Issue 41 | 15 August 2017
Welcome to ESUPERFUND’s August Newsletter.
Our 2017 Financial Year Online Checklist has been released, and we have received lots of valuable feedback.
In this issue, we address frequently asked questions regarding the Online Checklist. We hope that this will be of great assistance to you when completing the Online Checklist. We would also like to remind you to add ESUPERFUND to your approved email sender list to avoid our emails going into your “Spam” folder. Next, we introduce you to some updates we have made to the 2017 Online Checklist. Lastly, we highlight some important changes affecting your eligibility to make Concessional Contributions after 1 July 2017.
Client Services Manager
Annual Checklist Q&A
ESUPERFUND provides detailed instructions on each page of the Checklist to guide you through the whole process. To access the instructions, you simply need to click on the
symbol located at the top right corner of each individual page. The instructions provide guidance on the following aspects:
Technical guidance on how to use the various functions of the Online Checklist
Explanations of some common superannuation terminologies
You may like to refer to those instructions if you have any problems in relation to completing the Checklist.
Q: My SMSF was set up prior to 30 June 2017 but up until 30 June 2017 there are no assets or transactions in my Fund, do I still need to submit the Checklist?
Yes. You are still required to complete the Annual Checklist to confirm that your Fund had no activity for the 2017 Financial Year. This enables our office to lodge a Return Not Required Notification with the Australian Taxation Office.
Q: Can I still submit the Checklist if I do not have all the supporting documents yet (e.g. Annual Tax Statement for Trusts / Managed Funds)?
No. We advise that you are required to upload all the required documentation before submitting the Checklist. Accordingly, please upload the required documentation once it becomes available in order to proceed with the Checklist completion and submission.
Q: What happens after I have submitted the Online Checklist?
Once you have submitted the Online Checklist it will be placed in a queue and when available an accountant will complete the Annual Compliance Documentation for your Fund.
The accountant will review the information and supporting documentation provided by you and should we require further information you will be contacted via a message to your Inbox.
Upon completion, you will be notified that the Annual Compliance Documentation is ready for review and signing via a message to your Inbox.
Q: How long will it take to process my Annual Compliance Documentation after I have submitted the Annual Checklist?
The average completion time is 3 to 4 months from the day you submit the Online Checklist, depending on your Fund’s circumstances. However, if your Checklist is submitted in the peak season (September - October), the waiting period may exceed 4 months due to the increased number of Checklists received during that time.
If you have not received any communications from our office within 4 months of submitting your Checklist, please do not hesitate to contact our office.
Q: How do I make changes to the Online Checklist after submission?
We advise that you cannot amend the Checklist after submission. If you would like to make changes, please simply provide the updated information to our office via the "Additional Information" function which can be found at the end of the 2017 Online Checklist.
Any additional information provided will be taken note of when completing the Annual Compliance Documentation for your SMSF.
You can visit our website for more information about the Annual Compliance Process
Approved Email Sender List
We would like to kindly remind you to add “firstname.lastname@example.org” to your approved email sender list, so our communications with you via Inbox do not go into your “Spam” folder.
2017 Online Checklist Updates
Based on the feedback and suggestions received, we have updated the “Bank” and “Term Deposit” pages of your 2017 Online Checklist. The process has been simplified where you are required to upload bank statements, import electronic bank data, and code bank transactions.
Should you have any feedback or queries regarding the 2017 Online Checklist, please contact us via the Inbox.
Do you know?
Reduction of Concessional Contributions Cap to $25,000 p.a.
Concessional Contributions include Employer Contributions, Salary Sacrifice Contributions and Personal Contributions where a tax deduction is claimed.
From 1 July 2017, the annual Concessional Contributions Cap has been reduced to $25,000 for all individuals aged under 75.
Revisit Salary Sacrificing Arrangements
With the lowering of the Concessional Contribution Cap from 1 July 2017, it is important to revisit your current salary sacrifice arrangements to ensure that your total concessional contributions will not exceed the lowered Concessional Contributions Cap of $25,000.
Please visit our website for more information on Salary Sacrificing Arrangements.
Removal of 10% Rule for Personal Concessional Contributions
Prior to 1 July 2017, individuals were only allowed to claim a tax deduction in the personal tax return for personal contributions, if they meet the 10% rule (i.e. employment income divided by your assessable income is less than 10%).
From 1 July 2017, all individuals aged under 75 are allowed to make Concessional Contributions up to the Concessional Contributions Cap (including those aged 65 to 74 who meet the work test) regardless of their employment situations.
This change may benefit individuals who are partly self-employed and partly salary earners, and individuals whose employers do not offer salary sacrifice.
Please visit our website for more information on Concessional Contributions.
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