SMSF Essential Course changelog - April 2026

The following changes have been made to modules within the SMSF essentials course - these changes reflect an expansion of the content to 25 CPD hours, along with various additions and amendments to the superannuation laws up to April 2026:

All – copyright updated to 2026

All - New module summary has been added to each module

Module 1 is a complete re-write as content was previously a repeat of content contained in SMSF Foundations course (now is more focussed on more in-depth analysis of fund establishment

Expansion of CPD hours from 18 to 25 incorporates the inclusion of video content and expansion of text

Module 1 – Understanding SMSFs and the Sector

Section Changes required
Module overview and learning outcomes ●     COMPLETE REWRITE. The new module is restructured entirely around the SMSF practitioner's role. From understanding the SMSF definition, through to licensing, professional boundaries and ethics. Learning outcomes introduced to achieve this
1.1 Starter to smarter: from foundations to essentials ●     NEW SECTION. Introduces the concept of the SMSF Essentials course building on the ‘big picture’ concept of the SMSF Foundations course. Particular emphasis on establishing a fund and key trustee considerations.
1.2 The SMSF definition: digging deeper into s17A ●     NEW SECTION. Deep-dive into the statutory definition of an SMSF under SIS Act s17A. A number of these themes are introduced in the SMSF Foundations course and expanded upon here.
1.2.1 - Why the definition matters ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ‘Why the definition matters’ ●     Section lays the foundations for the key elements of the SMSF definition
1.2.2 - Section 17A - core conditions ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ‘Section 17A - core conditions’ ●     Section expands upon the concept that an SMSF can have no more than 6 members where all members are trustee/director and all trustee/director are members to highlight the other key elements such as relatives, employees etc
1.2.3 - Aligning control and benefit ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ‘Aligning control and benefit’ ●     Section contemplates the element of membership and control
1.2.4 - Relatives, employees and relationship limits ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - 'Relatives, employees and relationship limits’ ●     Section identifies and includes an example of the correlation between the exclusion of being in a fund with an employer unless related
1.2.5 - Disqualified persons ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ‘Disqualified persons’ ●     Section
1.2.6 - Trustee remuneration ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ●     Section
1.2.7 - Attorneys, LPR and alternate decision-makers ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ●     Section
1.2.8 - Temporary breaches and the six-month window ●     NEW SUB-SECTION - inserted new subsection under Section 1.2 The SMSF definition: digging deeper into s17A - ●     Section
Activity 1 Is this an SMSF? ●     NEW ACTIVITY. Scenario-based activity testing understanding of the SMSF definition under s17A.
1.3 Residency and the 'Australian super fund' tests ●     NEW SECTION. Replaces prior sections on Resident Regulated Fund (1.9), Australian Superannuation Fund (1.9.1) and Central Management and Control (1.9.2). Incorporates ATO rulings including TR 2008/9.
Activity 2 Residency risks ●     NEW ACTIVITY.
1.4 Maintaining the complying SMSF status over time ●     NEW SECTION. Consolidates what was previously the Sole Purpose Test (1.10) and Trustee Covenants (1.8) into a single forward-looking compliance section.
Activity 3 Timeline of a SMSF family ●     NEW ACTIVITY.
1.5 Trustee roles, duties and consequences ●     NEW SECTION. Covers trustee duties, civil and criminal penalties for contravention. Replaces and expands prior section on Trust Deed (1.7).
Activity 4 Mapping responsibilities ●     NEW ACTIVITY.
1.6 Licensing: who can recommend an SMSF? ●     NEW SECTION. Covers AFSL licensing requirements for SMSF advice. References ASIC Information Sheet 274 'Tips for giving SMSF advice'. Replaces prior section 1.5 Key Features & Regulation.
Activity 5 Can I say this? ●     NEW ACTIVITY.
1.7 What unlicensed professionals can and cannot do ●     NEW SECTION. Covers the scope of advice accountants and other unlicensed professionals can provide in relation to SMSFs. No equivalent content existed in the prior module.
Activity 6 Boundary spotting ●     NEW ACTIVITY.
1.8 Suitability, ethics and 'getting it wrong' ●     NEW SECTION. Covers professional obligations and ethical considerations when advising on SMSFs, including suitability analysis and consequences of poor advice.
1.9 Pulling it together: a simple SMSF decision flow ●     NEW SECTION. A summary decision framework for practitioners assessing whether an SMSF is appropriate for a client.
Module summary ●     NEW SECTION – module summary page added.

