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Notes Online Home 2020 Super Schools Day 1 Whats new for SMSFS
In this chapter of the notes we discuss what’s new for SMSF’s in 2020 under the following broad headings:
- New developments and changes affecting the 2020 SMSF annual return
- NEW rules target SMSFs that enter into related party transactions
- Changes to the contribution rules provide greater flexibility from 1 July 2020
- NEW deduction concession for employer contributions through clearing houses
- New ATO data matching program focuses on personal super contributions claims
- New rules allow employees with multiple employers to avoid excess contributions
- NEW rules allow greater super support for employees who salary package into super
- New independence guidelines for SMSF auditors from 1 January 2020
- NEW ATO guidelines for SMSFs involved in property developments – SMSFRB 2020/1
- The ATO’s attack on the early release of super entitlements in light of COVID-19
- NEW ATO guidelines target the investment strategies of SMSFs
- Recent Court decision signals hidden trap for SMSF trustees paying death benefits
- NEW ATO guidelines for SMSFs providing rent relief to tenants in light of COVID-19
- NEW ATO guidelines for SMSFs breaching the in-house asset rules due to COVID-19
- Reduced minimum drawdown amounts for super pensions in 2020 and 2021