Interest on early payments
No requirement to complete Section D – label H1.
Label H1 Credit for interest on early payments – amount of interest is removed from the Fund income tax return from the 2022–23 financial year onwards.
Interest on early payments (IEP) has now been automated for eligible early payments made from 1 July 2021. As a result, there is no longer a requirement to complete the label H1 to claim a refund of IEP.
Closure of eligible rollover funds
Eligible rollover funds (ERFs) no longer exist from 31 January 2022. All ERFs should have closed by 31 January 2022 and ERFs were required to transfer remaining accounts to the ATO. This was introduced in Treasury Laws Amendment (Reuniting More Superannuation) Act 2021, No. 24, 2021.
Non-arm's length changes (NALE)
Changes to the non-arm’s length income provisions are before Parliament. While not yet law, the proposed application date is 1 July 2018. See our position on retrospective law change proposals.
Continue to: Completing the Fund income tax return.