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  • What's new in 2018–19

    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 income (NALI)

    From 1 July 2018, the rules for determining NALI have been clarified and extended so that an amount of ordinary or statutory income will also be considered non-arm’s-length income (NALI) of an SMSF and will be taxed at the top marginal rate where:

    • there is a scheme in which the parties were not dealing with each other at arm's length
    • the SMSF incurs a loss, outgoing or expenditure of an amount in gaining or producing the income, and
    • the amount of the loss, outgoing or expenditure is less than the amount that the SMSF might have been expected to incur had those parties been dealing with each other at arm's length in relation to the scheme.

    The income is also NALI if the SMSF does not incur a loss, outgoing or expenditure that the fund might have been expected to incur if those parties had been dealing with each other at arm's length in relation to the scheme.

    For more information, see Non-arm's length income.

    Last modified: 03 Oct 2019QC 58668