The 2020/21 SMSF Annual Return (SAR) stationery has been released by the ATO. Key changes for 2020/21FY SMSF Annual Return include the following area:
- Section B: new code for Testamentary Trust in gross trust distributions
- Section B: remove code for Special Disability Trust
- 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.
2021 SMSF Annual Return Changes
|Annual Return Section||Description|
Section B: Income
Label M: Gross trust distributions
A new code E for Testamentary Trust has been added to Section B: Income Label M > Gross trust distributions. The ATO adds this new code to allow taxpayers who receive income from a Testamentary Trust to correctly identify that income when completing their tax returns.
Code S for Special Disability Trust has been removed from Section B: Income Label M gross trust distributions.
Non-return related SMSF changes
Due to the impact of COVID-19, the minimum pension drawdown rate will remain halved from another 12 months after the government announced an extension of the COVID-19 relief measure. The 50% minimum drawdown rate applies for certain pension and annuities for the financial years 2019-20, 2020-21, and 2021-22 respectively.