Superannuation and SMSF updates archives

SMSF updates archives

Below is a list of past SMSF updates:

Getting it right: Compliance in the first year of Payday Super

Starting 1 July 2026, employers must ensure that Super Guarantee (SG) contributions are received by their employee’s superannuation funds within 7 business days after each payday. Payday itself is considered by 0 in this timeframe calculation. However, an extended 20 business days timeline applies when making an initial payment for a new employee or while waiting on choice of fund details, stabled fund information or setup for non-complying SMSF’s

ATO Risk Framework (PCG 2026/1)

Under Practical Compliance Guideline 2026/1, the ATO will evaluate employer behaviour – specifically genuine attempts to comply and the speed of resolving errors, rather than imposing immediate penalties for isolated processing mistakes:

Low Risk: An employer is considered low risk if they attempt to make full SG payments on time, but the funds are delayed or unallocated due to processing issues, provided the employer takes immediate steps to correct the error.
Medium Risk: an employer falls into the medium risk category if they fail to meet the low-risk criteria but completely resolved all unpaid SG within 28 days following the end of the quarter in which qualifying earnings were paid.
High Risk: An employer is classified as high risk if the SG amount remains unpaid beyond 28 days after the quarter’s end. These cases receive the highest priority for enforcement action and formal SGC assessments.

Optional Rules and Adjustments

Voluntary Disclosures: Employers may choose to lodge a voluntary disclosure statement to reduce potential SGC liabilities, though low-risk employers will not be audited even if a disclosure is submitted.
Overpayments: Any overpaid super guarantee amounts will automatically offset existing unpaid SG or carry forward for up t 12 months to cover future SG obligations.
Pay Adjustments: Misclassified allowances corrected in subsequent pay cycles do not create an SG shortfall, as long as the corresponding super contributions I received within the 7 business days of the actual allowance payments.

For a full list of specific compliance scenarios, overpayment rules, and official regulatory tables, please visit the ATO website: Payday Super first year compliance guide.

Getting it right: Payday Super Compliance

Under the new Payday Super system, superannuation guarantee (SG) contributions must be received by your employee’s fund within 7 business days after payday (known as the QE day). For the first year, the ATO’s compliance focus under Practical Compliance Guideline 2026/1 (PCG 2026/1) is on supporting employers who actively try to do the right thing. They will evaluate your compliance risk based on your behaviour and how quickly you fix mistakes.

ATO Risk Zones & What They Mean

Employers can move between risk zones over time based on their ongoing compliance behaviour.

Low Risk: You fully intended to pay on time/in full, but experienced a processing delay or missing details. If you take steps to correct the issue as soon as possible, the ATO will not apply compliance resources to review you.
Medium Risk: You missed the deadline but rectified all unpaid SG within 8 days after the end of the quarter in which the earnings were paid. These cases are a lower priority for ATO compliance action.
High Risk: Outstanding SG contributions are not corrected within 28 days after the end of the relevant quarter. These cases are the highest priority for ATO audit and compliance action.

What to Do If Something Goes Wrong?

Act Before Assessment: Paying outstanding amounts before the ATO issues an official statement reduces your superannuation Guarantee Charge (SGC) liability.
The Penalty: If you fail to act, the ATO will issue a notice of assessment for the SGC. The SGC includes the unpaid super, plus notional interest and administrative costs.
Voluntary Disclosures: For paydays between 1 July 2026 and 30 June 2027, you can lodge a voluntary disclosure statement to reduce your final SGC. However, if your behaviour falls into the “Low Risk” category, the ATO will not apply compliance resources to review our actions, even if a disclosure is submitted.

To minimise your compliance risk, aim to pay your super guarantee (SG) on payday and fix errors immediately. Remember to account for clearing house processing times to ensure payments clear into the employee’s fund within the required 7 business days window. If a new employee fails to provide their super details, you have 20 business days after payday to request their stapled fund details from the ATO or pay into your default fund.

For a full list of specific compliance scenarios, overpayment rules, and official regulatory tables, please visit the ATO website: Payday Super first-year compliance guide now available
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About Payday Super

Starting 1 July 2026, employers must pay superannuation guarantee (SG) contributions at the same time as salary and wages.

Key Changes:

Super must be paid on payday and received by the fund within 7 business days.
SG is calculated as 12% of Qualifying Earnings (QE), a new term replacing the standard OTE calculation.
Both QE and super liabilities must be reported via Single Touch Payroll (STP) on payday.
Missing the 7-day window triggers a tax-deductible Super Guarantee Charge (SGC) with daily compounding interest.
The Small Business Superannuation Clearing House will crease operations on 30 June 2026.

Employers must review payroll and cashflow management immediately. You may choose to adopt payday super payments now to simplify the 2026 transition. More information can be found on the official ATO website About Payday Super or simply contact our office to discuss further.

Get ready for Payday Super

From 1 July 2026, employers must pay super at the same time as wages instead of quarterly. This means super will need to be processed every pay cycle (e.g. weekly or fortnightly), not every three months.

What businesses need to do:

Review payroll systems and ensure they are ready for more frequent payments
Check with software providers or clearing houses about updates or changes
Keep employee super details accurate and up to date
Plan for cash flow impacts, as payments will be more frequent

The Small Business Superannuation Clearing House will close on 1 July 2026, so businesses using it will need to switch providers.

Payday Super is a major change that requires updates to payroll processes and cash flow planning therefore it is important for businesses should start preparing now. More information has been provided by the ATO to prepare businesses for Payday Super. Otherwise, businesses may contact the ATO’s superannuation enquiries line on 13 10 20 or contact our office to discuss further.

Payday Super – What SME Employers Need to Know

From 1 July 2026, the Australian Government will introduce Payday Super, one of the most significant changes to Australia’s superannuation system in decades. Under the new rules, employers will be required to pay superannuation contributions at the same time as wages, rather than quarterly.

This reform aims to improve retirement outcomes for employees by ensuring super contributions are paid earlier and reducing the risk of unpaid super. It will also give regulators greater visibility over employer payments.

The new rules will introduce several important changes for businesses:

Super must be paid with each pay run, rather than every quarter
Contributions will generally need to reach the employee’s super fund within seven days of payday
Employers will need to ensure their payroll and super payment systems are updated and compliant
Businesses currently using the Small Business Superannuation Clearing House (SBSCH) will need to find an alternative provider as the service is expected to close when the reforms begin.

