SMSF essentials course - Changelog December 2023

The following changes have been made to modules within the SMSF essentials course - these changes reflect part of the rebrand and repositioning of content from the former SMSF essentials course, along with various additions and amendments to the superannuation laws at December 2023:

All - Update copyright to 2023
All - Remove reference to Financial Adviser Standard and Ethics Authority (FASEA) replace with Financial Adviser Standards (ASIC & Treasury)
All - CPD breakdown change FASEA CPD to Legislated CPD
All - CPD hours amended from 21 to 18
All - Update Legislated CPD category to include ‘Tax (Financial) Advice’

Module 1

Section	Changes required
1.1 Overview of superannuation	Updated to reflect increase in SGC rate to 11%
1.3 Three pillars of superannuation	Updated to reflect increase in SGC rate to 11%
1.5.1 Why people choose SMSFs?	Add reference and link to ASIC Information Sheet 274 ‘Tips for giving self-managed superannuation fund advice’.
1.6.1 Trustee Remuneration	NEW SECTION - inserted new section under 1.6 Definition of an SMSF - ‘Trustee Remuneration’ Section highlights the key trustee remuneration requirements of SIS 17B
1.6.2 Alternate Trustees	NEW SECTION - inserted new section under 1.6 Definition of an SMSF - ‘Alternate Trustees’ Section highlights the opportunities for alternate trustees to be appointed under definition of an SMSF Inserted subsection ‘when a member has died’ Inserted subsection ‘legal disability’ Inserted subsection ‘minors’ Inserted subsection ‘LPR holding an enduring power of attorney’ Added link to ATO ruling SMSFR 2010/2
1.6.3 - Persons not to be trustees of an SMSF	NEW SECTION - inserted new section under 1.6 Definition of an SMSF - ‘Persons not to be trustees of an SMSF’ Section highlights the situations when a person cannot act as trustee of a fund Inserted references to disqualified persons
1.6.4 - Trustee Consent and Declaration	NEW SECTION - inserted new section under 1.6 Definition of an SMSF - ‘Trustee Consent and Declaration’ Section highlights the requirements for a new trustee to complete a trustee declaration upon appointment as trustee and to consent to act as trustee Inserted link to ATO Trustee declaration
1.6.5 Director ID laws	Moved Director ID laws from 1.6.1 to 1.6.5 Corrected commencement date from 1 November 2020 to 1 November 2021 Updated references to transitional arrangements to reflect that transitional period has ceased Added reference to penalties
1.8 - Trustee Covenants	NEW SECTION - inserted new section ‘Trustee Covenants’ Section identifies the requirements under law how trustees need to Act (SIS Section 52B & 52C)
1.9 - Resident Regulated Fund	Changed heading of 1.9 from Residency to ‘Resident Regulated Fund’ Added requirements for an SMSF to be considered a complying fund
1.9.1 - Australian Superannuation Fund	Expanded NOTE about Active member test to incorporate that pension members are not active members
1.9.2 - Central Management and Control	NEW SECTION - inserted new section under 1.9 Resident Regulated Fund - ‘Central Management and Control’ Section identifies the key elements from ATO Ruling TR 2008/9 about how to satisfy Central Management and Control Inserted subsection ‘Exercising central management and control’ Inserted subsection ‘Ordinarily in Australia’ Inserted example ‘temporary absence’ Updated status of the Federal Budget announcement to reference latest announcement from 2022-23 Federal Budget
Activity 3	Inserted Activity 3 - definition of an Australian Superannuation Fund
1.10 - Sole Purpose Test	Sole Purpose Test was moved and renumbered from 1.8 to 1.10