Module 2 – Contribution Rules

Section Changes required
2.1.1 – ATO Ruling TR 2010/1 ●     Text updated to reflect that TR 2010/1 was finalised in September 2025, with the finalised ruling addressing the interaction between value-based contributions and the NALE rules, and tidying up the ruling around claiming personal deductions.
2.4 – Total Superannuation Balance ●     TSB definition amended to reflect passage of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 ●     TSB table updated: top threshold now expressed as 'General Transfer Balance Cap (GTBC)' rather than a fixed dollar figure, and bring-forward thresholds expressed as GTBC minus 1 x NCC cap and GTBC minus 2 x NCC cap, reflecting ongoing indexation. ●     Note about proposed legislative change removed and replaced with confirmation that the change became law.
2.4.1 – Defining a member's total superannuation balance ●     Definition updated to reflect the simplified TSB definition under the new legislation. The retirement phase value component is now expressed differently under the new law, removing the link to the transfer balance account. Text updated accordingly.
2.6.2 – Contributions made via ATO Small Business Super Clearing House (SBSCH) ●     Note expanded to confirm SBSCH will close from 1 July 2026
2.7 – Concessional contributions ●     Cap table updated to include 2025-26 ($30,000) and 2026-27 ($32,500).
2.8 – SG contributions ●     Text updated to reflect SG has now reached its final rate of 12% from 1 July 2025 (wording changed from 'will reach' to 'reached'). ●     new note added on Payday Super:
2.8.1 – Maximum contribution base ●     MCB table updated to include 2025-26 ($62,500 per quarter). Note that from 1 July 2026 with Payday Super, MCB is set as an annual limit ($270,830 for 2026-27) rather than a quarterly limit.
2.8.2 – SG opt out for high income earners ●     Minor update to reflect that from 1 July 2026 the reference to 'more than one employer' will be revised given Payday Super.
2.9 – Unused concessional cap carry-forward ●     Example updated to use 2025-26 as the current year, with the 2019-20 year now falling outside the 5-year rolling window. Updated cap figures ($30,000 and $32,500) incorporated.
2.12 – Excess concessional contributions ●     Example updated to reflect 2025-26 figures and current marginal tax rate of 30% for the relevant bracket following Stage 3 tax cuts.
2.13 – Division 293 tax ●     Example updated with contribution figure of $30,000 (previously $27,500) reflecting current cap. Tax calculations updated accordingly.
2.14 – Non-concessional contributions ●     NCC cap table updated to include 2025-26 ($120,000) and 2026-27 ($130,000).
2.15 – NCCs and bring-forward provisions ●     Bring-forward table updated.
2.15.1 – Additional contributions during bring-forward period ●     Example (James) updated to reflect $130,000 NCC cap for 2026-27. Example (Mary) updated to incorporate commentary on indexation impact.
2.16.2 – Associated earnings ●     Table updated to include 2024-25 rate (11.33% annual / 0.03104110% daily).
2.19.2 – Low Income Super Tax Offset (LISTO) ●     Note updated to reference Government announcement of changes to LISTO from 1 July 2027.
Activity answers ●     All activity answers updated to reflect current year figures, updated contribution caps, and revised examples throughout.

