Welcome to ESUPERFUND's June Newsletter.
We would like to take this opportunity to thank you for your support
during the 2019 Financial Year.
In this issue, we remind you of the record keeping for the tax return
preparation. In addition, we highlight some contribution types and rules,
including the importance of the timing of your EOFY contributions. Next,
we provide guidance on the valuation of assets at the financial year end.
Lastly, we notify pension members to meet the 2019 minimum/maximum pension
Client Services Manager
As we approach the end of the 2019 Financial Year, please ensure that
proper records have been retained and are readily available for all
transactions and investments made by your SMSF. The supporting documents
should be retained by you as the Trustees of the SMSF at this stage. These
may be requested by our office as part of the annual compliance process
via the Annual Checklist later.
For more details on the Annual Compliance process, please visit our
Before making a contribution to the SMSF, you need to ensure the
contribution complies with the contribution caps and eligibility criteria.
Detailed information on different contribution types, including rules,
caps and process involved, can be found on our website:
Timing of Contributions
Importantly, when working out your super contributions for the financial
year, remember that only the contributions received in your SMSF’s bank
account by 30 June 2019 will count towards your 2019 Financial Year
For example, if your employer regularly pays contributions for you in the
month after each quarter, then the June quarter contributions will
actually be made in July. As a result, the contributions will count
towards your concessional (before-tax) contributions cap in the next
Similarly, if you are making personal contributions to your SMSF, any
transfers made from your personal bank account to your SMSF must be
cleared and received in your SMSF’s bank account by 30 June 2019 to be
attributed to the 2019 Financial Year. As 30 June 2019 falls on a Sunday,
please take note of the extra processing time for transactions to be
cleared by the bank.
As the SMSF Trustee, it is your responsibility to ensure your SMSF assets
are valued correctly as at 30 June each year. It is important to
understand that it is not the auditor's job to undertake valuations but to
ensure that the recorded values are reasonable. Where the auditor is
unable to obtain sufficient audit evidence to verify the asset values,
this would likely trigger an audit qualification and an Audit
Contravention Report (ACR) being sent to the ATO.
Don’t panic! If your SMSF has been issued a qualified audit report, this
does not necessarily mean your SMSF is non-complying and subject to
penalties. The ATO will consider the circumstances on a case-by-case
basis. The ATO may ask you to supply further information where the
investment is material, and there is an indication that the value used may
not be an appropriate reflection of the market value.
It is important that any investment undertaken by your SMSF is correctly
documented and asset valuation as at 30 June with supporting documentation
is provided to ESUPERFUND later as part of the Annual Checklist process.
For more information about the ATO's general valuation guidelines and the
specific valuation requirements for specific asset classes (e.g. Real
Properties, Physical Metals, etc.), please visit our website
If your SMSF is currently paying at least one Pension (i.e. Simple Account
Based Pension / Transition to Retirement Pension) to the SMSF member(s),
your SMSF must meet the annual Pension Minimum and Maximum requirements
prior to 30 June 2019.
You can view your Pension Minimum and Maximum on the “Pension Summary”
page via your Client Portal
here. Please select Financial Year “30 June 2019” to view the 2018/2019
Financial Year pension details.
Please be advised that for Pensions established prior to 01 July 2018,
2018/2019 pension details can only be calculated after the completion of
the SMSF 2017/2018 tax return.
Avoid Common Mistakes
For each Pension, only cash withdrawals accessed from the
SMSF for personal purposes since the Calculation Date
(i.e. the later date of the Pension start date and 01 July 2018) until 30
June 2019 can be used to meet the 2018/2019 Minimum Payment Requirement
for this Pension. For example, the following transactions
do NOT meet these criteria:
For further instructions, please visit the Pension Summary Page
Since 2007 my fund has performed to my satisfaction during difficult
times aided by ESUPERFUND’s exceptionally low fees and capacity to
accommodate a wide range of investments, including realty. – W.M., WA
I am a new member but so far everything works so smooth. I was dealing
with Danny and the service is absolutely superb and lightning fast. I
set up my SMSF to buy property and apply for a loan. Thank you for
reassurance and very clear instructions. – A.B., VIC
ESUPERFUND Pty Ltd as Trustee for ESUPERFUND Trust ABN 37 842 535 715
General Advice Warning
No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not
provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND.
This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information
only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS
before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website.
While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances.
A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it.
It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.
Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to
setup a SMSF including an
ATO Supervisory Levy,
Company Trustee Setup Fee (where applicable), and