Dear valued clients,

It is that time of year again!

With the focus on the impact of COVID-19 & managing JobKeeper payments, Cash Boosts & various other grants it is easy to let your SMSF housekeeping slip. 
Contribution Caps 
TIP:  from the 1st July 2018 where a member has a Total Superannuation Balance under $500K you may be eligible to take advantage of an Unused concessional contribution cap
For further information in relation to this please see the blog on our website….
WARNING:  as from the 1st July 2017 where your Total Superannuation Balance is in excess of $1.6 million you cannot make any further Non Concessional Contributions.
For a contribution to be deductible in a financial year it MUST be received by the Superannuation Fund.  It is important that you are aware of clearing house terms & conditions for processing of payments as may take up to 14 days.
Pensions Payable
With the impact of COVID-19 on the financial markets the government have announced a 50% reduction in the minimum pension requirements for both the 2020 & 2021 Financial Years.
Account Based Pensions are calculated as a % of account balances, see below table for a summary of these rates:
Where your SMSF has a direct or indirect (via a related Unit Trust) investment in property, the 30th June is a great time to ensure that you have all of the required documentation on file.  This might include some of the following items:
  • Property appraisal/valuation
  • Lease agreement/s for the Financial Year
Depreciation/Quantity Surveyor Report if applicable