While the changes aim to improve employee outcomes, they may create operational challenges for small and medium-sized businesses.

Businesses may need to:

Adjust cash flow management, as super payments will occur more frequently
Review or upgrade payroll software and payment systems
Ensure processes are in place to avoid late payments or compliance penalties.

Early preparation is recommended to help businesses transition smoothly to the new requirements.

Our team can help review your payroll setup, ensure compliance with the upcoming changes, and support your business in preparing for the 1 July 2026 Payday Super reforms, please contact our office.

Debt on Hold

The ATO have taken a pause on their actions to collect tax debts from taxpayers, where they deem it is not cost effective to collect the debt at the time. Though, where taxpayer’s circumstances have changed the ‘debt on hold’ will be taken off and the ATO will be in contact to pay the debt.

While some taxpayers account balance may be ‘debt on hold’:

it may not appear in your account balance
the ATO will not contact you to try and collect it (however your debt remains due and legally payable)
the ATO will use any credits or refunds you are entitled to, to reduce the debt – this is called offsetting

Taxpayer’s are able to access to view their account balances through the ATO online services. While existing debt are ‘on hold’, general interest will still be charged quarterly — meaning tax debts will continue to grow if unpaid.

Regardless debt being placed on hold, taxpayer’s are able to pay part or all of the debt at any time. Payments can be made using the ATO online services — payment plans can also be set up to pay by instalments.

To further discuss payment options contact the ATO on 1800 305 499. Otherwise more information on debt on hold, visit the ATO website.

Super tax on balances above $3 million

While recent headlines suggest that changes could be made to the proposed superannuation tax on balances above $3 million, legislation has not yet been reintroduced to parliament, nor are there any substantive amendments to the previous bill which lapsed at the last election.

Super fund members and their advisers should remain alert, as the measure is still proposed to apply from this financial year. If you or your clients are concerned about how this may affect your retirement savings, it’s wise to speak with a financial adviser to explore your options regarding preparation.

For further information on the superannuation concessions, visit the ATO website.

Access to early superannuation warning

The Australian Taxation Office (ATO) is warning against the risks of accessing superannuation (super) early to pay for non-critical medical procedures or lifestyle expenses.

The ATO cautions those who are considering accessing their super to carefully consider their circumstances and the impacts it can have both short and long term.

Superannuation is saving for your retirement. Your employer pays 12% super on top of your salary or wages as a long-term investment which grows over time and generally cannot be accessed until you reach preservation age or retire.

For further information view the media release

Are you meeting your lodgment obligations

Lodging the SMSF annual return (SAR) is the most important compliance obligation you must meet. The SAR covers the income tax return, regulatory information and member contribution reporting, and also enables payment of the SMSF supervisory levy.

Over 65,000 self-managed super funds (SMSFs) still have outstanding lodgment obligations for the 2023 year, and we are observing a similar trend in late lodgments for 2024.

If you fail to lodge your SAR on time, there may be penalties applied and SMSF tax concessions can be lost. If your fund’s lodgment is overdue, its Super Fund Lookup may change to ‘regulation details removed.’ This can restrict your SMSF from receiving rollovers and employer contributions.

For further information visit the ATO website

Super guarantee (SG) payments were due 28 April

If you didn’t pay SG contributions in full, on time and to the right fund, you need to lodge an SGC statement and pay the SGC to us by 28 May.

As a reminder, the SG rate will increase from 11.5% to 12% on 1 July 2025. The rate of 12% will need to be applied for all salary and wages paid to eligible workers on and after 1 July, even if some or all of the pay period it relates to is before 1 July.

For further information on the super guarantee charge, visit the ATO website

ASIC releases landmark super death benefit claims handling report

ASIC has handed down 34 recommendations to superannuation trustees in its Report 806, taking ownership of death benefits, how trustees can deliver outcomes Australians deserve.

ASIC identified numerous issues in death benefit claim handling, including excessive delays, poor customer service, and ineffective procedures. Notably, none of the reviewed trustees monitored or reported on their end-to-end claims handling times or performance.

To understand the range of practices across industry, ASIC’s review included retail, industry and public sector trustees, with both insourced and outsourced administration models. ASIC also included trustees that were likely to have both good and poor practices.

More information can be found via the ASIC Report

Financial advisers providing poor superannuation contribution targeted

ASIC has taken action against financial advisers providing inadequate superannuation contribution and rollover advice between July and October 2024.

The regulatory intervention follows the identification of multiple instances where clients faced increased tax liabilities due to exceeding superannuation contribution caps or untaxed plan caps.

More information on superannuation contribution caps can be found via the ATO website

Super thresholds for 2025-26

Thomson Reuters has used the latest AWOTE figure released from the Australian Bureau of Statistics, to calculate the following superannuation rates and thresholds for 2025-26 in accordance with Subdiv 960-M of the ITAA 1997.

While the concessional contributions cap of $30,000 will remain unchanged for the 2025-26 financial year, certain other important superannuation thresholds are set for an increase from 1 July 2025 as shown here.

More information on super rates and thresholds can be found via the ATO website or contact our office at 9721 1055.

Personal financial advice fees paid from member accounts by super funds

The ATO recognises that apportioning the deduction may be administratively burdensome and costly for larger funds. Draft Practical Compliance Guideline PCG 2025/D1 sets out a simplified account-based method that funds (other than SMSFs) can choose to use to determine the extent to which payments of financial advice fees are deductible.

Under this method, a financial advice fee paid from, or charged to:

a member’s accumulation phase account is treated as being incurred in relation to gaining or producing the fund’s assessable income and
a member’s retirement phase account is regarded as being incurred in relation to gaining or producing the fund’s exempt or NANE income.

More information can be found via the ATO

Super calculators and retirement estimates

ASIC has updated the ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603, effective 11 September 2024.

Key changes:

Inflation rate adjustment: Default inflation rate reduced from 4.0% to 3.7% per year
Transitional period: From 11 September to 31 December 2024, providers may use either 4.0% or 3.7%.

From 1 January 2025, the 3.7% rate becomes mandatory.

More information can be found via the new legislation

Payday Super update

The ATO has released further details about the implementation of Payday Super, including super contributions, updates on SGC, STP and SuperStream. From 1 July 2026, employers will pay staff their superannuation at the same time as their salary and wages.

Payday is the date that an employer makes an ordinary time earnings (OTE) payment to an employee. Each time OTE is paid, there will be a new 7-day ‘due date’ for contributions, with some limited exceptions.