Module 2 - Investment Rules

Section	Changes required
2.3 - Sole Purpose Test	NEW SECTION - inserted new section ‘Sole Purpose Test’ Section expands upon the introduction of the Sole Purpose Test from Module 1
2.3.1 - Factors to determine compliance with the Sole Purpose Test	NEW SECTION - inserted new section under 2.3 Sole Purpose Test - ‘Factors to determine compliance with the Sole Purpose Test’ Section identifies the factors that could lead to conclusion that Fund satisfies Sole Purpose Test - from ATO Ruling SMSFR 2008/2 Section identifies the factors that could lead to conclusion that Fund does not satisfy Sole Purpose Test - from ATO Ruling SMSFR 2008/2 Inserted four (4) examples from SMSFR 2008/2 to assist in identifying factors
Activity 1 - Satisfying the Sole Purpose Test	Inserted new activity with 4 scenarios to determine whether the investment activity would satisfy the Sole Purpose Test requirements
2.4 - Related parties and relatives	Renumbered section ‘related parties and relatives’ from 2.3 to 2.4 Includes renumbering subsection ‘Factors to determine who is a related party’ to 2.4.1
Activity 2 - Determining who is a Part 8 Associate	Activity 2 was previously Activity 1 Changed activity 6 from ‘Bob’ to ‘Patrick’ Changed activity 7 from ‘Bob’ to ‘Patrick’
2.5 - Prohibition on lending to members	Renumbered section ‘prohibition on lending to members’ from 2.4 to 2.5
Activity 3 - Who is a Part 8 Associate to determine financial assistance?	Activity 3 was previously Activity 2
2.6 - Acquiring assets from related parties	Renumbered section ‘acquiring assets from related parties’ from 2.5 to 2.6
2.7 - Borrowing	Renumbered section ‘Borrowing’ from 2.6 to 2.7 Includes renumbering subsection ‘Limited Recourse Borrowing Arrangements’ to 2.7.1
2.8 - In-house assets	Renumbered section ‘In-house assets’ from 2.7 to 2.8 Includes renumbering subsection ‘Unpaid trust distributions’ to 2.8.1 Includes renumbering subsection ‘What if the limit is exceeded’ to 2.8.2 Includes renumbering subsection ‘COVID-19 compliance approach’ to 2.8.3‘
Activity 4 - In-house asset breach or not?	Activity 4 was previously Activity 3
2.9 - Business Real Property	Renumbered section ‘Business Real Property’ from 2.8 to 2.9
2.10 - Collectable and personal use assets	Renumbered section ‘Collectable and personal use assets’ from 2.9 to 2.10
2.11 - Arm’s length dealings	Renumbered section ‘Arm’s length dealings’ from 2.10 to 2.11

