Preparing for tax year end

Praemium SMA and SuperSMA EOFY Information

In the lead up to June 30, we have outlined the important information you need to know about super changes for FY22 and the processing cut off times for Praemium SuperSMA.

For advisers please refer to the Help Centre for further information on End of Financial Year Reporting.

Super legislation changes for the new financial year

A number of positive superannuation changes were announced in the last federal budget, and a number of threshold updates will also apply from 1 July 2022. Here is a summary of the changes:

Downsizer contribution eligibility age reduces

Bring forward non-concessional cap eligibility age increases from 67 to 75

Work test for voluntary contributions to be removed

It’s important to remember that a member between age 67 and 74 (including up to 28 days after the end of the month in which the member 75) will still need to satisfy the work test (or the work test exemption) in order to claim a tax deduction for their contribution. The work test will no longer be administered by super funds, and instead by the ATO when the tax return is lodged.

Low Rate Cap increases to $230,000

The low rate cap amount indicates how much taxable-taxed element a member who has reached preservation age but is not yet 60 years of age may take as a tax-free lump sum. This cap is also used to define how much taxable-untaxed element a member who has reached preservation age, but is not yet 60 years of age, may receive taxed at the concessional “Over Threshold Tax Rate.”

CGT Cap Amount increases to $1,650,000

SG Contribution rate increases to 10.5%

Cut-off dates for SuperSMA processing

^{* Please note funds must be received by 5pm June 30 2022}

^{** Cheques must be received by Friday 24 June at 5pm Non-Concessional Contributions made via cheque (these are limited to Personal Contribution, Spouse Contribution, Downsizer Contribution & Small business CGT Concession)}

Further details on cut-off dates

Investor Communications


Notice of intent - S290	Notice of intent sent to all members with a personal contribution in the period. These emails will be sent in mid-July.
Pension and SCI Payment Group Certificates	Group certificates are issued for Pension members and members in receipt of a salary continuance. These are issued to investors mid-July via Investor Portal. A notification will be sent to investors when this statement is available.
Pension Centrelink Schedules	Pension Centrelink Schedules are issued for Pension members at the end of July via Investor Portal. A notification will be sent to investors when this statement is available.

Statement Delivery Dates


Managed Account Annual Statements	Annual statements are issued to investors in August via Investor Portal. A notification will be sent to investors when this statement is available.
SuperSMA Annual/Member Statement	SuperSMA member statements are issued to investors in November via Investor Portal. A notification will be sent to investors when this statement is available.
Managed Account Tax Statements	Tax statements containing information required to submit a tax return are issued to investors in October via Investor Portal. In order to have the most accurate tax information, these statements are issued once all trust information for the account has been received. A notification will be sent to investors when this statement is available.
IDPS	Annual investor statements and tax statements are issued to investors in September when these statements are available.