Making the most of your Self-Managed Superannuation Fund (SMSF) involves taking into consideration the rules and regulations that impact it. With ongoing changes introduced by the Australian Government, it’s important that you know exactly what’s been updated in case your SMSF has been affected. Here’s what you need to know considering the most recent changes so you can adjust your strategy accordingly.

Changes to discuss with an advisor

Certain SMSF changes are complex and best left to professional management, including the below:

  • The annual cap for concessional, pre-tax contributions has been reduced to $27,500. Non-concessional contribution caps have also been reduced to $110,000 a year. Making further contributions once your SMSF balance exceeds $1.9 million will also incur financial penalties.
  • If you have additional sources of income that you’ll be depending on in retirement, the balance will be capped at $1.9 million. Should you have a transition to a retirement pension fund, it will be taxed at up to 15%, with a tax-free benefit still applying on what you earn from assets supporting account based pensions.
  • If you’re considering moving a retirement income source back for accumulation so it complies with the cap, you might be eligible for relief.

Changes you can make yourself

The following changes are more straightforward and therefore you can consider making them yourself:

  • As you get older and your insurance premiums become more expensive, it might not be financially viable to include your insurance in your fund, as caps might mean you get less out of it than anticipated. It might be cheaper for you to channel this money into your Self-Managed Superannuation Fund directly instead.
  • If you haven’t reviewed your death benefits of late, you might want to ensure it’s up to date with its nominations. If you have beneficiaries who are not dependents for tax purposes it might be time to consider a different estate planning strategy to ensure you continue to enjoy this a reduced tax benefit.

To put together a Self-Managed Superannuation Fund strategy (or amend a current one) in a way that meets the above concessions, it’s best to speak to a professional who can help you put everything together in a way that makes sense for your personal situation.

Stones Sharp accredited accountants can help you generally understand the changes to super laws, along with your self-managed super fund compliance and taxation obligations. We can also assist with facilitating support through our preferred financial planners or planners of your choice. Get in contact today!

Shane Borg

Shane Borg


Shane is a Fellow of the Australian Society of Certified Practicing Accountants and a Chartered Accountant.

Shane’s passion is to consider the clients, the client’s business and taxation affairs with a holistic approach whilst providing business mentoring, business strategies, systems development, taxation advice and taxation planning in order to assist his clients and their business achieve their goals.

Google Rating