More information can be found via the Treasury fact sheet

First home super saver scheme changes

The ATO has issued TR 2024/4 and GN 2024/1, revised guidance and note on the operation of the first home super saver (FHSS) scheme following recent amendments, applying generally from 15 September 2024 and include:

allowing individuals to amend or withdrawn a request for an FHSS determination or the subsequent request for a release authority

Allowing those who withdraw their request for an FHSS determination to re-access the FHSS scheme

Find out more about the FHSS scheme via the ATO website,

Superannuation on government Paid Parental Leave

The government has introduced the Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 (“Bill”) to the House of Reps on Thursday 22 August 2024.

The Bill amends the Paid Parental Leave Act 2010 to add a superannuation payment on the Commonwealth-funded Paid Parental Leave (PPL) scheme for births and adoptions on or after 1 July 2025. A person is eligible for a PPL superannuation contribution for an income year if they have been paid one or more PPL payments during the income year.

DATE OF EFFECT: The amendments made by this Bill apply in relation to PPL funding amounts and instalments paid on or after 1 July 2025 for a child who is born on or after that day.

Find out more about work expenses via the ATO website

Meaning of employee for super guarantee purposes

The ATO released a draft update to TR 2023/4, with retrospective effect, on its ruling when an individual is an “employee” for PAYG withholding purposes.

It adds a new appendix providing the ATO’s views on when a person is an employee for superannuation guarantee purposes.

This appendix will replace SGR 2005/1, focusing on whether a person is an employee under the expanded meaning of the term in s 12(2)-(10) of the SGAA.

For more information, read the draft update

Treasury releases Sustainable Finance Roadmap

Treasury has released the Sustainable Finance Roadmap, setting out the vision for the implementation of key sustainable finance reforms and related measures.

The roadmap includes a summary of the reform timeline over the next 4-5 years, as well as some high-level plans impacting superannuation entities.

The Roadmap was developed in response to consultation on the Sustainable Finance Strategy in November 2023.

For more information, view the Sustainable Finance Strategy consultation

Work Bonus changes – two significant changes for Age Pension recipients

Two significant changes have been made to the Work Bonus scheme. These changes apply from 1 January 2024. The first change is that an initial credit of $4,000 will be granted to the “work bonus bank” of each new age pension recipient. Having an initial credit in the work bonus bank will enable new age pension recipients to immediately benefit from the work bonus scheme rather than having to accrue excess amounts from each instalment period.

The second is that the maximum balance of the “work bonus bank” has been increased to $11,800 (previously the maximum balance was $7,800) with any unused bank balance at the end of a financial year can (subject to the maximum cap) being carried forward to the next financial year.

For more information on the work bonus changes, visit the Supercentral website

Reduced input tax credits on adviser fees

The ATO has updated its Eligibility of super funds and investor-directed portfolio services investment platforms to claim reduced input tax credits on adviser fees guide.

Superannuation funds and investor-directed portfolio services investment platforms (collectively referred to as “Funds”) are advised that the ATO won’t devote compliance resources to review reduced input tax credits claims for adviser services fees paid under arrangements described (within the guide) for tax periods that end before 1 July 2024.

The ATO also makes clear that their compliance approach does not apply to a Fund if:

they change their prior treatment by now seeking to claim reduced input tax credits for past, or
future tax periods in relation to these arrangements
there is evidence of avoidance, fraud or evasion, or

they otherwise take inappropriate advantage of the prospective compliance approach.

For more information, visit the ATO’s legal database

Superannuation in the National Employment Standards

Employers have an obligation to pay superannuation (super) contributions for eligible employees under superannuation guarantee laws.

From 1 January 2024, super is an entitlement under the National Employment Standards as well.
The Fair Work Information Statement has been updated to reflect these changes. Download a copy from Fair Work Information Statement.

For more information regarding tax and superannuation, visit The Fair Work Ombudsman

Super balances above $3m, other tax-related measures

The government has introduced the following two bills into parliament:

The bills include super balances above $3 million:

From the 2025-26 income year onwards, the headline concessional tax rates applying to superannuation earnings are:

up to 15% on earnings on superannuation balances $3 million and below and
up to an overall 30% on total superannuation balance above $3 million.

For more information, visit the ATO’s website.

$684m recouped in superannuation entitlements

The ATO reported that it recouped and distributed $683.8m of superannuation entitlements during the 2022-23 financial year.

More than $1.3bn in super guarantee (SG) charge liabilities were raised through SG disclosures and ATO compliance action during 2022-23.

ATO superannuation updates

Latest updates:

What responses can self-managed super fund (SMSF) trustees expect from us if they don’t comply with super laws
Read reminders about quarterly TBAR lodgments
SMSFs needing to lodge their SMSF annual return (SAR) by 31 October 2023

Detailed information and support materials are available from the ATO.

SMSF Contraventions Increase

There has been an increase in non-complying SMSF funds during the 2023 income year.

This has resulted in the ATO imposing a higher number of sanctions compared to previous years, including:

an additional $29 million in income tax liabilities, administrative and tax shortfall penalties, and interest on SMSF trustees and/or members, and
disqualifying 753 trustees who have now been added to the ATO’s public register.

The ATO recommends SMSF trustees voluntarily disclose contraventions before an audit is commenced, so that this can be taken into account before sanctions are imposed.

Learn more from the ATO website.

Illegal schemes targeting SMSFs: ATO concerns

The ATO has released two articles warning taxpayers of illegal schemes involving SMSFs.

The first article, Residential property purchased through illegal SMSF schemes, warns of schemes that use an SMSF to help members buy property in their personal name.

These schemes typically involve the:

set up or use of an SMSF;
rollover of a member’s super benefits from an existing fund to the SMSF;
SMSF investing in a property trust (an unrelated unit trust) for a fixed period and rate of return, being a contributory fund with other investors; and
on-lending of money by the property trust to individuals to help them purchase real property, secured by mortgages over the property

The second article, Schemes targeting SMSFs, broadly covers illegal schemes that are of concern to the ATO, warning of scheme promoters and common “features” of such schemes, ie where they:

are artificial or contrived arrangements with complex structures around an existing or new SMSF
involve seemingly unnecessary steps or transactions
are designed to give the taxpayer minimal or zero tax or even a tax refund
aim to bring forward a tax benefit and
invariably sound “too good to be true” (which they generally are)

The ATO reminds taxpayers that retirement and tax planning is permitted, but only when carried out within the tax and superannuation laws.