Module 3 – Investment Rules


Section Changes required
Module rebadged •   Module renamed from Module 2 (Investment Rules) to Module 3 (Investment Rules)
  •    Copyright updated from © Smarter SMSF Pty Ltd 2023 to © Smarter SMSF 2026
  •    Content currency updated from July 2023 to April 2026
    		•
    Module Overview •   Updated reference from Module 2 to Module 3
    3.1 – Introduction •   NEW SECTION – Inserted new introduction section (previously no standalone introduction in M2)
  •    Introduces the SISA and SISR as the governing legislative framework
  •    Notes that penalties can extend beyond trustees to lawyers, accountants and financial planners
  •    Highlights that the legislation is often open to interpretation, necessitating ATO guidance
    		•
    3.1.1 – Regulatory guidance •   NEW SUBSECTION – Inserted new subsection listing all key ATO rulings and determinations relevant to investment rules
  •    Table includes 11 rulings/determinations with hyperlinks: SMSFD 2007/1, SMSFR 2008/1, SMSFD 2008/1, SMSFD 2008/2, SMSFR 2008/2, SMSFR 2009/1, SMSFR 2009/2, SMSFR 2009/3, SMSFR 2009/4, SMSFR 2010/1, SMSFR 2012/1
    		•
    3.2 – Investment Strategy •   Renumbered from 2.1 to 3.2
  •    ATO website link updated to new URL: ‘Create your SMSF investment strategy’
    		•
    3.2.1 – Requirements of an investment strategy •   Renumbered from 2.1.1 to 3.2.1
  •    Content unchanged
    		•
    3.3 – Restrictions of fund investments •   Renumbered from 2.2 to 3.3
  •    Added third restriction bullet point: ‘investing in related parties’ (new, not in M2)
    		•
    3.4 – Sole Purpose Test •   Renumbered from 2.3 to 3.4
  •    Core purposes and ancillary purposes moved into distinct subsections 3.4.1 and 3.4.2 (previously presented as inline text without subsection headings)
    		•
    3.4.1 – Core Purposes •   NEW SUBSECTION – Core purposes content extracted from body text and placed into dedicated numbered subsection
    3.4.2 – Ancillary purposes •   NEW SUBSECTION – Ancillary purposes content extracted from body text and placed into dedicated numbered subsection
    3.4.3 – Factors to determine compliance with Sole Purpose Test •   Renumbered from 2.3.1 to 3.4.3
  •    Activity 1 reformatted from prose bullet list to table format
    		•
    Activity 1 – Satisfying the sole purpose test •   Scenarios reformatted from bullet list to table layout for consistency with M3 activity style
    3.5 – Related parties and relatives •   Renumbered from 2.4 to 3.5
  •    Added new bullet point for single member funds: ‘For single member funds, any non-member trustee/director’
  •    Definition of relative updated: added clarification that the definition ‘does not extend to former spouse’
  •    Activity 2 reformatted from bullet list to table format
    		•
    3.5.1 – Factors to determine who is a related party •   Renumbered from 2.4.1 to 3.5.1
  •    Control of a Trust definition updated – added ‘or income’ to the fixed entitlement threshold (previously capital only, now ‘more than 50% of the capital or income of the trust’)
  •    Control of a Company – order of dot points reversed (majority voting interest now listed before ‘sufficiently influenced’)
  •    ‘Sufficiently influenced’ bolded for emphasis
    		•
    Activity 2 – Determining who is a Part 8 Associate •   Reformatted from bullet list to table layout
  •    Answer for unit trust question updated to reference ‘fixed entitlement of 51%’ and also ability to appoint/remove trustee (more complete answer than M2)
    		•
    3.6 – Prohibition on lending to members •   Renumbered from 2.5 to 3.6
  •    Added clarification that loans other than to members/relatives are not prohibited, but must still meet best interests/sole purpose test
  •    Added introductory sentence distinguishing lending money (s.65(1)(a)) from financial assistance (s.65(1)(b))
  •    Financial assistance examples list moved to appear before the Jason example (reordered from M2)
  •    Activity 3 reformatted from prose to table format
    		•
    3.7 – In-house assets •   Renumbered from 2.8 to 3.7
  •    Exceptions overview paragraph removed from introduction (exceptions now covered in dedicated section 3.8)
  •    Definition table (asset, loan, investment in, lease, lease arrangement) retained
