Part A Qualification
A new Part A qualification question has been included within Section A Fund information. This label is to report the Part A qualification outcome determined by the fund's SMSF Approved Auditor.
Note: We have simplified Part B reporting obligations to align and for consistency with Part A.
Crypto-currency label
If your SMSF holds investment in crypto-currency, this information needs to be reported separately in the crypto-currency label within Section H Assets and liabilities.
Downsizer contribution into superannuation
From 1 July 2018, members who are aged 65 years old or older and meet all the eligibility requirements may choose to make a contribution of up to $300,000 into superannuation from the proceeds of selling their home. To be eligible, the contract for sale must be entered into on or after 1 July 2018.
Proceeds from primary residence disposal (downsizer contribution) is a new contribution type. If a member makes a downsizer contribution it is reported in the year it is made. The member will need to provide a Downsizer contribution into super form, either before or when they make their contribution.
Downsizer contributions should be made within 90 days of the change of ownership of the dwelling (usually the date of settlement). An extension of time (EOT) may be granted where there is a delay, but an EOT will not be granted to allow the member to meet the age requirement.
Downsizer contributions can only be made on or after the member is 65 years old and can be made regardless of contributions caps and other restrictions (age and work test) that may apply when making voluntary contributions.
For more information, see Downsizing contributions into superannuation.
Outstanding limited recourse borrowing arrangement amounts and total superannuation balance
Where certain conditions are met, SMSFs that start a limited recourse borrowing arrangement (LRBA) on or after 1 July 2018 must include a value associated with the outstanding balance of the LRBA at 30 June each income year in a member's Total Superannuation Balance (TSB).
For more information, see Total superannuation balance.
You will find 'Outstanding limited recourse borrowing arrangement amount' at Section F Member information and Section G Supplementary member to report outstanding limited recourse borrowings for each member.
Non-arm's-length expenses (NALE)
The Treasury Laws Amendment (Support for Small Business and Charities and other Measures) Act 2024External Link amends the rules for NALE for superannuation entities.
Under the amendments, from 1 July 2018:
- For small complying funds, the amount of non-arm's length income arising from a non-arm's length general expense will be twice the difference between the expense that the entity did incur (including nil expenditure) and the amount that might have been expected to be incurred. This is the 'Twice the difference approach'.
- Large APRA regulated funds, exempt public sector superannuation funds, pooled superannuation trusts (PSTs) and approved deposit funds (ADFs), will be exempt from the from the non-arm's length income rules arising from NALE for both non-arm's length general and specific expenses. However, they will still be subject to the remaining non-arm's length income rules for income derived on a non-arm's length basis.
For all superannuation funds, exempt the application of the NALE rules for expenditure incurred or expected to have incurred before 1 July 2018.For more information, see Non-arm's length income.
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