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Integrity, Innovation & Commitment

4th Quarter 2023

Individuals may receive an additional tax on their super contributions, known as Division 293 tax, if their combined income and contributions are greater than the threshold during a financial year. This threshold is currently $250,000.

The Australian Taxation Office (ATO) determine if there is a Division 293 liability once the member has lodged their tax return, and their SMSF has lodged its annual return.

Is Downsizing Worth It?

From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.

Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.



If you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the Australian Taxation Office (ATO) instead of annually. Previously, SMSFs with a balance under $1 million reported annually at the same time as lodging the SMSF annual return.

Let us advise you with your accounting and taxation needs!