With another financial year end just around the corner now is the time to take a look at your SMSF to see if it’s ready for 30 June. Here is a quick checklist of what we need to know as your fund administrator:
- Do you have any other superannuation outside of your SMSF?
- it is crucial we are made aware of this as this can impact your fund under the new super reforms commencing 1 July 2017 (eg. 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?
- If 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 important to ensure your SMSF has current death benefit nominations in place
- Does your employer have the correct Electronic Service Address (“ESA”) for SuperStream?
- in order for your SMSF to receive contribution data from your employer, they need the correct ESA for their payroll systems
If you have any queries in relation to the above don’t hesitate to contact us.
Kreston Stanley Williamson Team
*Correct as of May 2017
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to 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 contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.