016

  • Concessional contributions cap remains at $30,000 unless you are 49 or over on 30 June 2016, in which case it is $35,000.
  • Non-concessional contributions cap remains at $180,000.
  • New withholding rules on certain transactions involving real property in Australia as well as shares in companies and units in trusts come into effect.
  • All collectables and personal use assets within the fund must comply with SIS requirements for use and storage.

31 January 2017

  • Non-bank limited recourse borrowing arrangements must be at arm’s length terms.

Pat Mannix, Partner, Paris Financial

Follow me on Twitter @mannix_pat

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