  •    Measurement timing paragraph relocated to follow the definition table
  •    Introductory framing updated to note exceptions are addressed separately
    		•
    3.7.1 – Breaching the in-house asset rules •   Content from former section 2.8.2 ‘What if the limit is exceeded?’ renumbered and retitled to 3.7.1
  •    COVID-19 compliance approach content (formerly 2.8.3) moved under this subsection
    		•
    3.7.2 – Related party trust distributions – pathway to breach •   Renumbered from 2.8.1 ‘Unpaid trust distributions’ to 3.7.2
  •    Section retitled from ‘Unpaid trust distributions’ to ‘Related party trust distributions – pathway to breach’
    		•
    Activity 4 – In-house asset breach or not? •   Reformatted from prose bullet to table layout
  •    Scenario and answer content unchanged
    		•
    3.8 – Exceptions to the in-house asset rules •   NEW SECTION – Dedicated section inserted to cover all exclusions from the in-house asset definition
  •    Lists all statutory exclusions under s.71(1)(a) to (j) including: life policies, ADI deposits, pooled superannuation trusts, ATO-determined assets, business real property, widely held unit trusts, tenants in common property, and Regulation 13.3A assets
  •    Introduces the definition of a ‘widely held trust’ (20 entities with 75%+ entitlement)
  •    Identifies the two most significant exceptions: Division 13.3A (non-geared related entities) and BRP leased to related party
    		•
    3.9 – Business Real Property •   Renumbered from 2.9 to 3.9
  •    Section significantly expanded
  •    Repositioned as an exception to in-house asset rules (now follows exceptions section 3.8)
  •    BRP also noted as applicable to related party acquisition rules
    		•
    3.9.1 – Wholly and Exclusively •   NEW SUBSECTION – Detailed analysis of the ‘wholly and exclusively’ test inserted based on SMSFR 2009/1
  •    Explains that the phrase operates as a composite test, not two separate conditions
  •    Clarifies the test applies to physical use of the land
  •    Identifies two accommodations: unused portions of land and minor/insignificant non-business use
  •    Discusses concurrent business and non-business use scenarios
  •    Notes the primary production statutory carve-out (dwelling ≤2 hectares)
  •    Addresses ongoing monitoring obligations and temporarily vacant commercial property
    		•
    3.10 – Investments in non-geared related entities •   NEW SECTION – Dedicated section inserted covering Division 13.3A investments (Regulations 13.22B and 13.22C)
  •    Covers assets acquired before 28 June 2000 (Reg 13.22B) and on or after 28 June 2000 (Reg 13.22C)
  •    Lists all qualifying conditions for the exception
  •    Explains triggering events under Reg 13.22D(1) that cause the exception to cease
  •    Lists all 13.22D events including fund membership exceeding 6
    		•
    3.11 – Acquiring assets from related parties •   Renumbered from 2.6 to 3.11 and repositioned later in module (after in-house asset rules and BRP)
  •    Section substantially expanded
  •    Introductory framing rewritten – explains the intentionality element under s.66(1)
  •    Exceptions more clearly listed: listed securities, BRP, in-house assets, other excluded in-house assets
  •    Added clarification that the in-house asset exception does NOT extend to assets leased to a related party before/upon acquisition
  •    Added explanation that money (cash, EFT, bank cheques) is carved out entirely
  •    ATO’s broad view of ‘acquire’ explained, including in-specie contributions, trust distributions and assets at fund settlement
  •    Service contracts explained – no asset acquired unless goods of more than insignificant value are also provided
    		•
    3.11.1 – Market valuation •   NEW SUBSECTION – Inserted to address market valuation requirements for related party acquisitions
  •    Explains in-specie contribution treatment at market value
  •    Introduces NALI risk under s.295-550 ITAA 1997 where asset acquired below market value
  •    Flags in-specie transfers at undervalue as a particular risk area
  •    References s.109 arm’s length requirement for all related party transactions
    		•
    3.11.2 – Relationship breakdown exception •   NEW SUBSECTION – Inserted to address the Family Law Act 1975 carve-out
