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SMSF News

Read latest SMSF news updates by The SMSF Accountant

Collectibles and personal use assets

As previously reported – on 1 July 2011, rules were introduced into the Superannuation Industry (Supervision) Act 1993 (SIS Act) for SMSF investments in collectables and personal use assets.

The ATO have recently released further guidance, in the form of answers to some common asked questions, to assist trustees and their

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Increased ATO Levy

In the 2011 Federal Budget, the Government announced an increase in the annual ATO levy from $150 to $180 per year, starting in the 2011 financial year.  SMSF Trustees will pay this supervisory levy when they lodge their 2011 SMSF Annual Return with the ATO.

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Minimum Pension Drawdown

In the 2011 Federal Budget, the Government announced a reduction in the minimum annual pension drawdown amounts by 25% for the 2011-2012 financial year.  This applies to account based pensions and transition to retirement pensions.

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Excess Contributions Tax Refund

For breaches of the concessional contributions cap, the Government announced in the 2011 Federal Budget that where the breach is below $20,000, there will be a one-off option to request a refund of the contributions.  This will only apply to breaches from 1 July 2011.  The excess contribution will instead

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