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Tick the boxes ahead of EOFY to-do list

By David Busoli, SMSF Alliance
07 June 2023 — 5 minute read

This checklist includes some items that aren’t exclusively EOFY or SMSF-related but might be addressed at this time for the sake of convenience.

Some items constitute financial advice so require licensing or need closer analysis to ascertain applicability.

1. Check that concessional contributions have not breached the $27,500 limit unless they can be included within an unused concessional contributions allowance dating from 1 July 2018. This option requires a total super balance, at 30 June 2022, of less than $500k. Note that contributions need to be physically received by the super fund by the 30 June to be counted in this year.

2. If this is a year of unusually high taxable income a double contribution strategy might be considered. This can allow an additional $27,500 to be contributed in June for allocation to the member account in July. Be cautious as this strategy will utilise all of next year’s contribution limit.

3. Non-concessional contributions can be made provided the member’s total super balance as at 30 June 2021 was less than $1.7 million (in all funds). The standard limit is $110k but the 3 year bring forward provision may be activated (subject to the total super balance at 30 June 2022) if it has not already been triggered in the last 2 years, allowing a contribution of $330k (TSB<$1.48m), $220K (TSB is $1.48m to <1.59m), $110k (TSB is $1.59m to $<$1.7m). Note that the total super balance limits will be increased by $200,000 when this test is applied next year.

4. If the total super balance is in excess of what is required, it might be lowered by lodging a TBEN that reflects the net value of the assets held. (Typically, the total super value of real estate can be reduced by 5 per cent representing selling costs including commission.)

5. Note:

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