Contributions must reach the super fund's bank account by 30 June. Note that some clearing houses may delay the transfer of funds to the super fund.

Pension payments should be processed by the end of the business day, or shortly after if paid by cheque. Sufficient funds should be available in the bank account to support the cheque payment on 30 June, although using cheques should be a last-minute option.

Submit your payments by Friday, June 23, or earlier to ensure timely processing, especially when using a clearing house for contributions.

From 1 July 2020, the government extended the contribution rules, allowing individuals to make contributions from age 65 up to age 67.

Maximize contributions up to the contribution cap of $27,500, being cautious not to exceed the limit unless you have Unused Carried Forward Concessional limits and a Total Super Balance under $500,000 as of the previous 1 July 2022. Refer to the guidance provided here to check your Unused Carried Forward Concessional limits through MyGov records.

Excess contributions tax has been reduced, but avoid unnecessary paperwork by monitoring employer contributions, salary sacrifice, and insurance premiums within the contribution limit. Ensure to check normal pay, bonuses, and other sources that may be included.

The carry forward rule enables individuals to utilize unused concessional contribution caps from the past five years, allowing for additional contributions in a financial year.To be eligible, your total superannuation balance across all accounts must be below $500,000 just before the start of the financial year.

Starting from the 2018-19 financial year, individuals can utilize unused concessional contribution caps since 1 July 2018, allowing them to make up to $130,000 of concessional contributions in a single financial year.

Once your income surpasses $250,000 (including salary, investment income, employer SGC, and personal concessional contributions), you will be subject to certain conditions to Div 293 Tax.

From 1 July 2022, individuals can make non-concessional contributions (NCCs) without meeting the work test until 28 days after the end of the month they turn 75, with the new age limit in effect. Check out ATO superannuation contribution guidance.

NCCs offer the chance to transfer investments into super from personal, company, or trust names. Equalize spouse balances and optimize super in pension phase until age 75.

Couples can optimize their retirement assets by redistributing funds between spouses, taking advantage of available transfer balance cap space and maximizing tax-free pension phase assets.

The transfer balance cap sets a maximum limit on the amount of superannuation that can be moved into the retirement phase. Optimize your tax components for greater tax-free benefits through recontribution strategies.

SMSF members have the option to withdraw and re-contribute their existing superannuation to minimize tax obligations on super death benefits left to non-tax dependents. This strategy is applicable until the member reaches the age of 75, with contributions to be made within 28 days after the end of the month they turn 75.

Bring Forward Limits affected by TSB

Consider initiating the drawdown before June 30, 2023, to benefit from the increased Transfer Balance Cap and Total Super Balance limits of $1.9 million that will be effective from July 1, 2023. This will provide additional space for your Transfer Balance Cap and Total Super Balance.

Existing pension holders should note that their new limit will fall within the range of $1.6 million to $1.9 million, adding some complexity for advisers.

Consider your eligibility for downsizer contributions of up to $300,000 per member if you are over 55 and have sold your home in the last year.

From 1 January 2023, individuals aged 55 or older will be eligible to make downsizer contributions of up to $300,000 into their superannuation from the proceeds of selling their home. These contributions are one-time, post-tax contributions that do not count towards non-concessional contribution caps.

The downsizer limit of $300,000 ($600,000 for a couple) and the bring forward NCC cap of $330,000 allow for contributions of up to $630,000 for a single person and $1,260,000 for a couple, subject to their respective contribution caps.

Maximize non-concessional contributions (NCCs) first, as the downsizer strategy can only be used once and it's important to consider if it will be more beneficial in later years.

Check eligibility for co-contribution to boost your super. Use the co-contribution calculator to determine the amounts based on income and personal super contributions use the super co-contribution calculator.

Consider making a spouse contribution if your spouse's assessable income plus reportable fringe benefits is below $37,000 for the full $540 tax offset or up to $40,000 for a partial offset. Check out the ATO guidance here.

From 1 July 2022, you can implement the Spouse Contribution strategy up to age 75, as it is treated as a Non-Concessional Contribution (NCC) in your spouse's account and counts towards their NCC cap.

Consider splitting contributions with your spouse, especially if:

• your family has one main income earner with a substantially higher balance or
• if there is an age difference where you can get funds into pension phase earlier or
• if it improves your eligibility for concession cards or age pension by keeping funds in the younger spouse's superannuation.

This is a recommended no-cost strategy for all individuals here. Spouse contributions count towards your spouse's NCC cap.

If you intend to claim a tax deduction for personal concessional contributions, you must have a valid ‘notice of intent to claim or vary a deduction’ (NAT 71121). Before starting your pension or making a lump sum withdrawal from your fund, ensure that you have submitted the necessary notice and claimed your tax deduction.

Act early if you plan to transfer personal shareholdings into your super as a contribution. Ensure timely submission of a fully valid transfer form to the broker for the contract to be valid. June timing is crucial, and keep in mind the potential brokerage costs.

The government extended the Temporary Reduction in Minimum Pensions for FY2023 as part of the COVID-19 response (reverting to normal rates from 1 July 2023).

Take the minimum pension of at least 50% based on your age.

If the pension member has already met or exceeded the reduced minimum amount of 50%, no further pension payments are required before June 30, 2023. Keep your withdrawals from transition to retirement pensions below 10% of your opening account balance for this financial year.

Once a minimum pension has been taken for the year, it cannot be changed or reversed. However, you can plan ahead and prepare for the next financial year.
 

