Welcome to ESUPERFUND's June Newsletter.
We would like to take this opportunity to thank you for your support during the 2018 Financial Year.
In this issue, we highlight the importance of the timing of your EOFY contributions. We provide guidance on the valuation of assets at the financial year end. In addition, we inform you of some updates we have made to your Client Portal Inbox, and we introduce to you our newly launched ESUPERFUND Mobile App. Next, we notify you of an ATO SMSF webinar regarding SMSF updates. Lastly, we remind pension members of their obligations regarding the 2018 minimum/maximum pension withdrawals, and assist you with understanding how SuperStream works.
Client Services Manager
If you earn less than $36,813 in the 2018 Financial Year, the government will pay $0.50 for every dollar you personally contribute to your SMSF from your after-tax income before 30 June 2018, up to a maximum of $500. This means you can receive up to $500 from the government by simply making a personal non-concessional contribution to your SMSF.
For earnings between $36,813 and $51,813, the maximum co-contribution is reduced by 3.33 cents for every dollar earned over the minimum threshold until it cuts out.
For more information about Government Co-contribution, please visit our website here.
When working out your super contributions for the financial year, remember that only the contributions received by your SMSF’s bank account by 30 June will be reflected on your annual member statement. 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 financial year.
Please keep track of the contributions you, your employer, or others make on your behalf to your SMSF. If you would like the contributions to be attributed to the 2018 financial year, please make sure that your SMSF receives all the contributions by 30 June 2018.
Asset valuation is a key component in preparing meaningful SMSF financial reports. Its importance has also been highlighted with the $1.6 million Transfer Balance Cap and $1.6 million Total Superannuation Balance that took effect on 1 July 2017.
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 here.
We also advise that ESUPERFUND holds valuation data for all ASX listed Shares and Securities, alleviating you of the responsibility of maintaining these records in each financial year. Where a valuation is required from Trustees, such as for Physical Metals, we will request this information from you as part of the Annual Checklist Process.
For more information about the Annual Compliance Process, please visit our website here.
We have recently updated the “New Query” tab in your Client Portal Inbox. The new feature is designed to provide you with an immediate answer to some of your queries rather than having to wait for us to respond.
It should be noted that if your query isn’t auto answered then you can still send a query directly to ESUPERFUND.
To use the new feature, follow the steps below:
We are excited to introduce to you our newly launched ESUPERFUND Mobile App, which provides you with another channel to access your Client Portal Inbox. The App will allow you to view Inbox messages from ESUPERFUND in a more timely manner (including an option to enable push notifications when a new message is received), access our comprehensive list of FAQs, and refer to all past communication with ESUPERFUND.
Our Mobile App has been released to both the iOS App Store and Android Play Store. To install the App, please use your mobile phone to search “ESUPERFUND” in the App Store (if you are using an iPhone or iPad) or Play Store (if you are using an Android device).
We trust that you will find this new Mobile App helpful in improving your communication with ESUPERFUND.
This webinar provides an update on Super changes, highlights what Trustees and Members are required to know and action in the lead up to 30 June 2018, as well as some practical compliance matters. To access the webinar recording, please click here.
If you are currently accessing a TRAP/SABP from your SMSF, you must make withdrawals annually prior to 30 June to evidence the Pension. The amount accessed must be between prescribed minimum and maximum thresholds. Failure to do so may lead to serious penalties - your Pension will need to cease and the member will lose the tax-free status on the associated SMSF earnings.
You can view your 2018 Minimum/Maximum Pension Requirements, including Withdrawal Limits via the ESUPERFUND Client Portal under the menu tab "Member Account – Pension Summary".
We also advise that a notification message has been sent to you via the Client Portal Inbox, reminding you of your obligation to arrange for the payment of each pension by transferring at least the Minimum Amount (and not exceeding the Maximum Amount in the case of a TRAP) from your SMSF's bank account to the member’s desired personal account prior to 30 June 2018.
With SuperStream, information relating to contributions made by your employer will be electronically received by ESUPERFUND and no documentation or information is required from you at the end of each financial year. This process greatly improves the efficiency of the Annual Compliance Process.
You can find the electronic information received by ESUPERFUND via SuperStream on the ESUPERFUND Client Portal under the menu tab “Member Account – Contributions”. If your SMSF received employer contributions and such information cannot be found on your Client Portal, please contact your employer to ensure the SMSF’s ABN, bank account details, Electronic Service Address (ESA) which is ESUPERFUND, and your personal TFN have been correctly recorded.
We note, however, that the SuperStream system applies only to employer contributions from a non-related party. If your SMSF does not receive employer contributions or the employer contributions are from a related-party employer (e.g. you are self-employed) or you make personal contributions, the SuperStream system does not apply. Therefore, we will request this information from you as part of the Annual Checklist Process.
For more information on SuperStream, please visit our website here.
I started with ESUPERFUND in 2011. My SMSF establishment process was faultless and hassle-free. Since then, ESUPERFUND has been very efficiently looking after the administration and compliance. The Client Portal was always very good and is forever improving and getting better. Running your own SMSF is not for everyone, but if you are one of those people, I highly recommend ESUPERFUND. They provide all you need in a very professional, responsive, and service-friendly manner.
ESUPERFUND Pty Ltd as Trustee for ESUPERFUND Trust ABN 37 842 535 715
General Advice Warning
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:
This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND.
Where this publication 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 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.
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)