Changes to minimum annual payments for super income streams

During the 2019-2020, 2020-2021, 2021-2022 and 2022-2023 financial years, the minimum superannuation drawdown requirements, for account-based pensions, were temporarily reduced by 50%.

The 50% reduction will not apply for the 2023-2024 financial year.

On 1 July 2023 when the minimum annual payment on pension balances is calculated, the 50% reduction will not be applied.

More information can be found on the ATO website.

Superannuation Tax Break changes

On 28^th February, the Government has announced a measure to applying a concessional tax rate of 30% to future earnings for superannuation balances above $3 million from 1^st July 2025, though the measure is not law yet.

This will affect 0.5% of Australians with balances above $3 million. The remaining 99.5% will continue to be taxed a concessional rate of up to 15%.

The Government’s purpose of this objective is to deliver income for a dignified retirement in an equitable and sustainable way. The revenue forgone from superannuation tax concessions amount to $50 billion a year which means concession costs is projected to exceed Age Pension costs by 2050.

Currently consultations and discussions are in process with the superannuation industry and other stakeholders. More information regarding these projected changes is available on the Ministers website.

Due dates for super payments

Employers must ensure that super are paid and received by their eligible employee’s fund on or before the quarterly super due date, to avoid the superannuation guarantee (SG) charge.

Super payments can be made four times a year and is applicable from the day the employee commences work.

Quarterly super payment due dates

Quarter	Period	Payment Due Date
1	1 July to 30 September	28 October
2	1 October to 31 December	28 January
3	1 January to 31 March	28 April
4	1 April to 30 June	28 July

Payments can also be made more frequently than quarterly (i.e. fortnightly or monthly) however, it is important to ensure that the total SG contribution is paid by the quarterly due date.

Where super payments had been missed or paid after the due date, employers must lodge a SG charge statement and make payment to the Australian Taxation Office. The SG charge is more than the super an employer would have paid to their employees and is not tax deductible.

It is important to note that interest will accrue from the time you have missed the super payment due date until the SG charge statement is lodged.

Super guarantee charge and statement due dates

Quarter	Period	Payment Due Date
1	1 July to 30 September	28 November
2	1 October to 31 December	28 February
3	1 January to 31 March	28 May
4	1 April to 30 June	28 August

Employers must also be aware of the contractual obligations of super funds as some require a more frequent super payment than quarterly and meeting the payment due date does not ensure compliance.

In circumstances when the super payment due date falls on a weekend or public holiday, contributions must be paid and received by the fund on or before the next business day. Hence, it is important for employers to leave enough time for the SG payments to reach the fund and consider their processing timeframe.

More information on super payment due date is available on the ATO website.

Stapled super funds for new employees

A choice of super fund form must be offered to new employees within 28 days of their employment date. In most cases, employees would select to proceed with the super fund nominated by the employer, hence employers must request stapled super fund details from the ATO to meet the ‘choice of fund’ obligations.

A stapled super fund is an existing super account linked to an employee. The purpose of the request is to prevent employees from incurring account fees with the creation of new super accounts every time they change occupation. Employers may incur additional penalties if they do not meet the choice of super fund obligations. Therefore, it is important for employers to check and update the level of accessibility their authorised representatives have in the ATO online services.

The stapled super fund details request can be made by employers through the ATO’s online services or your tax agents. Once requested and confirmed the employer-employee relationship, the ATO will provide the employee’s stapled super fund details. Super contributions must be paid into:

The employee’s stapled super fund

The employer’s nominated fund – if advised by the ATO that the employee does not have a stapled super fund

More information on stapled super fund is available on the ATO website.

Super Changes Apply

Employers must ensure that the right amount of super for all eligible employees are paid by the quarterly due date to avoid additional costs as the change on superannuation has been in effect since 1^st July 2022.

It is important to ensure that payments on all salary and wages made to employees on or after 1^st of July must calculate super at 10.5% as well as the removal of the $450 per month eligibility threshold. Otherwise, all other eligibility requirements for super remain the same.

What you need to do

Employers must ensure:

Payroll and accounting systems are up to date and include recent changes to SG
SG is calculated and paid the correct amount for all eligible employees
SG amounts are fully paid by the due date

Employers will be liable for SGC if the total SG amounts for the 1^st July to 30^th September 2022 period are not received by employees super fund by 28 October 2022.

What if you do not pay the right amount of Super?

If employers do not meet the SG obligations, they will be liable for SGC. Employers will need to lodge an SGC statement and make payment. Please note that this payment will cost more than paying the correct SG on time and it is not tax deductible. Possible penalties and charges may also be imposed.

The ATO has created factsheets, checklists and resources to assist employers with the changes. If you require any assistance with SG obligations, please contact our office to book an appointment.

Important Super Changes

The change on superannuation is now in effect. From 1^st July 2022, employers are required to pay super guarantee (SG) to employees on all salary and wage payments, regardless of how much they earn. Employees under 18 years will only be eligible if they work more than 30 hours.

The super guarantee rate has changed to 10.5%. Payments on all salary and wage made to employees on or after 1^st of July must calculate super at 10.5%.

It is important to ensure that accounting and payroll systems are updated, and employees are paid super correctly to avoid penalties.

The ATO has created factsheets, checklists and resources to assist employers with the changes. If you require any assistance with updating and preparing your payroll software, please contact our office to book an appointment.

Super changes as of the 1^st of July 2022

From July 1^st, 2022 the $450 earnings threshold for super guarantee (SG) eligibility is removed. Employees can now be eligible for SG, regardless of how much they earn. Employees under 18 years will still be required to work more than 30 hours in a week to be eligible.

The super guarantee rate will also increase to 10.5%. By 2025, SG is legislated to increase to 12%. Employers must calculate super on all salary and wages made to employees on or after 1^st July, using the new rate. It is important to ensure that payroll and accounting systems are updated so employees are paid super correctly.

More information on super is available on the ATO website.

Abolishing the threshold for super guarantee eligibility

The Australian Government has announced that the monthly $450 threshold for super guarantee eligibility has been removed as part of the 2022 financial year federal budget. At the start of the new 2023 financial year, employers are required to make super guarantee contributions to their eligible employees, regardless of how much they are paid. However, employees must still satisfy other super guarantee requirements.

