FY21 SMSF benchmark report
SMSFs have weathered major impacts from the ongoing COVID-19 pandemic, with fund establishments growing and average net assets increasing, a new report has found.
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Increase in SMSF membership
From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members. If you are considering expanding your fund, you will need to consider things such as what your fund’s trust deed allows, the structure of your fund and its reporting requirements.
3 Changes to superannuation
Bills containing important superannuation measures which may impact you have passed both Houses of Parliament. These measures have now also received Royal Assent, which is the final step required for a parliamentary bill to become law.
Superannuation Tax Deduction Opportunities
When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working.
SMSF quarterly statistical report – March 2021
The ATO’s March 2021 quarterly statistical report has revealed the total number of SMSFs will soon hit 600,000, with consistent growth seen across establishments and assets as the industry heads into a post-COVID recovery economy.
Changes to SMSF rollovers and release authorities
From 1 October 2021, self-managed super funds (SMSFs) will need to use SuperStream to roll over super to or from their funds. These changes are due to government measures announced in 2019.
Tax planning and contribution caps
From 1 July 2021, the non-concessional contributions cap will increase from $100,000 to $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.
Eligibility for downsizer contributions to super
Older Australians who meet eligibility requirements can contribute up to $300,000 from the sale of their home into their super.