Module 3 - Contribution Rules

Section	Changes required
3.3 How is a contribution made?	Section expanded to incorporate direct and indirect methods of making contributions
3.3.1 - Monies transferred	NEW SECTION - inserted new section under 3.3 How is a contribution made - ‘Monies transferred’ Section highlights transactions that would be deemed a money transfer
3.3.2 - In-specie contributions	Renumbered ‘in-specie contributions’ from 3.3.1 to 3.3.2
3.3.3 - Increasing the value of an existing asset	NEW SECTION - inserted new section under 3.3 How is a contribution made - ‘increasing the value of an existing asset’ Section introduces the concept of contributing by undertaking improvement transactions to property
3.3.4 - Third party expense payments	NEW SECTION - inserted new section under 3.3 How is a contribution made - ‘third party expense payments’ Section introduces concept of party external to SMSF paying a fund expense
3.3.5 - Payment of debt by guarantor	NEW SECTION - inserted new section under 3.3 How is a contribution made - ‘payment of debt by guarantor’ Section introduces how guarantors and contributions can be linked
3.3.6 - Forgiveness of debt	NEW SECTION - inserted new section under 3.3 How is a contribution made - ‘forgiveness of debt’ Section identifies when related lenders forgive debt owed by SMSF
3.4 - Eligibility to make contributions	Table and text updated to reflect change in downsizer to 55 from 1 January 2023 NOTE about TFN moved to text from ‘Employer contribution’ section Includes renumbering subsection ‘Employer contributions’ to 3.4.1
Activity 1 - Employer Contributions	Scenario 1 updated to reflect change in SG from 10.5% to 11%
3.5 - Total Superannuation Balance	Text and Table updated to reflect indexation of General Transfer Balance cap to $1.9m from 1 July 2023
3.5.2 - Accumulation Phase Value (APV)	Example - Hugh’s age changed from 58 to 59 and date changed from 30 June 2021 to 30 June 2023
3.5.3 - Retirement Phase Value (RPV)	Example - commencement and commutation date changed from 2020 and 2021 to 2022 and 2023 respectively
3.6 - Work Test	Hyperlink reference changed from 3.6.1 to 3.6.3
3.6.1 - How removing the work test affects an individual	Hyperlink reference changed from 3.9 to 3.13
3.6.4 - Work Test Exemption	Text updated to discuss rules from 1 July 2022 rather than 2019 Example of Geoff updated to current year
Activity 2	Scenario 1 (Nick) payment frequency changed from weekly to fortnightly Scenario 4 (Jiang) updated to current year example
3.7.1 - In-specie contributions	NEW SECTION - inserted new section under 3.7 Timing of contributions - ‘in-specie contributions’ Section expands on when an in-specie contribution is made Includes renumbering subsection ‘Contributions made via ATO Small Business Clearing House (SBSCH)’ to 3.7.2
3.8 - Concessional Contributions	Table updated to include cap for 2023-24 Example updated - SG indexation to 11% Example updated - increase tax payable on higher contribution Example updated - decrease cap space
3.8.1 - SG Contributions	Table amended to show previous year and future years
3.8.2 - Maximum contribution base	Table updated to include MCB for 2023-24
3.8.4 - unused concessional cap carry-forward	Example is updated to consider contributions in 2023-24 year
3.8.5 - Contribution splitting	NEW SECTION - inserted new section under 3.8 concessional contributions - ‘contribution splitting’ Section explains how contribution splitting rules work Inserted new subsection - ‘who can split?’ Inserted new subsection - ‘What contributions can you split’ Inserted new subsection - ‘How much can be split’ Inserted new subsection - ‘Application validity’ Inserted new subsection - ‘Invalid application’ Inserted new subsection - ‘Trustee’s decision on member’s application’ Inserted new subsection - ‘Tax and other consequences of contributions splitting’ Inserted contributions splitting example
3.8.6 - Contribution reserves	NEW SECTION - inserted new section under 3.8 Concessional contributions - ‘contribution reserves’ Section explains how SMSFs use a contribution reserve
3.8.7 - Allocations from a reserve	NEW SECTION - inserted new section under 3.8 Concessional contributions - ‘allocations from a reserve’ Section explains how SMSFs that maintain reserves can impact contributions
