The ATO has announced it will not be taking compliance action for the 2020 and 2021 financial years where an SMSF provide rent relief to a related party business leasing commercial property from the fund. So if your business has a lease agreement with your SMSF for it’s premises / property being forced to pay market rent at while being impacted by Coronavirus is one less thing for business owners to worry about.
What is my new minimum pension for 2020? Can I put amounts in excess of the reduced minimum pension back into my SMSF? Can I treat payments above the reduced minimum pension amount as lump sums? There are many questions about the SMSF minimum pension reduction 2020-21 and this article answers most of the common questions.
Those suffering hardship due to the Coronavirus pandemic will be able to access a $10,000 Coronavirus superannuation payment this financial year 2020, and another $10,000 next financial year after 1 July 2020. The payments are expected to be available from 20 April 2020 and will be able to be applied for online via myGov or via the ATO for a payment to be made from an SMSF.
Balance and contribution caps are just part of the new regime.
There have been dramatic changes in the past few years – and more this July – to the administration, reporting and compliance of self-managed super funds, and it’s crucial that an SMSF trustee is up to speed on how they affect their fund.
How much superannuation should I have for my age?
As of July 2014, employers have been required to contribute 9.5% into superannuation, however individuals are able to contribute further.
According to The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard,
Self-managed super funds have often been criticised for lacking diversification when it comes to their investments, specifically that SMSFs have too much in Australian shares and cash and not enough in international investments. We often get asked by our clients “How do we invest in USA shares via an SMSF?”
In the May 2017 budget, the Government announced that from 1 July 2018, older Australians could contribute up $300,000 each (per couple) from the sale of their family home into their Superannuation Fund. This measure is to encourage older people to downsize from family homes that no longer meet their needs,
The downsizer contribution initiative is due to come into effect on the 1 July 2018. Late last year the Government passed its policy which allows super fund members over the age of 65 to sell a main residence and contribute funds into their superannuation accounts without contribution cap and work test issues.