Show download pdf controls
  • Self-managed super fund annual return changes in 2017-18

    As a result of the super changes that came into effect on 1 July 2017, there are a number of changes to the 2017–18 Self-managed super fund annual return (SAR).

    Transition to retirement income stream (TRIS) account

    We have added a new label for the number of TRIS accounts an SMSF member has in accumulation phase. A TRIS is in accumulation phase unless the SMSF member has reached age 65 or has met another 'nil' cashing restriction condition of release (retirement, permanent incapacity or terminal medical condition) and notified their fund.

    Correct calculation of a member’s total superannuation balance (TSB)

    We have added new labels to enable the make-up of the 'closing account balance' to be reported to support more efficient calculation of a member’s TSB. This is important because – from 30 June 2017 – the member’s TSB may affect their non-concessional contributions cap and other super caps.

    Limited recourse borrowing arrangements (LRBA)

    Following the 2015 Murray Inquiry, we continue to monitor the use of LRBAs and report on them to government. New questions about the use of LRBAs and additional borrowings have been added at section H, items 15e and 16. These need to be completed by SMSFs that hold assets under LRBAs.

    CGT Relief

    Following the introduction of transitional capital gains tax (CGT) relief available to superannuation funds in 2017, the CGT schedule has been updated to include a new label to report deferred notional gains where the gain has been realised.

    Early stage venture capital limited partnership tax offset

    A new label has been added to allow SMSFs to report the amount of unused early stage venture capital tax offset carried forward from a previous year.

    We have also introduced a new CGT exemption code for CGT exemption applied in relation to venture capital programs.

    Cessation of the temporary budget repair levy

    Various rates of tax that apply to superannuation entities have been decreased in line with the cessation of the temporary budget repair levy which was payable by some individuals for 2014–15, 2015–16 and 2016–17.

    Rates affected those that applied to the taxable income of non-complying superannuation funds (47% to 45%) and the non-arm's length component of the taxable income of a superannuation fund (47% to 45%).

    The 2017-18 SMSF annual return and instructions are now available on our website.

    Find out more:

      Last modified: 07 Jun 2018QC 55936