Self-Managed Superannuation Funds

• We endeavour to keep up with the latest regulations and policies when we conduct our audits. Each fund is unique in its investment portfolio and management, we fully corporate this understanding in our audit processing.

• Before ​you can roll over your benefits to your SMSF from another complying super fund, the transferring fund will use the SMSF Verification Service to verify that you are a member of the SMSF and the fund's details.

• From 1 July 2018, members can make 'carry-forward' concessional super contributions if they have a total superannuation balance of less than $500,000. Members can access their unused concessional contributions caps on a rolling basis for five years. Amounts carried forward that have not been used after five years will expire. The first year in which you can access unused concessional contributions is the 2019–20 financial year.

• From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age.

• From 1 July 2021, the non-concessional contributions cap will increase from $100,000 to $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.

• Your investment strategy is your plan for making, holding and realising assets consistent with your investment objectives and retirement goals. It should set out why and how you’ve chosen to invest your retirement benefits in order to meet these goals.

• Your SMSF needs to meet the sole purpose test to be eligible for the tax concessions normally available to super funds. This means your fund needs to be maintained for the sole purpose of providing retirement benefits to your members, or to their dependants if a member dies before retirement.

• As a trustee, you must ensure the member has met a condition of release before you release any funds, and check that the governing rules of your fund allow it.

• You must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return (SAR). The auditor examines your fund's financial statements and assesses your fund's compliance with super law.