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Integrity, Innovation & Commitment

SMSF News

  • Tuesday, 01 July 2014 04:37

CHANGES TO THE ROLLOVER BENEFITS STATEMENT FROM 1 JULY 2013

From 1 July 2013, the Rollover benefits statement (RBS) is changing. You will need to use the new form for all rollovers from this date. The new RBS form and instructions are now available on the ATO website at ato.gov.au.

The new form has no current year contributions information. This affects how you report contributions in the 2014 SMSF Annual Return (SAR). From 1 July 2013, all contributions received by a super fund during a financial year must be reported to the ATO by that fund that originally receives the contribution and not by another fund when the contributions are transferred in a rollover. In the 2014 SAR, you only report contributions received directly by the super fund during the 2013-14 financial year.

You generally must use the RBS when you pay a rollover superannuation benefit to another super fund and you are not already providing all of this information electronically under the Superannuation Data and Payment Standards 2012 (the rollover data standard).

If you give a statement to the receiving fund, using either the RBS or an electronic statement using the data standard, you must give the statement to your member within 30 days of the rollover payment. Use the RBS, or a similar form you create that includes the same information.

PAYING BENEFITS FROM A SMSF superseeker pic

The ATO have produced a new publication called Paying benefits from a self-managed super fund (NAT 74124). This publication addresses a growing need for more specific information to assist you if your fund has members who will soon be entering, or have entered retirement.

The rules and regulations that apply to your SMSF in the accumulation phase continue when a member retires, however, paying retirement benefits brings additional regulatory and taxation requirements. This publication provides topical information about the issues you need to understand to meet the regulations that govern the payment of benefits. It is designed to help you understand your increased responsibilities when making retirement payments out of your SMSF.

NEW POWERS TO ADDRESS NON-COMPLIANCE

Legislation was introduced in November 2012 to give the ATO more flexible and proportionate powers to address non-compliance by SMSF trustees. These new powers include administrative penalties and education and rectification directions. If passed by parliament, they will apply to contraventions that occur on or after 1 July 2013.

A bill has been introduced into parliament to tax illegally released super benefits at 45% from 1 July 2013.

Let us advise you with your accounting and taxation needs!