As the upcoming financial year end approaches, it is crucial to focus on your SMSF and assess its preparedness for 30 June. In terms of tax planning, here is a brief checklist that we, as your fund administrator, require to ensure effective management:
- Do you have any other superannuation outside of your SMSF?
- we must be made aware of this as this can impact your fund under the new super reforms commencing 1 July 2017 (e.g. do you have an industry, retail or defined benefit super fund)
- if you are unsure whether you have any lost super, you can check under your “myGov” login. More information can be found at: https://www.moneysmart.gov.au/superannuation-and-retirement/keeping-track-and-lost-super
- Will your June 2017 salary sacrifice contribution be made in June or July 2017?
- Suppose the June and/or any previous month’s salary sacrifice contribution will be paid into your fund in July 2017. This will be counted towards the 2017/18 concessional contribution cap of $25,000 (for all ages) and not the current year cap.
- 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
- Are your death benefit nominations up-to-date?
- as superannuation generally does not automatically form part of your estate, it is essential to ensure your SMSF has current death benefit nominations in place
- 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
If you have any queries concerning the above, please get in touch with us.
Kreston Stanley Williamson Team
*Correct as of May 2017
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.
