Year-end tax planning – what does your SMSF administrator need to know?

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As the new financial year approaches, focusing on tax planning and preparing your SMSF for the upcoming 30 June deadline is crucial. As your fund administrator, we have compiled a concise checklist to ensure we have all the necessary information.

  1.  Do you have any other superannuation outside of your SMSF?

2.  Will your June 2018 salary sacrifice contribution be made in June or July 2018?

  • Suppose the June and/or any previous month’s salary sacrifice contribution will be paid into your fund in July 2018. This will be counted towards the 2018/19 concessional contribution cap of $25,000 (for all ages) and not the current year cap.

3.  Do you have insurance premiums being paid by your employer from another fund that is not your SMSF?

  • If so, then these are counted towards your concessional cap.

4.  Are your death benefit nominations up-to-date?

  • As superannuation generally does not automatically form part of your estate, ensuring your SMSF has current death benefit nominations in place is essential.

5. Does your employer have the correct Electronic Service Address (“ESA”) for SuperStream?

  • For your SMSF to receive contribution data from your employer, they need the correct ESA for their payroll systems.

Kreston Stanley Williamson Team

*Correct as of June 2018

Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.

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