Welcome to our Superannuation news – September 2022.
This edition covers the following topics:
TBAR Lodgement Rule Changes Coming
From 1 July 2023, changes to the transfer balance account report (TBAR) lodgement rules will come into effect. From this date, all SMSFs will be required to report transfer balance account events on a quarterly basis.
New downsizer age threshold coming
During the 2022 Federal election, the government announced that it would support a further reduction to the downsizer contribution eligibility age from 60 to 55 years.
Valuation Requirements – Unlisted Assets Including Property
As a SMSF trustee, it is your responsibility to ensure that the assets are valued correctly. Sufficient appropriate audit evidence must be provided by SMSF trustees to verify the market valuation, including the method used for valuation and the data relied upon.