Welcome to our latest Super Update – your guide to recent changes and announcements in the world of superannuation. If you’re a trustee of an SMSF, staying informed is essential to managing your fund effectively. Below is a round-up of key developments and what they could mean for you.

📅 28 March 2025

⚖️ Division 296 Bill: Set to Lapse

With the federal election announced for May 3, the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 will now lapse. The Bill had passed the Lower House but not the Senate. If the Albanese Government is re-elected, it must reintroduce the legislation.

🛡️ Legacy Pension Amnesty – Social Security Debt Waiver

The Social Security (Waiver of Debts – Legacy Product Conversions) Specification 2025 has been registered. It allows Centrelink debts to be waived in the following cases:

• Full commutation of a legacy asset-test exempt pension under amnesty rules.
• Loss of asset-test exemption due to updated pension contract terms.

This relief awaits final confirmation post-election, but disallowance is considered unlikely.

📅 27 March 2025

💸 GIC & SIC Deductions Removed

From 1 July 2025, General Interest Charges (GIC) and Shortfall Interest Charges (SIC) will no longer be tax-deductible, increasing the cost of non-compliance.

⏳ Refund Retention Period Extended

The ATO can now retain BAS refunds for 30 days (up from 14), aligning with income tax refund rules.

💼 $20,000 Instant Asset Write-Off Extended

Small businesses can continue to claim the $20,000 instant asset write-off until 30 June 2025.

📅 28 March 2025

📝 SMSF Annual Return Reminder

Trustees with assets at 30 June 2024 must lodge their SMSF Annual Return (SAR) for 2023–24. Most are due by 15 May 2025 (via tax agents).

If the fund has no assets, trustees should submit a ‘return not necessary’ request or cancel registration.

🧾 Auditor Reviews & Market Valuation of Assets

The ATO followed up with SMSFs that hadn’t updated property or unlisted trust valuations. While 80% updated property values, only 48% updated unlisted trust valuations. Auditors failing to verify market values have faced compliance action.

📅 17 March 2025

📣 TBAR Reminder

Transfer Balance Account Reports (TBAR) for the March quarter must be lodged by 28 April 2025, if applicable.

📅 14 March 2025

💼 PayDay Super: Consultation Open

Reforms will require employers to pay super alongside wages from 1 July 2026. Consultation is ongoing.

❌ Trustee Disqualifications Updated

The ATO disqualified 270+ trustees between 1 July–31 December 2024. Check the Disqualified Trustees Register.

📅 28 February 2025

📊 APRA: Super Stats (Dec 2024 Quarter)

Total super assets rose 2.1% to $4.2 trillion. SMSFs now exceed $1 trillion, growing 6.15% year-on-year.

📅 26 February 2025

📈 ATO: SMSF Quarterly Stats

There are now 638,411 SMSFs, with nearly 9,000 new ones added in the Dec 2024 quarter. Only 217 exits were recorded – a sign of stability in the sector.

📅 19 February 2025

🔍 Bendel Case: UPE Not a Division 7A Loan

The Federal Court ruled that Unpaid Present Entitlements (UPEs) are not loans under Division 7A, contradicting ATO guidance. The ATO is appealing this decision, which may impact SMSFs with related trust investments.

📅 6 February 2025

📚 ATO: SMSF Annual Overview 2022–23

As of 30 June 2024:

• Over 625,000 SMSFs (+4.5% YoY)
• Average fund age: 13.5 years
• 80% of benefit-paying SMSFs are 5+ years old

📅 3 February 2025

✅ Compliance Win on Pension Underpayments

The ATO will not retrospectively review pension commutations caused by underpayments prior to 30 June 2024. However, ECPI remains lost, and compliance with TR 2013/5 is still required.

📅 29 January 2025

🔢 CPI Thresholds Released

The new CPI data is expected to result in increased Transfer Balance Cap and Non-Concessional Contribution Cap from 1 July 2025. Stay tuned for strategy tips on our blog.

📅 24 January 2025

🚨 ASIC Outlook 2025

ASIC has raised concerns about:

• Inflows into high-risk super investments
• Poor-quality advice for SMSF setups
• Payments to lead generation businesses

Surveillance into SMSF advice practices is ongoing.

🔮 What’s Next?

Navigating superannuation law can be complex, especially as you plan for retirement. If you have questions or would like to discuss how these updates may affect you or your SMSF, please contact us to arrange a consultation.