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08 Aug 2019 Superannuation updates

5 grounds for compassionate release of super 

You can find out the eligibility criteria and how to apply for compassionate release of super here. 

CRT alerts 

Transfer balance account reporting – updated web guidance 

The ATO has updated their web content surrounding the super transfer balance cap based on what they are seeing in the sector and industry feedback. 

They have also updated their guidance on event-based reporting for SMSFs to highlight their record keeping obligations for transfer balance cap reporting. 

Find out more here

Superannuation standard choice form 

This form is for employers to advise employees of the employer’s nominated fund, and for employees to tell an employer of their choice of fund (NAT 13080). 

The standard choice form is for use by both employers and employees. 

Find out more here

Offer your employees a choice of fund 

Many employees are entitled to choose the fund their super contributions are paid into. As their employer, you need to provide them with a standard choice form, and nominate a default fund if they don't choose a fund. 

Find out more here. 

Adding to your super 

You can add to your super by entering into a salary sacrifice arrangement with your employer, making personal super contributions, transferring super from foreign super funds or you may be eligible for government contributions.

There are limits on how much you can contribute to your super each year.

Find out more here. 

Reciprocal auditing arrangements 

Auditors need to conduct an independent audit. Auditors who engage in reciprocal auditing arrangements are at risk of breaching the independence requirement. 

Approved SMSF auditors who continue to engage in reciprocal auditing arrangements will be subject to increased scrutiny. Referral to ASIC may result if the ATO considers SMSF auditors have failed to meet the independence requirements. 

Find out more here.

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