June 2019

A change in the 2019 tax return means that SMSFs who want to make a personal super contribution and claim the deduction will need to plan ahead, especially where they plan to start a pension shortly after, says a technical expert.

Accountants and financial planners have been called upon to be more vocal in their promotion of SMSFs, with one expert pointing to the opportunity they have been given as a result of the outcome of the recent federal election.

While the annual tax return for 2019 does not contain as many adjustments as the one last year, an SMSF software firm has flagged some of the key changes, including new requirements to report bank account details and information relating to loans.

With different administration software providers each issuing their own member codes and identifiers, the ATO may have difficulty matching separate events where an event is cancelled, a software firm warns.

Advisers struggling to get a contribution into an SMSF ahead of 30 June should consider the use of a promissory note (PN) to avoid funds being held over until the new financial year, according to an SMSF strategist.

While the taxpayers who incorrectly received excess determinations for non-concessional contributions have been given an extension for their election due date, some of these clients had already paid for advice to deal with the determination, says an industry law firm.