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22 January 2024

It Depends – Am I affected by the 2023 superannuation changes?

In this edition of 'It depends', partner Scott Hay-Bartlem talks about whether you might be affected by the latest changes to superannuation.

In this edition of ‘It depends’, partner Scott Hay-Bartlem talks about whether you might be affected by the latest changes to superannuation.

Scott, along with Clinton Jackson and Steven Jell, will be covering this topic in more detail during their ‘SMSF Update’ session at our Annual Adviser Conference on 21 and 22 March. Register now to attend live at Sofitel Brisbane or virtually.

Video transcript

Hello, in this It depends we’re going to talk about am I affected by the changes to superannuation during 2023?

Am I affected by the changes to superannuation in 2023?

It depends. We had lots of things changing and I’ll go through some of them now.

What are some of the important changes to superannuation in 2023?

There’s a range of things that happened in 2023 in super world. We had some more detail out about the non-arm’s length expenses rules that have been around for a couple of years now, but leaving some uncertainty. We had some more out about member versus death benefits, also something which we’ve had some uncertainty around. It’s all becoming somewhat clearer. We had lots of interesting cases, so there’s some there about non arm’s length income, some there about death benefits. All very important and exciting. We’ve also got the Div 296 tax, which is still another year or so off, but we’ve got the draft legislation.

What are some other things that we’re seeing in SMSFs in 2023?

As well as those law changes, there’s a few areas that we’ve seen catching people out during 2023, including getting your death benefit documents right, making sure you review your SMSF estate planning regularly because stuff changes and rogue members. Now, there’s a lot happening. A lot happened. A lot still happening. We’re going to cover off this SMSF update and the Div 296 tax at our upcoming advisor conference. It’s happening here in Brisbane on 21 and 22 March and virtually and the SMSF stuff, we’re covering as usual on that Thursday afternoon the 21st.

So, any questions about super updates, things that have been happening, talk to one of our SMSF specialist advisors and I hope we’ll see you at the Annual Advisor conference in March.

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This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.

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Key contacts

Scott Hay-Bartlem
Clinton Jackson

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