3.9 - Tax treatment of concessional contributions	NEW SECTION - inserted new section ‘tax treatment of concessional contributions’ Section outlines the tax rate that applies to concessional contributions. Section previously contained within Module 5
3.10 - Excess concessional contributions	Expanded text that identifies the process when a member exceeds their concessional contribution cap
3.11 - No-TFN contributions tax	NEW SECTION - inserted new section ‘no-TFN contributions tax’ Section outlines the tax requirements if a member does not quote their tax file number Section previously contained within Module 5
3.12 - Division 293 Tax	NEW SECTION - inserted new section ‘Division 293 Tax - additional contributions tax for high income earners’ Section outlines the circumstances where certain high income earners pay additional tax on contributions Inserted new section 3.12.1 - ‘income’ Inserted new section 3.12.2 - ‘contributions’ Section previously contained within Module 5
3.13 - Non-concessional contributions	Renumbered section ‘Non-concessional contributions’ from 3.9 to 3.13 Includes renumbering subsection ‘Additional contributions during bring-forward period’ to 3.13.1 Includes renumbering subsection ‘NCC indexation and bring-forward periods’ to 3.13.2 Includes renumbering subsection ‘What counts as a non-concessional contribution?’ to 3.13.3 NCC bring-forward table amended to incorporate indexation of General Transfer Balance cap Example (Jane) updated to reflect indexed Transfer Balance Cap Appendix 1 updated to reflect GTBC indexation from 1 July 2023
3.13.1 - Additional contributions during bring-forward period	Example 1 updated from $1.7m to $1.9m for year 2 Example 2 updated to current years
3.13.2 - NCC indexation and bring-forward periods	NCC cap amounts increased by relevant indexation amount Example updated to reflect current year and potential future indexation of caps.
Activity 3 - NCC & bring-forward	Scenario 1 updated to reflect changes to years
3.14 - Excess non-concessional contributions	NEW SECTION - inserted new section ‘excess non-concessional contributions’
3.14.1 - What happens if you exceed your non-concessional cap?	NEW SECTION - inserted new section under 3.14 Excess non-concessional contributions - ‘what happens if you exceed your non-concessional cap?’ Section explains the process when a member exceeds their non-concessional cap leaving a member with two options Inserted new subsection - ‘Option 1’ Inserted new subsection - ‘Option 2’ Inserted new subsection - ‘Associated Earnings’ Associated earnings includes the calculation process and the current associated earnings rates from the ATO
3.14.2 - Returning contributions	NEW SECTION - inserted new section under 3.14 Excess non-concessional contributions - ‘returning contributions’ Section explains the limited scenarios where contributions can be returned to the member
3.15 - Other types of contributions	Renumbered section ‘Other types of contributions’ from 3.11 to 3.15 Spouse contributions GTBC updated from $1.7m to $1.9m Downsizer contributions moved to 2nd row and updated to reflect age change from 1 January 2023 to 55 (from 60) CGT cap contributions moved to row 3 Inserted NEW ROW - Payments for personal injury/structured settlement payments added to table Government co-contributions, moved to row 5 and GTBC updated to $.9m LISTO moved to row 6 Child contributions moved to row 7 Transfer from foreign super funds moved to row 8 COVID-19 recontribution moved to row 9
3.15.1 - Downsizer contributions	NEW SECTION - inserted a new section under 3.15 Other types of contributions - ‘Downsizer contributions’ Section identifies eligibility requirements for downsizer contributions Appendix 2 previously referenced as appendix 3 updated
3.16 - What contributions are assessable?	NEW SECTION - inserted a new section ‘What contributions are assessable?’’ Section inserts a table of which contributions (discussed throughout module) are assessable and which are not
Activity 4 - Assessable or non-assessable contributions?	NEW ACTIVITY - inserted new activity with 4 scenarios determining whether contributions are assessable or not.

