SuperGuide members Q&A: June 2024
Thursday 20 June 2024 at 11:00 am AEST
In this webinar super expert Garth McNally will answer recent questions from SuperGuide members.
June 6
Is your SMSF paying a pension? Has it paid the minimum pension amount yet? If not, you now have 24 days to make sure payments are up to date. Keep in mind that it is always best practice to have these amounts cleared from the SMSF bank account before 30 June.
Also, if a member is starting a pension on or after 1 June, there is no requirement to pay any pension until the next financial year.
Learn more about how the minimum pension payment rules work.
June 15
Time for a contributions check. Do you have any unused concessional contributions from the previous year? If you do, and your total super balance is less than $500,000, you can make additional concessional contributions which may allow a higher personal tax deduction.
If you couldn’t make concessional contributions in any of the five prior financial years or did not make use of the full amount, you can now carry forward those unused concessional contributions and contribute these amounts in the current financial year where eligible.
You can check your eligible carry-forward amount on your myGov account.
And don’t forget your non-concessional contributions cap. If you have used up your concessional contributions limit but haven’t yet reached your non-concessional limits and have some after-tax dollars to contribute, consider doing this now too.
June 20
Around this date it may be worth checking your Total Super Balance (TSB).
Read more about your Total Super Balance.
If it looks like you will be just over one of the non-concessional contributions (NCC) thresholds outlined above for the 2023–24 financial year, you might want to consider drawing an additional amount of pension or accessing a lump sum benefit where allowed.
You may then be eligible to make a larger NCC in the next financial year. You need to do this prior to the end of June.
This same issue could be considered for those where their TSB may be approaching the threshold to gain access to the carry forward (unused) concessional contribution rules.
June 30
You will need to value your fund’s assets at this date for your annual tax return.
Listed assets are valued at their closing price on 30 June. If you have real property in your SMSF, given the volatility in the real estate market over the past 24 months and on the back of rising interest rates, you may want to consider an independent valuation if you feel the value has materially changed.
The ATO also says that “it may be wise” for SMSF trustees to seek an independent valuation for some other assets, such as unlisted securities and unit trusts, or where the valuation of the investment is likely to be complex.
Read more about asset valuation guidelines for SMSFs.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.
Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.
