Year end tax planning – what does your SMSF administrator needs to know?

Current as of June 2018

 

With another financial year nearly upon us, now is the time to ensure your SMSF is ready for 30 June. Here is a quick checklist of what we need to know as your fund administrator:

  1.  Do you have any other superannuation outside of your SMSF?

2.  Will your June 2018 salary sacrifice contribution be made in June or July 2018?

  • If the June and/or any previous month’s salary sacrifice contribution will be paid into your fund in July 2018, this will be counted towards the 2018/19 concessional contribution cap of $25,000 (for all ages) and not the current year cap

3.  Do you have insurance premiums being paid by your employer from another fund that is not your SMSF?

  • if so then these are counted towards your concessional cap

4.  Are your death benefit nominations up-to-date?

  • as superannuation generally does not automatically form part of your estate, it is important to ensure your SMSF has current death benefit nominations in place

5. Does your employer have the correct Electronic Service Address (“ESA”) for SuperStream?

  • in order for your SMSF to receive contribution data from your employer, they need the correct ESA for their payroll systems

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This newsletter has been produced by Stanley & Williamson as a service to its clients and associates. The information contained in the newsletter is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this newsletter, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under Professional Standards legislation.