Last month the government passed the bill “Enhance Superannuation Outcomes for Australians & Helping Australia Businesses Invest” with the following key changes we think you should know about.

·        The $450 monthly super guarantee threshold was removed meaning that all earnings by employees will have superannuation on them (from 1/7/22).

·        The eligibility to make Downsizer Contributions (where you can contribute up to $300000 from the sale of your home) has reduced from age 65 to 60 (from 1/7/22).

·        Changes to remove the work test for those aged between 67 and 75 regarding non-concessional (after tax)contributions. 

·        In addition, the bring-forward rule will now be available for people under the age of 75 (increased from 67)

·        The maximum releasable amount under the First Home Super Saver scheme has increased from $30,000 to $50,000(from 1/7/22)

In regard to the SMSF Record Keeping, the ATO have announced that keeping and maintaining good records is one of the key responsibilities and legal obligations of SMSF Trustees. This in turn will ensure accurate and timely SMSF Financial Statements, Audits and Tax Return lodgements.  Although the trustees may engage accountants, administrators or tax agents to administer their Fund, the ATO have confirmed that SMSF  Trustees are personally responsible for good record keeping.

SMSF Statistics

·        In 2021 25,000 SMSFs were established in 2021 with average assets of $391,000.

·        85% of all new SMSF were set up with corporate trustees, rather than individuals

·        At 30/6/21, SMSF holdings recorded approximately 25% of all super assets ($822 billion!).

·        At 30/6/21, there were approximately 598,000 SMSFs &  1.115 million members

·        The ATO reported contributions to all SMSFs in 2020 was approximately$17.9 billion (an increase of 4% from2019).

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The ATO have  also released a video on record-keeping requirements on their website (QC 23333) and SMSF Trustees can undertake an approved education course (QC 41142) to improve their  knowledge &understanding of the requirements of managing an SMSF.

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For more information, reach out to Melinda Doidge and her team who specialise in self-managed super funds.

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