Currently, the ATO are working with digital service providers to assist in updating their accounting software and payroll.

Employers must ensure that their employees super guarantee entitlement are correctly calculated for any payments made after July 1^st, 2022. This can be done by checking whether their accounting and payroll software has been updated.

More information will be provided by the ATO on 1^st July 2022 to account for these changes.

Warning on Self-managed super funds and crypto investments

ASIC warns taxpayers regarding self-managed super funds (SMSFs) and crypto investments as they have seen an escalation in false marketing recommended Australians to change from retail and industry superannuation funds to self-managed superannuation funds for ‘high return’ portfolio investments.

It is advised by ASIC before you proceed with changing, please ensure you:

Consider the risks before setting up an SMSF

In relation to your retirement savings, setting up an SMSF is one of the most significant decisions. Hence, it is advised to consult with a licenced financial adviser rather than relying on social media ads, promotions through online contacts, text messages or emails to transfer your super to an SMSF for an investment opportunity.

Consider the risks on investing into crypto-assets

SMSFs are not prohibited from investing in cryptocurrencies however the investment must meet the following requirements:

Be allowed under the fund’s trust deed
Be in accordance with the fund’s investment strategy
Comply with SISA and SISR regulatory requirements concerning investment restrictions

If an SMSF transacts in cryptocurrencies such as bitcoin, all trustees, and members must be aware of the tax consequences whereby the SMSF must comply with the same regulatory requirements that apply to investment in other assets.

Since there has been an increased in scams involving cryptocurrencies, it is advisable to consult with a licenced financial adviser to determine what investments you should make. Please note that trustees of a SMSF are liable and bear all responsibility for the decisions made for the fund and for complying with the law even if you have seek professional advice.

Recently, ASIC has shut down an unlicenced financial services business located in Queensland, known as A One Multi Services Pty Ltd. The company had engaged in unlawful activity with claims of more the $2.4 million transferred from the company to buy crypto-assets. Therefore, when seeking for professional advice please ensure that the adviser is licenced.

More information is available on ASIC and ATO websites. Information on how to spot and reduce investment scams is available through this link.

Additional step to comply with the Choice of Fund rules

From 1^st November, employers must request stapled super fund details when:

Your new employee starts on or after 1^st November
You need to make super guarantee payments for that employee
Your employee is eligible to choose a super fund but does not

A stapled super fund is an existing super account linked to an employee. The purpose of this request is to prevent employees from incurring account fees with the creation of new super accounts every time they change occupation. Employers may incur additional penalties if they do not meet the choice of super fund obligations. Therefore, it is important for employers to check and update the level of accessibility their authorised representatives have in the ATO online services. Hence, if your authorised representatives:

Do not have full access – an ‘Employee Commencement Form’ permission will be required for them to have the ability to request a stapled super fund

Do not need access – you will need to remove the permission

Ineligible employees will not need to be offered a choice of super fund, but a request of their stapled super fund may still be required. This includes employees that are temporary residents or covered by an enterprise agreement or workplace determination made before 1^st January 2021.

Below is the breakdown process to comply with the new ‘Choice of Fund’ rules:

Step 1: Offer eligible employees a choice of super fund

Employers must provide eligible employees with a ‘Super standard choice form’ and pay super into the account stated on that form.

Step 2: Request stapled super fund details

If your employee does not choose a super fund, you will need to request their stapled super fund details. The request can be made yourself through the ATO’s Online services or your tax agents.

Once requested and confirmed that you are their employer, the ATO will provide your employee’s stapled super fund details. Super payments must be paid into the stapled super fund details provided by the ATO.

Step 3: Pay super into a default fund

Super payments can be paid into a default fund or other fund that meets the choice of fund obligation if:

Your employee does not choose a super fund

AND

The ATO have advised that your employee does not have stapled super fund

More information on stapled super fund is available on the ATO website.

Super contribution calculation

On July 1^st, 2021, the super guarantee (SG) rate increased to 10%. In determining which SG rate to use when calculating the employee’s super contribution depends on the quarter for when payment are made. Any payment paid to employees on and after 1^st July 2021, a rate of 10% on all salary and wages is applicable and a rate of 9.5% is applicable for payments before the 30^{th of} June 2021.

For example, where the fortnightly pay period starts from June 24^th and ends July 7^th an employee receives a gross wage of $4,500 on the 8^{th of} July, the minimum super guarantee contribution for the pay period is 10%. The calculation is:

$4,500 x 10% = $450

It is important that employers are paying the correct amount of super to their employees. Please seek advice from professional tax agents if you are unsure. More information on these changes including determining if you need to pay super as well as missed and late SG payments is available on our website.

Follow the links below for more information on super:

Electronic Service Address

Self-managed super fund (SMSF) receiving contributions from employers must be able to receive the contributions and associated SuperStream data electronically. From October 2021, funds must use SuperStream to rollover any super to or from SMSF.

SuperStream is a data and payment standard application to super transactions including contributions made by employers and rollover between funds to any super funds. To be able to receive SuperStream data, you will need an electronic service address (ESA). ESA is a special internet address that is different to an email address. This can be obtained from a SuperStream message solution provider. Once received, you will be required to update records with the ATO.

An employer will need the following information about your SMSF:

Australian business number (ABN)
Bank account details (BSB and account number)
Electronic Service Address ( ESA)

Linking Super to myGov account to track super easily

It is important to be aware of the amount of super accounts you have available because acquiring multiple super accounts can result in multiple account maintenance and insurance fees, which can potentially reduce your retirement savings. The process of keeping track of your super is essential as it ensures that you are updated on:

How much super you are being paid
How many super accounts you have
Any insurance provided with your super

Please note that if there has been any changes to your name, address or job, it is important to update your super fund and the ATO to avoid any losses or unclaimed super.

More information on keeping track of your super is available on the ATO website.

Transfer Balance Account Report for SMSF due April 28

Some SMSFs may have transfer balance account report (TBAR) due soon. The TBAR is separate from the SMSF annual return, which is a trustee reporting obligation. A SMSF is required to lodge if:

A transfer balance account (TBA) event occurred in your member’s SMSF between January to March 2021

AND

Any member of SMSF has a total super balance greater than $1 million

Other reporting deadlines

There are different reporting deadlines for different circumstances:

Where any of your members exceed their transfer balance cap, the ATO will either send:
An excess transfer balance determination to your member. The SMSF must report the commutation before 10 days after the month end of which the event occurred
A commutation authority. The SMSF must report within 60 days.
Where the ATO issues a determination or commutation authority on incorrect or incomplete reporting, a correction or completion must be finalised as soon as possible

TBAR lodgement can be completed online. More information TBAR is available on the ATO website.

