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10 Jun 2021 Superannuation

Collectables and personal use assets

If your fund invests in collectables or personal use assets such as artworks, jewellery, vehicles or boats, related parties are not allowed to use these assets or store them in their home. Investments in such items must be made for genuine retirement purposes and not to provide any present-day benefit.

More information on these investment restrictions can be found here.

PAYG withholding obligations

SMSFs may have PAYG withholding obligations when paying retirement income streams (pensions) to members.

If you have obligations to withhold tax, more information about what you need to do can be found here.

Superannuation Guarantee rate rising on 1 July 2021

On 1 July 2021, the superannuation guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the superannuation rate.

If you need help to work out how much superannuation you need to pay for your employees after 1 July 2021, you can use the ATO’s superannuation guarantee contributions calculator.

More information can be found here.

Superannuation Changes Industry roadmap

The Superannuation Changes Industry Roadmap is an overview of the changes impacting the superannuation industry.

You can download the roadmap here.

Accessing Super Enquiry Service for APRA funds

Super Enquiry Service allows all APRA funds and their administrators to lodge and manage superannuation-related enquiries 24/7 with the ATO.

Find out how to register, lodge and manage requests using the Super Enquiry Service for APRA Funds here.

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