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SMSFs Acquiring Assets from Related Parties
SMSFs cannot acquire an asset from a 'related party' (such as a member or their spouse or relative) unless it is acquired at market value and is...
Downsizer contribution measure eligibility has been extended.
The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund.
Proportional indexation of transfer balance caps from 1 July 2023.
The ATO reminds taxpayers that, from 1 July 2023, the general transfer balance cap will be indexed.
Individuals will have a personal transfer balance cap between $1.6 and $1.9 million, based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023.
Minimum Annual Payments for Super Income Streams.
The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007 (e.g. account based pensions). If the minimum payment is not made by 30 June, this can result in adverse taxation consequences for the member.
ATO advice for SMSFs thinking about investing in crypto assets.
The ATO recommends that trustees of self-managed super funds ('SMSFs') thinking about investing in crypto assets should seek professional advice from a licensed financial adviser.