Superannuation

Legislative amendments have recently passed that mean SMSFs that are fully in retirement phase for the whole income year, with disregarded small fund assets, will not be required to obtain an actuarial certificate for their 2022 SMSF Annual Return and later income years.

SMSFs are required to prepare and implement an investment strategy to help meet their investment and retirement goals. The investment strategy is not designed to be a ‘set and forget’ document but rather a strategy you continuously review to ensure you are meeting your retirement plans.

Your SMSF auditor will check to see if you have met the investment strategy requirements under the superannuation laws.

The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 was introduced into Parliament on 27 October 2021. Schedule 5 to the Bill affects superannuation trustees that have member interests in both accumulation and retirement phases at one time, but only retirement phase interests at another time, during an income year.

Once this Bill is passed, it will allow affected trustees to choose to treat their assets as not being segregated current pension assets and, therefore, enable the fund to use the proportionate method for calculating exempt current pension income (ECPI).