Module 4 - Pensions & Paying Benefits

Section	Changes required
4.3.6 - Compassionate grounds	Removed reference to temporary early release due to COVID-19 as it ceased in December 2020
4.3.7 - Terminating gainful employment	Added note to indicate SMSFs couldn’t access preserved benefits via lifetime income stream
4.4 - How benefits can be paid	Renumbered section ‘How benefits can be paid’ from 4.4.1 to 4.4
4.5 - Taxation of super lump sum member benefits	NEW SECTION - inserted a new section ‘Taxation of super lump sum member benefits’ Section explains the taxation of lump sum withdrawals Includes table with 2023-24 withdrawal caps Inserted new subsection ‘Low rate cap’ Section previously maintained in Module 5
4.6 - How benefits can be paid - income streams	Renumbered section ‘how benefits can be paid - income streams’ from 4.4.2, to 4.6 Updated proportioning example to 2023-24 year
4.7 - Types of pensions	Renumbered section ‘Types of pensions’ from 4.5 to 4.7
4.8 - Account Based Pensions	Renumbered section ‘Account based pensions’ from 4.6 to 4.8 Includes renumbering subsection ‘minimum pension payment’ to 4.8.1 Includes renumbering subsection ‘pension documentation & records’ to 4.8.2 Includes renumbering subsection ‘Commutation rules’ to 4.8.3
4.8.1 - Minimum pension payment	Updated text about 50% minimum pension reduction
Activity 2	Updated all scenarios to commence on or after 1 July 2023
4.8.3 - Commutation rules	Full commutation example 1 changed commencement date to 2023-24 year Full commutation example removes 50% discount calculation Full commutation in subsequent (or later) year example 2 updated dates and removed 50% discount
4.9 - Transition to Retirement Income Streams	Renumbered section ‘Transition to Retirement Income Streams’ from 4.7 to 4.9 Includes renumbering subsection ‘Maximum annual payment’ to 4.9.1 Includes renumbering subsection ‘Commutations’ to 4.9.2 Updated example year from 2022-23 to 2023-24 and removed 50% discount
4.10 - When does a pension cease?	Renumbered section ‘When does a pension cease?’ from 4.9 to 4.10 Includes renumbering subsection ‘exhaustion of capital’ to 4.10.1 Includes renumbering subsection ‘by operation of the payment standards’ to 4.10.2 Includes renumbering subsection ’Failing to comply with the pension rules’ to 4.10.3 Includes renumbering subsection ‘Commutation’ to 4.10.4 Inlcudes renumbering subsection ‘Member dies’ to 4.10.5
4.10.3 - Failing to comply with the pension rules	Example added
4.11 - Legacy Pensions	Renumbered section ‘Legacy Pensions’ from 4.8 to 4.11 Allocated pensions moved to top of the table as the most common legacy pension
4.12 - Taxation of Income Streams	NEW SECTION - Inserted new section ‘Taxation of Income Streams New section explains the taxation outcomes for paying income streams to a member - table included Section previously maintained in Module 5
4.13 - Transfer Balance Cap	Renumbered section ‘Transfer Balance Cap’ from 4.10 to 4.13 Updated cap following indexation to $1.9 million from 1 July 2023 Included table of General Cap from inception Updated subsection ‘Personal transfer balance cap’ to reflect indexation Updated subsection ‘Proportional indexation’ to reflect indexation Updated subsection ‘starting a transfer balance after indexation’ to reflect 1 July 2023 indexation Updated subsection ‘A transfer balance account exists before indexation’ to remove reference to $1.6 million and replace with general transfer balance cap Updated subsection ‘Available transfer balance cap space’ to change reference from $100,000 to value general cap is indexed Updated Example 2 showing proportional indexation
4.14 - Transfer Balance Account	Renumbered section ‘Transfer Balance Account’ from 4.11 to 4.14 Includes renumbering subsection ‘Debits & Credits’ to 4.14.1
4.14.1 - Debits & Credits	Example updated to 1 July 2023
Activity 3	Both scenarios updated to reflect current timeframes
4.15 - Exceeding the transfer balance cap	Renumbered section ‘Exceeding the transfer balance cap’ from 4.12 to 4.15

