Overview
The 2022-23 SMSF Annual Return (SAR) stationery has been released by the ATO and the key changes are as follows:
- Section C: Bonus deduction for small business skills and training boost*
- Section C: Bonus deduction for small business technology investment boost*
* these measures are not yet law and cannot claim bonus deduction until the law is enacted
- Section D: Remove of credit for interest on early payments - amount of interest
- Non-return related SMSF changes
Apart from minor cyclic changes for the financial years, there are no real changes to the CGT schedule and the losses schedule.
2023 SMSF Annual Return Changes
| Annual Return Section | Description |
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Section C: Deductions and non-deductible expenses Label L1: Other amounts Bonus deduction for small business: * these measures are not yet law and cannot claim bonus deduction until the law is enacted
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SMSFs that invest in small businesses (with an aggregated annual turnover of less than $50 million) are able to claim the bonus deduction as an additional 20% deduction, on top of their ordinary deduction.
For bonus deduction on small business skills and training boost, the eligible expenditure must be incurred from 7:30 pm (AEDT) on 29 March 2022 related to external training courses to employees by eligible registered training providers.
If SMSF intends to claim the bonus deduction of the small business technology investment boost and/or skills and training boost, SMSF can delay lodging its tax return until the law is enacted. Alternatively, you can lodge your tax return before the law is enacted and claim your ordinary deduction for your skills and training expenditure. When the law is enacted, you lodge an amended tax return and complete Section C: Item 12 Deductions and non-deductible expenses > Label L1: Other amounts to claim the bonus deduction. |
|
Section D: Income tax calculation statement Label H1: Credit for interest on early payments amount of interest |
Label H1 has been removed from the 2023 SMSF Annual Return |
Non-return related SMSF changes
Indexation of transfer balance cap and total super balance
From 1 July 2023, the general transfer balance cap (TBC) will increase by $200,000 to $1,900,000; the total super balance is also indexed from $1,700,000 to $1,900,000.
Minimum pension drawdown rate for super income streams
From 1 July 2023, the 50% temporary reduction of superannuation minimum drawdown requirements for account-based pensions and similar products will cease to apply when calculating minimum annual payment. The minimum annual payment requirements will revert back to the default drawdown rate.
Temporary rollover relief ending 30 June
From 1 July 2023, the temporary rollover relief that allows rollovers to be processed on paper forms will cease to apply. This is due to the number of electronic service address (ESA) messaging providers that support SuperStream rollovers and release authorities now available. Should SMSFs proceed to make a rollover without using an ESA, SMSF auditors will be expected to report this to the ATO as a contravention of the super laws.
Quarterly transfer balance account reporting for all funds
From 1 July 2023, all SMSFs are required to lodge transfer balance account reporting (TBAR) whenever there is a reportable transfer balance event on a quarterly basis within 28 days after the quarter ends. It disregards members' total super balance and previous reportable frequency.