Overview
The Self-Managed Superannuation Fund Annual Return (SAR) 2024 has been released by the ATO and the key changes are as follows:
- Section B: Trust distribution income related to the new Trust Income Schedule
- Section H: Change of asset description from 'Crypto-Currency' to 'Crypto-assets'
- Non-return related SMSF changes
Apart from minor cyclic changes for the financial year, there are no changes to the CGT and losses schedules.
SMSF Annual Return 2024 Changes
| Annual Return Section | Description |
|
Section B: Income Item 11: Income Label A: Net capital gain Label D1: Gross foreign income Label M: Gross trust distributions Label U2: Net non-arm's length trust distributions |
From 2023-24 financial year, if SMSF receives any distribution from trust (including managed and non-managed fund) and reports income at any of the labels shown in the left column of this table, the Trust Income Schedule must be completed and attached to SMSF annual return. |
|
Section H: Assets and liabilities Item 15c: Other investments Label N: Crypto-assets |
The asset description for 'Crypto-Currency' has changed to 'Crypto-assets' in SMSF Annual Return 2024. |
Non-return related SMSF changes
Indexation of contributions caps
From 1 July 2024, the concessional contributions cap will increase from $27,500 to $30,000; the non-concessional contributions cap will increase from $110,000 to $120,000 (or $240,000 and $360,000 by using the bring-forward rules).
Total super balance (TSB) thresholds for non-concessional contribution (NCC) bring-forward rule
From 1 July 2024, thresholds for non-concessional contributions bring-forward rule have changed:
| TSB as at 30 June 2024 |
Maximum NCC cap from 1 July 2024 (bring-forward rule trigger for the first year) |
| Less than $1.66m | $120,000 (or $360,000 by using bring-forward rule) |
| $1.66m - less than $1.78m | $120,000 (or $240,000 by using bring-forward rule) |
| $1.78m - less than $1.9m | $120,000 |
| $1.9m or more | Nil |
PAYG withholding and Medicare levy adjustment
From 1 July 2024, the preservation age is now 60 years old. Therefore, SMSFs will not require to register PAYG withholding when commencing Transition to Retirement Income Stream (TRIS) pension account when in accumulation phase.
The statement of formulas and regular tax tables have been updated to accommodate the most current Medicare levy thresholds. You can view ATO website for more information.
Electronic Lodgment Declaration (ELD)
The ATO has made some minor changes to the wording in the declaration section of SMSF Annual Return and relevant schedules. We have updated the electronic lodgment declaration to reflect the changes.
Tax Agent Declaration
We have updated the wording in Tax Agent Declaration when you lodge SMSF Annual Return via Class to address the lodgment delcaration is signed with registered Cloud Authentication and Authorisation (CAA) software ID used by Class and the ABN of the mentioned tax agent.
ATO SMSF Annual Return & Instructions
To download the ATO’s SMSF Annual Return form, please click the ATO link below:
https://www.ato.gov.au/forms-and-instructions/self-managed-superannuation-fund-annual-return
To download the ATO’s SMSF Annual Return instructions, please click the ATO link below:
https://www.ato.gov.au/forms-and-instructions/self-managed-superannuation-fund-annual-return-instructions
https://www.ato.gov.au/forms-and-instructions/self-managed-superannuation-fund-annual-return-2024-instructions/instructions-to-complete-your-smsf-annual-return-2024