Missed or underpayment of Super Guarantee

The ATO suspects that there may be some missed or underpayments of super guarantee due to the impact of COVID-19 on businesses. Super payments due date cannot be extended. It was advisable for businesses to pay what they can by lodging a Superannuation Guarantee Charge Statement on March 1, 2021. In doing this, you would avoid any penalties and allows the ATO to arrange a suitable payment plan.

Employers will be liable for super guarantee charge (SGC) if the minimum amount for super guarantee (SG) is not paid by the due date. SGC consists of:

SG shortfall amount plus choice liability penalty
Interest on the shortfall amount (currently at 10%)
Administration fee of $20 per employee, per quarter

SGC is not tax deductible. Employers will be responsible for reporting and rectifying any missed payments by lodging a SGC Statement and paying the charge to the ATO. If an employee’s super is not paid on time, employers can:

Use the late payment offset to reduce the amount of SGC required to pay

Carry forward the late payment as a pre-payment of future SG for the same employee

The statement can be lodged through the Business Portal by:

Using the super guarantee charge calculator

Completing the Super Guarantee Charge spreadsheet and sending it to ATO Mail (topic as Superannuation and subject as Lodge SGC Statement)

More information on SGC is available on the ATO website. If you require any further assistance regarding SGC you can contact the ATO’s Emergency Support Infoline on 1800 806 218 or our office to book an appointment

Employee’s choice of Superfund

The law relating employees and their choice of superannuation fund has been changed from January 1, 2021.

From this date, any workplace determinations and enterprise agreements must offer their new and existing employees the right to choose which superfund they prefer to get their compulsory super contributions paid to.

Employees can complete and submit the Superannuation standard choice form through ATO online services. Employers can also use this form and submit on behalf of their employees. Once this is submitted, employers must pay to their employee’s nominated fund. If the employee does not nominate a fund, employers can proceed with the same fund previously contributed to.

More information on offering employees a choice of fund can be referred on the ATO website.

Super Guarantee Charge

Employers will be liable for super guarantee charge (SGC) if the minimum amount for super guarantee (SG) is not paid by the due date. SGC consists of:

SG shortfall amount plus choice liability penalty
Interest on the shortfall amount (currently at 10%)
Administration fee of $20 per employee, per quarter

Use the late payment offset to reduce the amount of SGC required to pay

Carry forward the late payment as a pre-payment of future SG for the same employee

Calculating SGC and Preparing the SGC Statement

Below are two options available to assist employers with the calculation and lodgement of your SGC.

Through the ATO Business Portal – you can refer to the Business Portal help for assistance
By downloading and lodging the SGC Statement. Please note that this spreadsheet will not calculate your SG shortfall, except for the nominal interest. After completion, this will need to be attached to a new mail message (topic as Superannuation and subject as Lodge SGC Statement).

Payment dates

SGC lodgements and payment must be made by the due date.

Quarter	Period	Due date
1	1 July – 30 September	28 November
2	1 October – 31 December	28 February
3	1 January – 31 March	28 May
4	1 April – 30 June	28 August

Where the due date falls on a weekend or public holiday, payment can be made on the next working day.

The SG shortfall and interest will be transferred into your employee’s super fund once the statement is lodged and paid.

Extension of time

An extension for SGC statement lodgement or payment must be requested before the due date in writing with reasoning. However, nominal interest will continue to accrue until lodgement and the general interest charge will be applied from the deferred payment time until cleared payment.

ATO’s collection approach to unpaid SGC

The ATO prioritises on the collection of unpaid SGC debts, where the ATO will try to work with you to address such issue. However, if you do not engage the ATO may apply stronger action, which can include:

Director penalty notices
Garnishee notices
Direction to pay SGC

More information on SGC is available on the ATO website. If you require any further assistance regarding SGC, you can follow this link or contact our office to book an appointment.

COVID-19 early release of super update

Individuals who have been financially affected by the pandemic can still access their superannuation early before Christmas, if applications are submitted before December, 11. The 2021 financial year applications will now close on 31^st December at midnight (AEDT). Only eligible citizens and permanent residents are able to access up to $10,000 of their super.

More information regarding the application of the early release of super can be found on the ATO Website or our website where we have previously written articles available for viewing.

Current SMSF news and alerts

The Australian Taxation Office (ATO) has published a recent up to date information for the month of September that is made available for self-managed super fund (SMSF) trustees and professionals. New information are updated regularly and you can be the first to know by subscribing here.

Here is a glimpse of the news available for the month of September:

Membership increase introduced into Parliament

23 September 2020

On September 2, a proposed law of increasing the number of SMSF members to six has been introduced into the Parliament.

Transitional compliance approach to non-arm’s length expenditure – clarifying the obligations of SMSF auditors

22 September 2020

Where the compliance approach for non-arm’s length expenditure applies, SMSF auditors will not need to modify their opinions in Part A of the IAR.

Varying your PAYG instalments

22 September 2020

For the 2020-21 financial year, penalties and interest will not be applied for excessive variations.

Paying the supervisory levy – it is an annual requirement

18 September 2020

It is compulsory for all SMSF to pay the supervisory levy, with the lodgement of their SMSF annual return (SAR).

Lodging in October? Check your auditor’s details carefully

15 September 2020

Ensure that you enter the auditor’s details correctly, when lodging your SMSF annual return.

Are you aware of our SMSF voluntary disclosure service?

15 September 2020

You may be eligible for voluntary disclosure service if your SMSF have an unrectified regulatory contravention.

Streamlined support for SMSFs issued a commutation authority

14 September 2020

The streamlined support will be made available for SMSFs and their agents who have been issued a commutation authority, until November 2020.

ATO and CPA podcast – September 2020

11 September 2020

This month’s podcast talks about the implications of the restructured Code of Ethics and auditor.

Four things your SMSF needs to know about newly built homes

10 September 2020

Things to be aware of, if your SMSF is thinking about adding newly built homes to their portfolio.

Help us redesign our homepage

9 September 2020

Participate in their survey and inform the ATO of your opinions on their proposed homepage design, along with any suggestions on how it should look.

