202110.1 Quarterly SMSF update

Which of the following measures is law for the 2021-22 income year? *This question is required.

• a) SMSF wholly consisting of retirement phase pensions for the entire income year with disregarded small fund assets no longer needs an actuarial certificate to claim ECPI
• b) Choice of ECPI calculation method
• c) Ability to commute the excess transfer balance account amount for a post 30 June 2017 market linked pension
• d) Option to exit a legacy pension

The disregarded small fund assets test requires an SMSF to have a member with a prior 30 June total superannuation balance? *This question is required.

• a) Equal to the general transfer balance cap
• b) That exceeds $1 million
• c) That exceeds $1.6 million
• d) That exceeds $1.7 million

True or false: From 1 July 2022, a covenant applicable to all superannuation funds, including SMSFs will codify the obligation for superannuation trustees to have a retirement income strategy that outlines how they plan to assist their members in retirement? *This question is required.

• a) True
• b) False

Which one of the following is not a COVID-19 compliance relief measure that the ATO has extended to the 2021-22 income year? *This question is required.

• a) SMSF residency rules for trustees detained overseas
• b) Rental relief provided to COVID-19 affected tenants
• c) Loan payment relief provided by a related party to an SMSF under an LRBA
• d) Temporary early access to superannuation for COVID-19 impacted individuals
• e) In-house asset relief where an SMSF exceed the 5% test at 30 June 2021

Which of the following events is not reportable for transfer balance account purposes?

• a) Commencement of an account-based pension
• b) Partial commutation of an account-based pension
• c) Member with a TRIS satisfies a condition of release with a nil cashing restriction
• d) Lump sum payment from the member’s accumulation interest
• e) Pension ceases to be in retirement phase due to failing to pay the minimum pension