June

June 2021 is coming to a close already! How fast time is flying. There are still some COVID measures in place that you must be aware of and some changes next year that may impact your decision making this year. Let’s take a closer look at your end of year checklist to make sure nothing is missed:

We don’t like complicated. So let’s use the below checklist to ensure you have considered and actioned everything you need for your superannuation including the impacts of COVID:

SMSF’s and COVID

  • Am I aware that I only need to take half of my minimum pension in 2021 due to COVID?
  • Have you maintained your documents if you provided COVID rent relief during the financial year?

Members in pension phase

Are you in pension phase? Check you have taken your minimum amount before 30 June 2021 (after the 50% reduction).

  • Will you be commencing a pension 1 July 2021? If so make sure you prepare and sign the appropriate documents.
  • If you are commencing a pension on 1 July 2021 consider if you need to lodge a TBAR report and are you aware of the increased transfer balance cap in 2022?
  • Is your balance over $1.6m and have you considered withdrawing the excess before 30 June 2021 as a lump sum? Discuss with your advisor to optimise your tax position and ensure appropriate documents are in place.

Contributions

  • Have you considered making a personal concessional contribution to super before 30 June 2021? Discuss with your advisor to optimise your tax position.
  • Do you make contributions from your trust or business? Make sure they are deposited well prior to 30 June 2021 to ensure they clear the bank account.
  • Will you benefit from contributing your unused concessional cap from 2019 and 2020 under the new catch-up (carry forward) contributions rule?
  • Will you be making non-concessional contributions to super? Confirm with your advisor that you are eligible to do so first and consider the impacts of the increased cap next year.
  • Are you turning 67 or 75 next financial year? Consider the changes to your caps and ask us about the work test
  • Have you considered splitting last year’s contributions with your spouse? Ensure you have completed the appropriate forms before 30 June 2021 and submitted to your super fund
  • Have you considered putting a salary sacrifice arrangement in place with your employer? Ensure you have completed the necessary paperwork before 30 June 2021 to have in place for 2022
  • Do you know about the reserving strategy?

Other considerations

  • Do you own property in your fund? Consider engaging a real estate agent to provide you with an appraisal at 30 June 2021
  • Is your estate planning in order? Contact your advisor to check your current documentation
  • If you have an SMSF is your fund as automated as possible? Ask us about the benefits of automation

It’s a lot to get through in only a few weeks so get in touch here if there is anything we can assist with.

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.