Any super fund member who has commenced an account-based pension since 1 July 2017 can now view their updated personal transfer balance cap by using the MyGov website to access ATO online services.
ATO
Pensions – End of financial year actions
Now that the end of the 2022/23 financial year is almost here, superannuation members who are currently receiving pensions need to take certain actions.
Transfer balance cap set to increase to $1.9m
The transfer balance cap, which is currently $1.7m, will be increased to $1.9m with effect on 1 July 2023. The increase of $200,000 in the gap is due to indexation.
One modest change that affects less than 0.5% of all Australians
With these words the Treasurer (and also the Assistant Treasurer and Minister for Financial Services) advised that the Government will impose a special rate of earnings tax of 30% on earnings on super balances of $3m and above.
Questions over adding children to your SMSF
From 1 July 2022, employers will need to pay super for their employees who are under 18 years old if they work more than 30 hours in a week.
ATO takes aggressive stance on trust distributions
The Tax Office recently released its long-awaited guidance on how it will treat distributions from a family trust in situations where it believes that someone other than the recipient of the trust distribution will actually obtain the benefit of it, and the reason for distributing to the initial recipient was to save tax.
ATO shoots itself in the foot: tax return must be signed by Administrator
The ATO refuses to accept a tax return from an intestate deceased estate unless it is signed by the Administrator of the estate. But what if there is no Administrator? Townsends’ Dominique Perry explains.
First home buyers benefit from amended Super Saver Scheme
The cap on the amount of contributions which can participate in the First Home Super Saver Scheme will be $50,000 (currently $30,000) from 1 July 2022.