If you require additional pension payments for living expenses but have already taken the 50% minimum, it may be beneficial to categorize amounts above the reduced minimum as either:

1. Consider discussing with your accountant and adviser the option of treating amounts above the 50% reduced minimum as a partial lump commutation sum instead of a pension payment. This will result in a debit against the pension member's transfer balance account (TBA). Please act promptly as reporting requirements may vary for different funds (quarterly or annually).
2. For individuals with both pension and accumulation accounts, it is advisable to take the excess amount as a lump sum from the accumulation account. This strategy helps preserve a larger portion in the tax-exempt pension phase.

Once a minimum pension has been taken, it cannot be reversed. However, you can plan for the next financial year.

A reversionary pension to your spouse allows them up to 12 months to organize their financial affairs before deciding how to handle your death benefit.

Review your pension documentation to see if you have nominated a reversionary pension, especially in complex family situations like blended families or with dependent disabled children, to ensure the rights to your assets are protected.
 

The reversionary pension has gained significance due to the application of the Transfer Balance Cap (TBC) limit of $1.6-1.9 million to pension phase starting from 1 July 2023.
 

Tip: Check your existing Binding Death Benefit Nominations (which often expire after 3 years) if you have chosen nomination instead, and consider upgrading to a Non-Lapsing Binding Death Benefit Nomination, ensuring that your Deed allows for this.

Review capital gains from the year and the duration of asset ownership. Consider selling investments with unrealized losses to offset the gains. Trigger regular capital gains in pension phase to prevent accumulation of vulnerable unrealized gains.

Ensure thorough documentation of all fund activities through minutes, and maintain copies of statements and schedules for your accountant, administrator, and auditor.

Review and align your SMSF Investment Strategy with the updated requirements set by the ATO. Ensure investments are in line with the strategy and SMSF Trust Deed, including appropriate member insurances.

Assets, including property and collectibles, must be valued at market value annually as per regulatory requirements. Refer to the ATO's publication for further details (Valuation guidelines for SMSFs).

 
Comply with the new rules for collectibles implemented since 1 July 2016, or consider removing collectibles from your SMSF.

Ensure SMSF assets are held under the name of the trustees or corporate trustee, separate from personal assets and online accounts. Consider switching to a corporate trustee for your SMSF. Find out more in this article.

Review and validate your Binding Death Benefit Nominations (BDBN) to ensure compliance with the Trust Deed and that it aligns with your current intentions. Ensure you have valid Enduring Powers of Attorney (EPOA) in place to authorize a trusted individual to act as a trustee in case of illness, mental incapacity, or death.

Check your Trust Deed and rules to understand the limitations, such as not being able to include stepchildren in a BDBN if their birthparent has passed away.

Review your related party loan agreements and consider whether any special terms, such as low or no interest rates or capitalization of interest, have been provided. Assess if any amendments to the loan agreements are necessary.

Ensure all payments on internal or third-party loans have been made and consider options such as prepaying interest or fixing rates while they are low. Confirm that all payments related to Limited Recourse Borrowing Arrangements (LRBA) have been made through the SMSF trustee.

If you have purchased a property using borrowing, ensure that the Holding Trust has been appropriately stamped by your state's Office of State Revenue.

Ensure compliance with SuperStream, the electronic system for receiving employer contributions data for super funds. All funds must have an Electronic Service Address (ESA) to receive contribution information electronically.

 
When changing jobs, new employers may request your ESA, ABN, and bank account details for SMSF members.

All SMSFs must report transfer balance events on a quarterly basis, regardless of the member's total super balance. The reporting should be done within 28 days after the end of the quarter in which the event takes place.

Unreported events prior to September 30, 2023 must be reported by October 28, 2023 separately from the SMSF annual return for the 2022-23 income year. More info here.

ASIC is raising the annual review fee for special purpose SMSF trustee companies from $59 to $63, an increase of $4. Expect future increases in fees as the government transitions to a 'user pays' model.

 
Pre-pay company fees for 10 years before 30 June for $407 to lock in current prices with a discount. There is a remittance form linked here.

The Home Equity Access Scheme formerly called The Pension Loan Scheme is operational, offering a No Negative Equity Guarantee for HEAS loans and enabling access to a capped lump sum payment.

• No negative equity guarantee: HEAS borrowers, or their estate, are protected from owing more than the market value of their property, even if their HEAS debt exceeds the property value. This aligns the HEAS with private sector reverse mortgages.

• Immediate access to lump sums under the HEAS: Eligible individuals can access up to two lump sum advances within a 12-month period, totaling up to 50% of the maximum annual Age Pension rate ($13,882 for singles and $20,852 for couples).

Review your insurances, both inside and outside of superannuation, including Total Permanent Disability (TPD) policies with an own occupation definition. Be cautious when replacing existing policies, as obtaining the same cover within super may not be possible due to changes in rules.

Exercise caution when considering a switch in insurers for Income Protection insurance due to significant changes implemented in 2021. It is crucial to carefully assess the new cover as it may be substantially inferior to your existing policy, unless there has been a significant increase in costs.

Consider implementing a contribution allocation strategy to maximize tax deductions for the current financial year if you anticipate a significant taxable income this year but expect a lower income next year.

This strategy is commonly referred to as an "Allocated Contributions Holding Account" rather than a "Contributions Reserving" strategy, as the ATO does not favor the use of reserves.