Key changes to the 2019 SMSF tax return

Key changes to the 2019 SMSF tax return

The Australian Tax Office (ATO) has made a number of key changes to the Self-managed superannuation fund 2019 annual return to facilitate the superannuation reforms that came into effect on 1 July 2018. The four changes across 3 sections of the return are highlighted...
Transition to retirement income streams (TRIS) from 1 July 2017

Transition to retirement income streams (TRIS) from 1 July 2017

With the introduction of the transfer balance cap (currently $1.6 million in 2017/2018), superannuation funds are only able to claim income tax exemptions on assets that are supporting income streams in the retirement phase. Since 1 July 2017, there are now two types...
How to complete member information in the 2018 SMSF annual return?

How to complete member information in the 2018 SMSF annual return?

The Australian Tax Office (ATO) has made a number of changes to the Self-managed superannuation fund annual return 2018 (NAT 71226-06.2018) to facilitate the superannuation reform changes that came into effect on 1 July 2017. Some of the main changes are highlighted...
Can an SMSF still apply for Capital Gains Tax uplift?

Can an SMSF still apply for Capital Gains Tax uplift?

While the lodgement date for a 2017 self-managed superannuation fund annual return has passed, some SMSFs may have yet to submit their tax return. The due date was 30 June 2018. However, as the due date falls on a weekend, lodgement no later than Monday 2 July 2018...
Unsegregated Capital Gains Tax Relief

Unsegregated Capital Gains Tax Relief

The CGT relief provisions preserve the tax exemption on capital gains accrued, but not yet realised, on CGT assets held in ABPs and TRISs prior to 1 July 2017.  The relief ensures that only capital growth post 1 July 2017 is taxed.  The CGT relief applies differently...
Common mistakes while claiming GST

Common mistakes while claiming GST

A SMSF with an annual turnover of less than $75,000 is not required to register for GST, but can opt to do so. Since annual turnover for GST purposes does not include input-taxed supplies, a SMSF that invests only in shares, units in unit trusts and/or residential...