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28 Nov 2019 Latest superannuation updates

You may be affected when the transfer balance cap is indexed 

The ATO has updated their web content to include indexation of the general transfer balance cap. The updates highlight how individuals will be affected when the general transfer balance cap is indexed in future. 

Read more here. 

Sole purpose test 

Your SMSF needs to meet the sole purpose test to be eligible for the tax concessions normally available to super funds.

Your fund’s investments are for the sole purpose of providing retirement benefits to members – there cannot be any pre-retirement benefits to members or related parties (such as letting members use an investment asset). 

More information can be found here

Clearing house terms and conditions 

You can find the terms of use for employers using the Small Business Superannuation Clearing House here

CRT service commitment link has moved 

The ATO has moved the CRT service commitment page to a more convenient location. The new page lists codes to use when contacting the ATO. Find out more here. 

CRT alerts 

  • CRT Alert 055/2019 Adjustments to inactive low-balance account reporting: Information on adjustments to inactive low-balance account reporting and how you can request and complete an unclaimed super money adjustment template. 

Payroll, tax and superannuation: an important relationship 

On 21 November 2019, James O’Halloran, Deputy Commissioner, Superannuation and Employer Obligations, presented to the PwC Payroll Managers Forum. You can read his speech here.

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