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Tag: SMSF
Minimum pension drawdown reminder
An SMSF must pay a minimum amount each year to a member who is receiving an account-based pension. This minimum amount is calculated by applying the relevant percentage factor based on the member’s age by the member’s pension account balance calculated as of 1 July 2024, or on a pro-rata basis if the pension commenced part way through the 2025
When to lodge SMSF annual returns
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year. The SAR is more than a tax return — it is required to report super regulatory information, member contributions, and pay the SMSF supervisory levy. However, not all SMSFs
December Newsletter – SMSFs cannot be used for Christmas Presents!
There are very limited circumstances where taxpayers can legally access their super early, and the ATO is reminding taxpayers that “paying bills and buying Christmas presents doesn’t make the list.” Generally, taxayers can only access their super when they: reach preservation age and ‘retire’; or turn 65 (even if they are still working). To access their super legally before then,