Updated Content for ‘The Self Managed Super Handbook’ Seventh Edition

The Seventh Edition of The Self Managed Super Handbook was published in June 2018. As Monica Rule is retiring from her SMSF consultation business, there will be no further editions of the book released in the future.

However, Monica has provided the superannuation updates for 2019/2020 financial year in the table below so that you may continue to use the 7th edition of the book.

Page 151
2018 Federal Budget proposal to change annual audit requirement to a three yearly cycle from 1 July 2019.
The change was not pursued. Annual audit requirement remains.
Page 171
2018 Federal Budget proposal to allow members aged 65 to 74 with a total superannuation balance of less than $300,000 to make contributions in the first 12 months they do not meet the work test requirements.
The change was approved. The new law is effective from 1 July 2019.


Page 189

Under the heading “Further Reading”, remove the ATO draft publication LCR 2018/D4.
Add ATO publication LCR 2018/9 for Housing affordability measures and GN 2018/2 for Downsizer contribution.


Page 190

Include ATO form NAT 75073 for Downsizer contribution.

Page 203

Remove the words “Department of Human Services (DHS)” from the last paragraph.
Replace the words with “Australian Taxation Office (ATO)”. The change took effect from 1 July 2018.

Pages 204 and 205

Remove the acronym “DHS” on these pages.
Replace the acronym with “ATO” on these pages.

Page 205

The government announced that the ATO will take over responsibility from DHS for administering early release of superannuation on compassionate grounds from 1 July 2018.
The change took place effective from 1 July 2018.

Page 210

The amount withdrawn under the FHSSS must be used to purchase or construct the member’s first home …
Insert the words “in Australia” at the end of this sentence due to changes to the FHSSS passing earlier 2019.

Page 210

The contract must be entered into within 12 months of the money being released ….
Due to changes to the FHSSS, change this sentence to: The contract can be entered into from the date of making a valid request for release.

Page 228

Under the heading “Further Reading”, remove the ATO draft publication LCR 2018/D5.
Add ATO publication LCR 2018/5 and GN 2018/1 for First Home Super Saver Scheme.

Page 261

The government proposed to include a tick box in tax returns to alert individuals to the “Notice of Intention” requirements when claiming a tax deduction on personal contributions.
The change has been implemented in the 2018 Individual Income Tax Return.

Page 262

Government super co-contribution lowest income threshold for 2018/219 is $37,697 and the highest income threshold is $52,697.
Government super co-contribution lowest income threshold for 2019/2020 is $38,564 and the highest income threshold is $53,564.

Page 277

2018/19: low rate cap amount is $205,000.
Untaxed plan cap amount is $1,480,000.
2019/20: low rate cap amount has increased to $210,000.
Untaxed plan cap amount has increased to $1,515,000.