With the new financial year almost upon us, are you ready for it? Self-managed superannuation fund (SMSF) trustees have some critical reporting dates coming up. The first of these occurs on 30 June 2018 and thereafter quarterly reporting kicks in.
With the new financial year almost upon us, we thought we would take the time to remind you of the superannuation contribution changes that were implemented on 1 July 2017. For instance, the concessional contributions cap was changed.
We have attached a download for you to look over and familiarise yourself with these changes, so you can be mindful when you begin your EOFY tax planning.
Action is now required off the back of the superannuation changes introduced on 1 July 2017, including the introduction of the $1.6m cap known as the Transfer Balance Cap (TBC).
All events that impact a members Transfer Balance Account (TBA) are required to be reported and the first reporting due date for some superannuation funds under this scheme is 30 June 2018.
For a summary of who is affected, a breakdown of the steps you may need to be taking now and what events need to be reported, please download this information sheet.
For more information
If you require any assistance with your SMSF or in understanding what the rules are around superannuation contributions, do not hesitate to contact your RSM adviser or email us at [email protected].
This communication may contain information or advice relating to taxation and superannuation issues and does not constitute financial product advice. RSM Australia Pty Ltd is not required to hold an Australian Financial Services License to provide you with this information or advice. You should consider seeking advice from a licensed financial adviser before making any decision in relation to your investments.