2016 December Client Newsletter

Issue 33 | 15 December 2016

Welcome to ESUPERFUND’s December Newsletter.

In this issue, we inform you of the 2016-17 Federal Budget Superannuation Reforms. We also highlight some audit tips to ensure all SMSF income is deposited into the SMSF bank account. Lastly, we introduce a discount provided by BMT Tax Depreciation Quantity Surveyors on Tax Depreciation Services for ESUPERFUND’s Clients.

Mark Needham

Client Services Manager

What's New?

2016-17 Federal Budget Superannuation Reforms – Things You Need to Know before 1 July 2017

Legislation to implement the Government’s superannuation reforms passed the Parliament on 23 November 2016. The superannuation reform package was announced in the 2016-17 Budget and amended following consultation. The changes improve the fairness, sustainability, flexibility and integrity of the superannuation system.

This package of reforms introduces significant changes affecting the following key areas:

    Simple Account Based Pensions
    Transition to Retirement Pensions
    Concessional Contributions
    Non-concessional Contributions

You can visit our website for an Overview of the Superannuation Reforms.

You may also find some useful information from the following official sources:

    Australian Taxation Office website
    Click here to check updates on the ATO website.
    Australian Treasury Government website
    Click here to view a series of fact sheets (including FAQ) relating to the Superannuation Reforms.


Office Opening Hours

The offices of ESUPERFUND will be closed from 2 pm Friday 23 December 2016 and will be open again on Tuesday 3 January 2017. We advise that should you have an urgent query during this period please submit an email query.

SMSF Audit Tips - Ensure All SMSF Income Is Deposited into the SMSF Bank Account

It is important to note that any cash income derived from your fund’s assets should be deposited into the fund as soon as practical.

For example, the rent from the fund’s Property Investment should be banked into the Transaction Bank Account established under your fund’s name as soon as it is received.

Likewise, cash dividends or distributions from shares investments should be deposited into the fund’s bank account once it is paid to your fund.

For cash income from listed companies, distributions from managed funds and rental income from property rental agents, automatic direct credit is the preferred method to ensure these cash income is received by the SMSF in time. If you have changed banks, please remember to update your fund’s bank account details with all the associated entities (e.g. share registries, managed funds administrators and property rental agents).

In some cases, if SMSF income is deposited into the trustees’ personal bank account by mistake, the trustees must immediately repay the money back to the fund and contact the relevant entities (e.g. share registries or property rental managers) to update the payment instructions to your fund’s bank account.

Do You Know?

Discount on BMT Tax Depreciation Services for ESUPERFUND’s Clients

Clients who have acquired a Residential or Commercial Property in their SMSF are able to legally claim depreciable items including carpets, furniture, fittings and so on. To maximize the depreciation tax claim, it is advisable to prepare a Tax Depreciation Schedule for your SMSF relating to the Property Purchase. Please note that the Tax Depreciation Schedule must be prepared by a Quantity Surveyor. You can visit our website for more information about Property Depreciation.

For the Tax Depreciation Schedule prepared by BMT Tax Depreciation Quantity Surveyors, you are entitled to a reduced price of the service by mentioning you are a client of ESUPERFUND during the quotation process.

For more information, please contact BMT Tax Depreciation Quantity Surveyors.



Don't be put off by all the scaremongering in the popular press about setting up a SMSF. ESUPERFUND has all the answers. Last year, I was worried about our tax return and had a few questions. The reply was extremely detailed to the last dollar. Ours is a small SMSF and ESUPERFUND gives us confidence to keep it going for many years to come.

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