The ATO has raised its concerns about the increase in scams involving fake superannuation investments targeting SMSFs.
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.
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.