Technically Speaking: End of financial year essentials 2022

With the end of the financial year (EOFY) fast approaching, now is the perfect time to make some final checks to ensure everything is in order for your SMSF clients before 30 June 2022.

The latest issue of Technically Speaking, written by the SMSF Association’s Technical Manager, Mary Simmons, highlights key considerations and planning tips for your SMSF clients including:

  • Optimisation of member contribution timing to maximise future opportunities with contribution rules changing on 01 July 2022;
  • SMSFs paying income streams that make the required minimum pension payments,
  • Opportunities to take lump sum withdrawals instead of pension payments;
  • Review of appropriateness of investments, for example, SMSFs relying on the ATO’s COVID-19 relief measures which are set to end on 30 June 2022;
  • Total super balances appropriately valued and managed to boost contribution opportunities in 2022/23, and more.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association