|The end of the 2022 financial year is fast approaching and we would like to take an opportunity and provide all our clients SMSF year-end housekeeping checklist.|
1. For SMSF Contributions, you are claiming a deduction for:
Ensure notice of intent to claim tax deduction forms have been submitted and validated by the SMSF trustee before claiming a tax deduction.
Just a reminder that here are the following contribution caps that apply in 2022:
2. For SMSFs paying the pension:
Ensure that the minimum pension is taken prior 30th of June 2022. Just a reminder that the minimum pension for 2021/2022 is the following:
|Please don’t hesitate to contact me if you need a reminder of how much minimum pension you have to withdraw before 30 June 2022.|
3. For SMSFs using contribution reserve strategy:
Ensure reserving strategies have been documented.
4. For SMSFs with in-house assets (example, SMSF borrowings):
Any ongoing in-house asset rectification plans should be actioned before 30 June 2022.
5. For SMSFs with property:
Ensure you have a current market valuation from an independent source.
6. For SMSFs with cryptocurrency:
Ensure you log in to your wallet/exchange on the 30th of June and do a screenshot of your SMSF crypto holdings. The screenshot should show the Name of the coin number of unitsDate (30 June 2022).
7. For SMSFs with unlisted unit trusts:
SMSFs that are due to receive a distribution from an unlisted unit trust for this financial year must ensure the distribution is collected by 30 June to prevent it from being considered an in-house asset and damaging the status of the trust.8. For ALL SMSFs:
Review Total Super Balance (TSB) in the lead-up to 30 June 2022. If your TSB is close to $1.7m and $500,000 as exceeding these may decrease your opportunity to contribute next Financial Year.
The ATO is particularly targeting property investors that are not using the help of a specialist property tax accountant like Umbrella Property Accountant, due to the high error rate being discovered from ATO Audits. The ATO Audits into self-preparers have uncovered...