COVID-19 relief: Changes to the ACR and SMSF IAR instructions

7 September 2020

The 2020 and 2021 financial year instructions regarding the changes to the Auditor Contravention Report (ACR) and SMSF Independent Auditor’s Report (IAR) are available.

Timeframe for reviewing reporting of commutations of market linked pensions

1 September 2020

An updated guidance on how to calculate the value of the debit which arises in an individual’s transfer balance account, when a member commutes a market linked pension (capped defined income stream).

Past months news articles are still available on the ATO website. To be updated with current news at ease you can simply subscribe to the ATO. By subscribing, you will receive the ATO’s monthly newsletters, SMSF wrap up news and alerts on important changes and requirements.

2020 Budget Measure to Increase Super Contribution Age

The Australian’s 2020 financial year budget measure to increase the cut-off age has been implemented. Super funds can accept contributions from members up to 67 years of age, regardless of the work test.

The Provisions

Members of up to 67 years, regardless of meeting the work test requirements, can make non-mandatory super contributions
The spouse contribution age, in respect of the member has been increased to under 75 years.

How the work test applies under the new rules

Mandated employer contributions – such contributions including superannuation guarantee contributions can be accepted by a fund regardless of the member’s age and their working hours.
Voluntary contributions – such contributions including non-mandatory employer contributions (i.e. salary sacrifice), concessional and non-concessional contributions. Members between 67 and 74 years must meet the work test requirement.
Spouse contributions – the receiving spouse must be between the age of 67 and 74 and met the work test requirements for spouse contributions to be eligible in respect that they are under 75 years
Downsizer contributions – members who are 65 years and above, regardless of their employment status

*NOTE: normal eligibility criteria apply to the above contributions.

How about bring forward contributions?

Another tax measure has been introduced to the Parliament but will only be implemented in the 2021 financial year. The measure is to bring forward non-concessional contributions up to three years. Hence, the NCC cut off age is still 65, which means that members aged 65 and 66 years should only initiate NCC after the Bill is legislated.

For further information and assistance regarding super contribution, please follow this link. Otherwise you can contact our office.

Integrity and Compliance on COVID-19 Early Release of Super

Superannuation access for the 2019-20 financial year closed on 30^th June 2020. Applications for the 2020-21 financial year is available for eligible applicants until the 24^th September 2020.

Applying when you are not eligible

This measure is to support individuals who are genuinely affected by COVID-19. Even though the application access is easy, the ATO prioritises compliance to ensure the integrity of the tax and super systems. Action will be taken against individuals who tries to exploit the system. There have been some cases where concerns have been raised which resulted in applications being rejected and prevented funds from being released. Listed below are variety of data used by the ATO to determine your eligibility:

Single Touch Payroll (STP)
Income tax returns
Reported super fund information
Through agencies such as Services Australia and Home Affairs

The ATO are keeping their eyes on behaviours such as:

Applying when there is no change to your regular salary and wage or employment information
Artificially arranging your affairs to meet the eligible criteria
Making false statements or fraudulent attempts to meet the eligibility criteria
Temporary resident applications attempting to apply as a permanent resident or citizen after 1^st July 2020
Withdrawing and recontributing super for a tax advantage

If you are unable to demonstrate your eligibility when required, the ATO may revoke the determination issued for your application. The super fund release that has been paid to you must be included in your tax return as assessable income. A penalty of more than $12,000 can incur if you have provided false or misleading information.

Withdrawing and recontributing your super

From the ATO’s perspective, being eligible to withdraw super means you need the money due to COVID-19. If you are eligible and you withdraw with the intention to recontribute the amount to claim a tax deduction as personal super contribution, you will be deemed as ineligible and subject to tax consequences.

Eligibility Individuals

To be classified as an “eligible individual”, you must be a citizen or permanent resident of Australia or New Zealand and meet at least of one the following requirements:

You are unemployed
You are eligible for government allowances/payouts, such as JobSeeker Payment, Youth Allowance, Parenting Payment, Special Benefit and Farm Household Allowance

As of 1^st January 2020:

You were made redundant

Your working hours were reduced by at least 20%

Your business was suspended or there was a reduction in turnover of at least 20% – applicable for sole traders

In the 2020-21 financial year, COVID-19 early release of super is not available for temporary residents. However, you will be eligible for Departing Australia superannuation payment (DASP) if your visa has expired and you have left Australia.

Assessing your eligibility

You will not be required to attach evidence to support your application, however it should be kept to confirm your eligibility when required. Listed below are examples of supporting documents to support eligibility:

Payslips
Letters, emails, or rosters from employers
Bank statements
Business cash flow and turnover records
Advertisement of business closure through website or public notice
Documents of relevant government payouts

Please note that withdrawing your super can affect:

Your income protection and life/total permanent disability insurance cover
Insurance may not be available on accounts that are withdrawn in full or have balance of less than $6,000

Application tips

Before you apply, you should:

Set up myGov and link to ATO
Have your Australian bank details available
Check your super balance through your super fund

Ways to check your super balance:

ATO services – However, your account balance shown on the ATO may not represent your actual amount, as superfunds are only required to report once a year
Your superannuation fund’s online member portal
Last issued statement sent to you by mail or email
Contacting your super fund

Provided that your current super balance is sufficient, applications for up to $10,000 is valid if the amount shown on the ATO is less. For example, if you apply for $8,000 and the balance shown on the ATO is ‘nil’, your superfund will release $8,000. Otherwise, if you apply for more than your balance, your superfund will only release the amount available.

ATO-held super and rollovers

If you want to access super that is held by the ATO, you will need to transfer to your super fund before application. You can make transfers through myGov – follow this link to see how.

Consolidating and releasing super cannot be done at the same time. You will need to:

Wait until the rollover to your superfund is complete before you apply
Wait until your application is approved and payment has been paid into your bank account before you consolidate accounts

Please note that submission of an application cannot be withdrawn or cancelled.

If you do not want the release of super or you have provided incorrect bank details – contact your superfund urgently
If you noticed an error in your application – contact the ATO urgently at 13 10 20
If you are ineligible, you will be required to include the super release as assessable income in your tax return

Submit an application:

The application for COVID-19 early release of super is now currently open until 24^th September and is available through myGov. You can only submit one application.

After you apply:

The application process time will take about four working days and an outcome letter will be sent to your myGov inbox.

If you have an Australian Prudential Regulation Authority (APRA) fund, you will not need to contact the ATO or the fund as payment will be made directly to your bank account.

