Show download pdf controls
  • What's new in 2015–16

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Exploration development incentive

    The Exploration Development Incentive (EDI) encourages shareholder investment in small exploration companies undertaking greenfields mineral exploration in Australia.

    The scheme enables eligible exploration companies to give up a portion of their tax losses from greenfields exploration to create and issue exploration credits to their shareholders. Certain Australian resident investors will be entitled to a refundable tax offset for the exploration credits that they receive,

    SMSFs that receive exploration credits should claim the offset at E4 Exploration credit tax offset.

    For more information, see Exploration development incentive.

    Taxation of financial arrangements questions

    Two questions in Section I: Taxation of financial arrangements have been removed from the 2016 SMSF annual return since they related to transitional balancing adjustments that are no longer relevant. These are:

    • G Did you make a gain, loss or transitional balancing adjustment from a financial arrangement subject to the TOFA rules
    • J TOFA transitional balancing adjustment.

    Future year (early lodged) returns

    SMSFs that wind-up during 2016–17 can lodge their final SMSF annual return electronically prior to the end of the financial year.

    First home saver accounts

    The Australian Government has abolished the first home saver accounts (FHSA) scheme and, from 1 July 2015, these accounts were treated like any ordinary account. Information about reporting 'contributions from a first home saver account' has been removed from the SMSF annual return instructions.

    Depreciation for small business and primary producers

    For 2015–16 small businesses and primary producers can immediately deduct the cost of certain assets that previously needed to be depreciated over a number of years. These new rules may affect the deduction for decline in value of depreciating assets that can be claimed by SMSFs that operate an eligible business.

    Last modified: 20 Apr 2017QC 48236