Module 5 - Taxation of SMSFs

Section	Changes required
Module Overview	Learning outcomes updated to remove contributions and benefit payments
5.3 - Assessable contributions	Identifies that assessable contributions are dealt with in Module 3 Former 5.3 ‘Tax treatment of concessional contributions’ moved to Module 3 Former 5.4 ‘Excess concessional contributions’ moved to Module 3 Former 5.5 ‘What contributions are assessable?’ moved to Module 3 Activity 1 moved to Module 3 Former 5.6 ‘Division 293 Tax - additional contributions tax for high income earners’ moved to Module 3
5.4 - Fund Income	Renumbered section ‘Fund Income’ from 5.10 to 5.4
5.5 - Capital gains	Renumbered section ‘Capital gains’ from 5.7 to 5.5 Includes renumbering subsection ‘CGT discount method - assets held for 12 month or more’ to 5.5.1 Includes renumbering subsection ‘CGT Method statement’ to 5.5.2 Includes renumbering subsection ‘No CGT discount - asset held for less than 12 months’ to 5.5.3 Includes renumbering subsection ‘Indexation Method’ to 5.5.4 Includes renumbering subsection ‘CGT worksheet’ to 5.5.5 Includes renumbering Activity to Activity 2 References to 2021-22 Annual return removed
5.6 - Transitional CGT relief	Renumbered section ‘Transitional CGT relief’ from 5.8 to 5.6 Includes renumbering subsection ‘Brining a deferred notional gain to account’ to 5.6.1
5.7 - Limiting the Trading stock exception for Super Funds	Renumbered section ‘Limiting the Trading stock exception for Super Funds’ from 5.9 to 5.7
5.8 - Non-arm’s length income	Renumbered section ‘Non-arm’s length income’ from 5.14 to 5.8 Includes renumbering subsection ‘Types of NALI income’ to 5.8.1 Includes inserting new subsection ‘NALE requirements for SMSFs and SAFs’ at 5.8.2 Includes renumbering subsection ‘Non-arm’s length income and assessable contributions’ to 5.8.3 Includes renumbering subsection ‘Reporting of NALI with SMSF Annual Return’ to 5.8.4
5.8.2 - NALE requirements for SMSFs & SAFs	NEW SECTION - inserted new section under 5.8 Non-arm’s length income - ‘NALE requirements for SMSFs & SAFs’ Section outlines the response to the previous introduction of law to deal with non-arm’s length expenses and how they only relate to SMSFs and SAFs Introduces the concept of NALI = 2 x arm’s length expense (if NIL expense) or 2 x difference if didn’t pay enough Examples added
Activity 2	NEW ACTIVITY - NALI
5.9 - Deductions	Renumbered section ‘Deductions’ from 5.11 to 5.9 Includes renumbering subsection ‘Operating expenses’ to 5.9.1 Includes renumbering subsection ‘Investment-related expenses’ to 5.9.2 Includes renumbering subsection ‘tax-related expenses’ to 5.9.3 Includes renumbering subsection ‘Statutory fees and levies’ to 5.9.4 Includes renumbering subsection ‘Legal expense’ to 5.9.5 Includes renumbering subsection ‘Insurance premiums…’ to 5.9.6 Includes renumbering subsection ‘Future service deduction’ to 5.9.7 Includes renumbering subsection ‘Collectables and artwork’ to 5.9.8
5.10 - Claiming of expenses	Renumbered section ‘Claiming of expenses’ from 5.12 to 5.10
5.11 - Deductibility of expenses	Renumbered section ‘Deductibility of expenses’ from 5.13 to 5.11 Includes renumbering subsection ‘Apportionment’ to 5.11.1 Includes renumbering subsection ‘Specific deductions’ to 5.11.2 Includes renumbering subsection ‘General deductions’ to 5.11.3 Includes renumbering subsection ‘Exclusions’ to 5.11.4 Includes renumbering subsection ‘Expenditure - capital v revenue account’ to 5.11.5
5.12 - Tax exemption in the retirement phase	Renumbered section ‘Tax exemption in the retirement phase’ from 5.15 to 5.12 Includes renumbering subsection ‘Methods for calculating ECPI’ to 5.12.1 Includes renumbering subsection ‘Segregated method’ to 5.12.2 Includes renumbering subsection ‘Proportional method’ to 5.12.3 Includes renumbering subsection ‘What are disregarded small fund assets (DSFA)’ to 5.12.4 Includes renumbering subsection ‘What is 100% in retirement phase?’ to 5.12.5 Includes renumbering subsection ‘Which ECPI method should be used?’ to 5.12.6 Includes renumbering subsection ‘Actuarial certificate requirements’ to 5.12.7 Includes renumbering subsection ‘Tax losses’ to 5.12.8 Includes renumbering subsection ‘ECPI & Expenses’ to 5.12.9 Includes renumbering subsection ‘CGT events with ECPI’ to 5.12.10
5.12.7 - Actuarial certificate requirements	Updated reference to CGT method statement to 5.5.2
5.13 - Division 296 tax	NEW SECTION - inserted new section ‘Division 296 tax’ Section introduces new tax on those with superannuation balances greater than $3m from 1 July 2025 Introduces the steps required to calculate the tax liability
5.13.1 - Earnings Calculation	NEW SECTION - inserted new section under 5.13 Division 296 - ‘Earnings calculation’ Section introduces how to calculate the earnings allowing for various withdrawals and contributions Examples provided
5.13.2 - Carry forward negative superannuation earnings to future income years	NEW SECTION - inserted new section under 5.13 Division 296 - ‘Carry forward negative superannuation earnings to future income years’ Section introduces the concept of carrying forward negative earnings to future years to reduce positive earnings
5.13.3 - Division 296 assessments & tax liability	NEW SECTION - inserted new section under 5.13 Division 296 - ‘Division 296 assessments & tax liability’ Section introduces how assessments are made and paid as well as exceptions
5.14 - Goods and Services Tax (GST)	Renumbered section ‘Goods and Services Tax (GST)’ from 5.16 to 5.14 Includes renumbering subsection ‘Financial supplies and GST credits’ to 5.14.1 Includes renumbering subsection ‘Reduced credit acquisitions’ to 5.14.2

