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10 Sep 2020 Superannuation

ATO reminder: the superannuation guarantee amnesty period has ended

The ATO superannuation guarantee amnesty ended on 7 September 2020. Super guarantee amnesty application forms received after 11.59 pm on 7 September 2020 will not qualify for the amnesty.

If you didn't apply for the super guarantee amnesty and have any unpaid or late paid super to disclose, you will need to lodge a Superannuation guarantee charge statement and pay the super guarantee charge (SGC).

If you applied before the deadline, to retain the benefits of the SG amnesty, the law requires you to pay the amount in full or for you to enter into and adhere to a payment plan for any unpaid amounts.

Read more here.

COVID-19 relief: Changes to SMSF IAR instructions

In June 2020 the ATO updated the Self-managed super fund independent auditor’s report(IAR). The updates meant auditors did not need to modify their opinion in Part B of the IAR with respect to certain contraventions arising from the impacts of COVID-19 for the 2019–20 and 2020–21 financial years.

Due to feedback from auditors, the ATO has reverted the IAR instructions back to their original wording. This means auditors will once again be required to modify their opinion in Part B of the IAR where they identify any material breach of the provisions and regulations listed within the IAR.

Auditors who correctly relied on the previous version of the instructions when conducting any 2019–20 audits in the last few months will have been taken to have met their reporting obligations during this period. They will not need to recall those audit reports and re-issue them.

Information on the new version of the self-managed super fund (SMSF) independent auditor's report (IAR) including for the impact of COVID-19 in 2019–20 and 2020–21 is available here.

Read more here.

COVID-19 relief: Changes to the ACR and SMSF IAR instructions

Changes to the Auditor Contravention Report (ACR) and SMSF Independent Auditor’s Report (IAR) instructions have been made to take into account COVID-19 relief for 2020 and 2021 financial years.

Read more here.

Offer your employees a choice of fund

Many employees are entitled to a choice of super fund. Employers should identify these employees and provide them with a Standard choice form and nominate the default fund that you will pay their contributions into if they don't choose a fund.

Read more here.

Employees

Most employees are entitled to compulsory super contributions from their employer. You may also be entitled to choose the fund your super is paid into.

Read more here.

Early access to your super

You can only have early access to your super in very limited circumstances. These are mostly related to specific expenses.

Read more here.

COVID-19 early release of super

Information about the eligibility and application process for the COVID-19 early release of super scheme if you have been financially affected by COVID-19.

Read more here.

Winding up funds

Trustees of an APRA-regulated fund must give notice in writing to APRA as soon as practicable after making the decision or resolution to wind up.

Read more here.

Help and resources

The ATO offers a number of tools and resources to help self-managed super fund (SMSF) auditors in your role.

Read more here.

Audit documentation

If you're a self-managed super fund (SMSF) auditor, you must comply with Australian auditing standards and have sufficient evidence to support your opinion.

Read more here.

Approved SMSF auditor checklist

A detailed checklist of what ATO staff look for when auditing or reviewing a self-managed super fund (SMSF) auditor.

Read more here.

Limited recourse borrowing arrangements - questions and answers

General guidance on current ATO views about the application of the super law to limited recourse borrowing by self-managed super funds (SMSF).

Read more here.

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