  •    Explains that acquisitions pursuant to a court order or binding superannuation agreement following relationship breakdown are exempt from s.66
    		•
    3.12 – Borrowing •   Renumbered from 2.7 to 3.12 and repositioned later in module
  •    Section substantially expanded
  •    Historical context added – general borrowing prohibition applicable since 1986
  •    Reference to SMSFR 2009/2 added
    		•
    3.12.1 – What is a borrowing? •   NEW SUBSECTION – Inserted based on SMSFR 2009/2 to define the meaning of ‘borrow money’
  •    Explains the two elements required: money temporarily provided AND obligation/intention to repay
  •    Examples of borrowings listed: member loans, overdrafts, margin lending, LRBAs
  •    Examples of non-borrowings listed: genuine contributions, normal unpaid expenses, instalment purchase without money advance
  •    Clarifies the prohibition covers maintaining an existing borrowing
  •    Notes refinancing is treated as a new borrowing
    		•
    3.12.2 – Borrowing exceptions •   Renumbered from 2.7 exceptions text to 3.12.2
  •    Securities settlement exception expanded with a comprehensive list of security types covered (bonds, shares, units, futures, forwards, interest rate swaps, currency swaps, options, foreign currency etc.)
  •    Added NOTE that the superannuation surcharge borrowing exception still exists in legislation but surcharge has not applied since 1 July 2005
    		•
    3.13 – Limited Recourse Borrowing Arrangements •   Renumbered from 2.7.1 to 3.13
  •    Core LRBA conditions and diagram retained
    		•
    3.13.1 – Related Party Loans and PCG 2016/5 •   NEW SUBSECTION – Inserted to address related party LRBA requirements
  •    Explains NALI risk under s.295-550 ITAA 1997 where LRBA not on arm’s length terms
  •    Introduces Practical Compliance Guideline PCG 2016/5 Safe Harbour terms
  •    Notes that non-compliance with Safe Harbour does not automatically mean NALI applies but removes certainty
    		•
    3.14 – Collectables and personal use assets •   Renumbered from 2.10 to 3.14
  •    Section substantially expanded as follows:
  •    Full statutory list of s.62A assets reproduced from the legislation (artwork, jewellery, antiques, artefacts, coins, stamps, rare folios, memorabilia, wine, cars, recreational boats, sporting/social club memberships, other personal use assets)
  •    Clarification added that regulations refer to ‘motor vehicles’ not ‘cars’ (defined as any motor powered road vehicle)
  •    Definition of ‘artwork’ from ITAA97 s.995-1 added
  •    Clarification that coins and banknotes are collectables only if value exceeds face value
  •    Definition of ‘spirits’ added (includes whiskey, gin, vodka, tequila, brandy, rum)
    		•
    3.14.1 – Regulatory requirements •   NEW SUBSECTION – Six regulatory requirements under Reg 13.18AA set out individually with reference to specific regulation numbers
  •    Requirement 1 (13.18AA(2)): Assets must not be leased to a related party – includes note that leasing to gallery (non-related) is permissible
  •    Requirement 2 (13.18AA(3)): Item must not be stored in private residence of related party – clarifies ‘private residence’ includes all land, sheds and cellars; storage at business premises of related party is permitted but display is not
  •    Requirement 3 (13.18AA(4)): Decisions on storage must be documented and records retained for 10 years; document can form part of trustee minutes or investment strategy
  •    Requirement 4 (13.18AA(5)): Item must be insured in fund’s name within 7 days of acquisition (excluding sporting/social club memberships)
  •    Requirement 5 (13.18AA(6)): Items must not be used by a related party; displaying is considered use
  •    Requirement 6 (13.18AA(7)): Transfer to related party requires independent valuation at market price
    		•
    3.15 – Arm’s Length Dealings •   Renumbered from 2.11 to 3.15
  •    Content unchanged
    		•
    Module summary •   NEW SECTION – Module summary inserted at end of module content
  •    Summarises all key topics covered including investment strategy, sole purpose test, related parties, IHA rules, exceptions, BRP, non-geared related entities, borrowing, LRBAs, and collectables
    		•