Module 6 - Statutory reporting & responsibilities

Section	Changes required
6.5 - Record keeping	Changed penalty to $313 from 1 July 2023
Activity 1	Updated Scenario 2 to change wind up date to 30 June 2023
6.7.1 - Events that need to be reported	Updated debit and credit table to add debits for certain defined benefit pensions and non-commutable excess transfer balances
6.7.2 - Reporting timeframes	Updated section to reflect all SMSFs move to quarterly TBAR from 1 July 2023 (including removal of annual reporting example)
6.7.7 - Late reporting	Removed reference to ATO taking educative approach Reworded section slightly
Activity 2	Updated dates in Scenario 1 & 2
6.10 - PAYG withholding	Reference to Legacy Pension updated to reference Section 4.11 in module 4
6.11 - SuperStream	Removed reference about inclusion of rollovers into SuperStream Reworded exemptions
6.11.1 - Electronic Service Address	Added text about employers requesting individuals completing choice forms
6.11.3 - SuperStream & ATO release authorities	Deleted former section 6.11.3 ‘Temporary rollover relief for SMSFs’ as relief has expired NEW SECTION - added new section under 6.11 SuperStream - ‘SuperStream & ATO release authorities’ Section outlines the various release authorities that ATO issue and the process when ATO issues a release
6.12.1 - Education direction	Amended penalty unit from 10 to 5
6.12.4 - Administrative penalties	Updated penalty unit value to $313 from 1 July 2023
6.13.1 - The wind-up process	Updated the checklist

Module 7 - SMSF Estate Planning

Section	Changes required
Module Overview	Learning outcomes amended to incorporate tax and trustee considerations
7.5 - Who is a dependant?	Updated reference to tax consequences
7.5.1 - Definitions	Child definition includes updated reference to tax consequences
7.6.2 - Binding death benefit nomination (BDBN)	Updated text to reference Hill & Zuda High Court Case and validity of binding nominations in SMSFs Also adds reference to Donovan v Donovan case
7.6.3 - Death Benefit Rule	Expanded text
7.10.5 - Transfer Balance Cap - death benefit pensions	Example updated to 2023
7.11 - Taxation of Death Benefits	NEW SECTION - inserted new section ‘Taxation of Death Benefits’ Section explains death benefits tax Section previously maintained in Module 5
7.11.1 - Tax dependant beneficiary	NEW SECTION - inserted new section under 7.11 Taxation of Death Benefits - ‘Tax dependant beneficiary’ Section explains tax payable by a tax dependant for both lump sums and pensions including table Section previously maintained in Module 5
7.11.2 - Who is a (tax) death benefit dependant	NEW SECTION - inserted new section under 7.11 Taxation of Death Benefits - ‘Who is a (tax) death benefit dependant’ Section explains who meets the definition of a death benefits tax dependant Section previously maintained in Module 5
7.11.3 - Non-tax dependant beneficiary	NEW SECTION - inserted new section under 7.11 Taxation of Death Benefits - ‘Non-tax dependant beneficiary’ Section explains how death benefits paid to non-tax dependants are taxed including table Section previously maintained in Module 5
Activity 4 - Tax on death benefit payments	NEW ACTIVITY- inserted new Activity Activity previously maintained in Module 5
7.12 - Death Benefit Rollovers	Renumbered section ‘Death Benefit Rollovers’ from 7.11 to 7.12 Includes renumbering subsection ‘Death Benefit untaxed elements upon rollover’ to 7.12.1
7.13 - Appointing a new trustee	Renumbered section ‘Appointing a new trustee’ from 7.12 to 7.13 Added a reference to constitution considerations where director has died