SMSF BANK ACCOUNT AND ELECTRONIC SERVICE ADDRESS DETAILS
The Self-managed superannuation fund annual return 2015 has been updated to:
SMSF TAX RATE CHANGES
Due to the temporary budget repair levy and increase in the Medicare levy, the following tax rates for SMSFs have also changed.
Rate for tax on: |
Rate in 2013–2014 |
Rate in 2014–2015 |
No-TFN-quoted contributions of a complying SMSF |
31.5% additional tax |
34% additional tax |
No-TFN-quoted contributions of a non-complying SMSF |
1.5% additional tax |
2% additional tax |
Non-arm's-length income |
45% |
47% |
Income of non-complying SMSFs |
45% |
47% |
The tax rate for arm's-length income of complying SMSFs remains unchanged at 15%.
MINIMUM ANNUAL PENSION PAYMENT
Trustees are reminded to make sure any members in pension phase have been paid the annual minimum pension amount. Once an account-based pension commences, there is an ongoing requirement for you, as trustee of a complying super fund, to ensure the pension standards in the super laws are satisfied; this includes meeting the minimum pension payment requirements.
If a fund fails to meet the minimum pension payment requirements in an income year the super income stream will be taken to have ceased at the start of that income year for income tax purposes.
From the start of the income year the account is no longer supporting a super income stream and any payments made during the year will be super lump sums for both income tax and SIS Regulations purposes.
This is the case even if the member remains entitled to receive a payment from the fund for the pension under the governing rules or under general trust law concepts. This means the fund will not be entitled to treat income or capital gains as exempt current pension income (ECPI )for the year.
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