If you have a self-managed super fund (SMSF), you will need to inform your SMSF that you have been approved so payment can be made to you.

Otherwise, if you have not applied and received a notification, you will need to contact the ATO at 13 10 20 or your super fund urgently.

Be aware

The ATO warns taxpayers of scam or schemes. If you receive an offer providing assistance with the release of super, please do not provide your personal details or click on any link and directly contact the ATO to verify if the interaction is genuine.

If you are concerned that someone has stolen or misused your identity you should:

Check your myGov and ATO account to ensure your contact details are correct
Check your superannuation account to ensure that your account details and transactions are correct

If neither of this is correct, you will need to contact your superfund and the ATO’s Client Identity Support Centre on 1800 467 033 immediately.

Before you submit your application for the COVID-19 early release of super, please ensure you have met the requirements above to avoid any penalties or interests. Free confidential financial advice is available through the Australian Government Services. Otherwise, if you require any further information, please do not hesitate to contact our office.

Current Superannuation and SMSF Updates

New SMSF Regulator’s Bulletin: SMSFs and property development

The ATO has recently issued a self-managed superfund regulator’s bulletin to keep SMSF trustees and their members updated on new or potential risks from a super regulatory and/or income tax perspective.

Currently available online is on SMSFs and property development . It outlines common mistakes that may arise in some arrangements and what trustees are advised to act on when there are contraventions or regulatory concerns. It was noted that there has been an increase in investment activities using joint venture, partnerships or investments through an ungeared related units or company.

Trustees and their members are strongly encouraged to seek independent professional advice when considering developing or investing in properties. To remain updated on new information, follow this link to subscribe.

COVID-19 relief and compliance issues

The impacts of COVID-19 had resulted in SMSFs to provide rental relief and apply for loan repayment relief. Using resources such as the National Cabinet Mandatory Code of Conduct for commercial leasing principles and/or information on the Australian Banking Association’s website for commercial loan relief, auditors are responsible at forming an opinion on whether this relief represents a commercial or arm’s length dealing in the environment.

In addition, an auditor can form an opinion on the commerciality of the arrangement provided the relief looks reasonable and the trustee is able to give documented evidences of financial hardships.

However, other contraventions of super laws may still arise. For example:

The sole purpose test and providing financial assistance to a member of the fund
The in-house asset provisions as a rental deferral can amount to a loan

Funds with properties through interposed company or unit trust may trigger events in 13.22D regulation can cause the fund’s investment to become an in-house asset.

Currently as outlined on the ATO’s SMSF FAQs no compliance action will be taken for breaches. Auditors are not required to report breaches in the Auditor/Actuary Contravention Report (ACR). However, independent SMSF auditor’s report should be modified for material contraventions in accordance with the auditing standards.

Design and implementation information for the COVID-19 early release of superannuation package

The ATO has released an updated version of FAQ factsheet to ease applicants’ early release of superannuation.

Individual application process
Applications for the COVID-19 early release of superannuation has been made available since April 20th, through myGov.

Members can request of up to $10,000 in the 2019 financial year and another $10,000 in the 2020 financial year. The cut-off date to apply for the 2019 FY is the 30th of June 2020 and the 2020 FY is from the 1st of July 2020 until 24th September. Payments are tax-free.

Eligibility are determined on self-assessment. However, cases suspected to be high risk of fraud will be reported to the ATO. Evidence is not required in the application process however the ATO advises to retain evidence to support their applications. Australian citizens residing outside of Australia who meets the eligible criteria are still able to apply.
Currently eligibility also extends to:

the holder of a student visa that has been held for more than 12 months and are unable to meet immediate living requirements
the holder of a temporary skilled work visa, IF hours reduced to zero and remain engaged with employer
the holder of a temporary resident visa and are unable to meet immediate living requirements

The ATO will process the application and once it has been approved, the member’s superfund will be notified for the release of super.

More information on how to apply for COVID-19 super release is available on the ATO website. Alternatively, published information regarding news and alerts on SMSFs can be found on the ATO’s Legal Database.

New way of alerts for changes made to SMSF

The Australian Taxation Office (ATO) has implemented a new way of alerting you through email and/or text message when changes are made your self-managed superfund (SMSF). Taxpayers will only be prompted if changes to your financial institution account details, electronic service address, authorized contact and members are made.

Taxpayers should be aware that the ATO will only use SMS and email for promotional and informational purposes. Please be aware the ATO will never ask you to provide your personal information by message or email.

If you are not aware of the changes or concerned about any changes made incorrectly or without your knowledge, please view the ATO website or contact our office.

ATO releases data for lost and unclaimed super by postcode

There is more than $20.8 billion in lost and unclaimed super across Australia as at 30 June 2019. To assist, the ATO has published data that shows the amount of lost and unclaimed super by postcode to help people find their superannuation they have lost touch with.

Assistant Commissioner Graham Whyte said that last year more than 540,000 active, lost and unclaimed super accounts worth more than $4.4 billion were consolidated using ATO online via myGov. He said that often people lose touch with their fund by simply changing jobs or moving home but that it was important to know that this doesn’t mean it’s lost forever and getting back in touch is easier than individuals may think.

In addition, new legislation means that for the first time, the ATO can now start reuniting Australians with their super, without them needing to take any action.

The new law also requires super funds to report and pay “inactive low balance accounts” to the ATO. This includes accounts that have not received a contribution for 16 months and have a balance below $6,000.

So far, the ATO has reunited just over 841,000 accounts worth nearly $1.38 billion. This includes approximately 684,000 accounts worth $1.22 billion that have been transferred into an individual’s active super account and approximately 157,000 accounts worth $161 million directly to individuals’ bank accounts. The ATO expects that more than one million people will receive a direct payment.

For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper or to find out how much lost super is in your postcode and to see other superannuation statistics visit ato.gov.au/lostsuper.

SMSF and keeping lodgements up to date

As of the 1^st of October 2019, the ATO will update the status of self-managed super funds (SMSFs) which have annual returns more than two weeks overdue on the Super Fund Lookup website to show ‘regulation details removed.’

Unfortunately, if the status is shown as ‘regulation details removed’ than employers will not make any super guarantee (SG) contribution payments into the SMSF for its members. Also, APRA funds will not roll over any member benefits to the SMSF.

The ATO have taken a strong approach to this and more information can be found on the ATO website.