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15 Aug 2019 Superannuation updates

Does your SMSF investment strategy meet diversification requirements? 

The ATO will be contacting SMSF trustees and their auditors where records indicate a lack of investment diversification. The ATO will ask trustees to review their investment strategy to ensure it complies with reg 4.09 of the Superannuation Industry (Supervision) Act 1993

Super Downsizer Measure – eligibility, take up and common errors 

The ATO is seeing some common mistakes around eligibility for the Downsizer Measure, which started on 1 July 2018. 

It is important that your client knows they are eligible before making a downsizer contribution. If a contribution is found to be ineligible, it could be re-reported as a non-concessional contribution and your client may receive an excess non-concessional contribution determination. False and misleading penalties may also apply. 

Find out more here. 

Departing Australia superannuation payment (DASP) 

If you have worked and earned super while visiting Australia on a temporary visa, you can apply to have this super paid to you as a departing Australia superannuation payment (DASP) after you leave.

There are requirements which you will need to meet to claim your DASP.

Find out more here.

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