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The changing SMSF environment paper

Published on 06 Aug 12 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper covers recent Government announcements affecting the Superannuation industry. The sum of all these changes means that advisers are faced with a changing landscape entailing both compliance obligations as well as planning obligations. Specific topics covered include:

  • TR 2011/D3
  • New Super Guarantee Rates
  • Higher concessional contributions cap for over 50s deferred to 1 July 2014
  • Dealing with Excess Contributions Tax
  • FOFA - The Accountants' exemption
  • Superannuation contributions tax to double to 30% for incomes above $300,000
  • Update to PSLA 2009/1 In-house Assets
  • Collectables and Personal Use assets
  • New SMSF member verification system
  • Off-market transfers  between SMSFs and related parties
  • Net Market Valuation for annual reporting purposes
  • Dealing with insurance in SMSFs.

Author profile

Tim Miller
Tim is the Education Manager at SuperGuardian and is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a regular presenter on the SMSF circuit. Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and has authored of one of the original subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, this subject was also adopted as part of the Chartered Accountants Australia and New Zealand ANZ SMSF specialist program. Tim is an SMSF Association Specialist Adviser. - Current at 16 September 2021
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