    Module 4 – Pensions and Paying Benefits


    Section Changes required
    4.1 – Introduction •      NEW SECTION – a dedicated Introduction section (4.1) has been inserted at the start of the module
  •       Provides context for the module including the dual role of SMSF trustees as both members and authorising trustees
  •       Outlines the legislative framework (SIS Act 1993 and SIS Regulations 1994) governing access to super benefits
  •       Describes the range of payment options (lump sum, income stream, or combination) and associated compliance requirements
  •       References the Income Tax Assessment Act 1997 and tax consequences of pension commencement
  •       Explains the significance of the SMSF life cycle and moving from accumulation to retirement phase
    		•
    4.2 – Preservation •      Section renumbered from 4.1 to 4.2
  •       Introductory paragraph expanded – additional sentence clarifies that where a nil cashing restriction condition is met, all preserved or restricted non-preserved benefits become unrestricted non-preserved
  •       Three preservation categories (Preserved, Restricted Non-Preserved, Unrestricted Non-Preserved) now presented with descriptive paragraphs before the summary table, providing greater detail on the nature and origin of each category
  •       Additional paragraph added explaining that preservation status is separate from tax components, and that incorrect classification can result in unlawful early access with significant tax penalties
  •       Concluding sentence added noting the importance of understanding preservation components to compliant benefit payment and pension administration
    		•
    4.2.1 – Preservation Age •      Section renumbered from 4.2 to 4.2.1 and incorporated as a subsection of 4.2
  •       No substantive changes to content
    		•
    4.3 – Conditions of Release •      Conditions of release with nil cashing restrictions table now presented under new subsection heading 4.3.1
  •       Conditions of release with cashing restrictions table now presented under new subsection heading 4.3.2
  •       Detailed subsections for each nil cashing restriction condition restructured and renumbered to 4.3.1.1 through 4.3.1.5 (previously 4.3.1 through 4.3.5)
  •       Detailed subsections for each cashing restriction condition restructured and renumbered to 4.3.2.1 through 4.3.2.4 (previously 4.3.6 through 4.3.9)
  •       Illegal Early Access section renumbered from 4.3.10 to 4.3.3
    		•
    4.3.1.1 – Retirement condition •      Section restructured to reflect that preservation age moved to age 60 from 1 July 2024
  •       "Reached age 60" condition now presented as the primary / current rule
  •       "Under 60 years of age" condition now noted as the pre-1 July 2024 rule for historical reference
  •       Content for retirement condition previously covered both ages equally; updated version clearly distinguishes current vs prior rules
    		•
    4.3.2.2 – Compassionate grounds •      Renumbered from 4.3.6 (duplicate numbering in prior version) to 4.3.2.2
  •       No substantive changes to content
    		•
    4.3.2.3 – Temporary incapacity •      Renumbered from 4.3.8 to 4.3.2.3
  •       Section on Termination of Gainful Employment (previously 4.3.7) removed – note added in prior version that this condition is unavailable to SMSFs (unable to commence lifetime pensions); section omitted in updated version
  •       No substantive changes to remaining content
    		•
    4.3.2.4 – Attaining preservation age •      Renumbered from 4.3.9 to 4.3.2.4
  •       Cross-reference updated from section 4.7 to section 4.11
  •       No other substantive changes
    		•
    4.3.3 – Illegal early access •      Renumbered from 4.3.10 to 4.3.3
  •       Introductory sentence updated – ATO guidance note reworded: 'currently has' changed to 'currently has previously released' to reflect the ongoing draft status of these documents
  •       No other substantive changes
    		•
    Activity 1 •      Scenario 4 (Isaac) updated – question now specifically asks whether Isaac can access his benefits 'under a condition of release with nil cashing restriction' (previously asked more generally 'under a condition of release')
  •       Activity answer for Scenario 4 updated to correspond with the revised question wording
    		•
    4.4 – How benefits can be paid – Lump Sum •      Section number unchanged
  •       NEW SUBSECTION 4.4.1 – Taxation of super lump sum member benefits (content previously in standalone section 4.5 moved here as a subsection)
  •       NEW SUBSECTION 4.4.2 – Tax offset on taxable component (content previously embedded in 4.5 extracted as a dedicated subsection)
  •       NEW SUBSECTION 4.4.3 – Modified Tax-Free Component – Disability Superannuation Lump Sum (entirely new content)
    		•
    4.4.1 – Taxation of super lump sum member benefits •      Content moved from standalone section 4.5 to subsection 4.4.1
  •       Introductory paragraph expanded – now describes that the value of the superannuation interest and proportion of each component is determined each time a lump sum benefit is paid from an accumulation interest; notes that the split is likely to change with each payment as earnings are added to the taxable component
  •       Proportioning rule example (William) added to illustrate how proportioning works across multiple withdrawals – new content
  •       Taxation rates table updated: Low Rate Cap row (Preservation age to 59) removed entirely – reflects the removal of the low rate cap for benefits paid on or after 1 July 2024
  •       Untaxed plan cap table updated to include thresholds for 2024-25 ($1,780,000), 2025-26 ($1,865,000), and 2026-27 ($1,935,000)
  •       Note added that for SMSFs, almost all benefits will come from the taxable component – taxed element; untaxed element applies only in very limited circumstances relating to death benefits with specific insurance proceeds
    		•
    4.4.2 – Tax offset on taxable component •      Content extracted from 4.5 and presented as dedicated subsection 4.4.2
  •       Low rate cap section removed – previously described the low rate cap applying between preservation age and 59; removed to reflect that the low rate cap no longer applies from 1 July 2024
  •       Reference to ATO key rates and thresholds hyperlink removed
    		•
    4.4.3 – Modified Tax-Free Component — Disability Superannuation Lump Sum •      NEW SUBSECTION – entirely new content added
  •       Explains the modified tax-free component available under section 307-145 of the ITAA 1997 where a lump sum is paid as a disability superannuation benefit
  •       Outlines the two-certificate medical qualification requirement before the modification can apply
  •       Provides the formula for calculating the modified tax-free amount (Amount of Benefit × Days to Retirement ÷ (Service Days + Days to Retirement))
  •       Defines Amount of Benefit, Days to Retirement and Service Days
  •       Includes comprehensive worked example (Kelly) showing step-by-step calculation of service days, days to retirement, modified tax-free amount, and resulting tax saving
  •       Includes comparison table illustrating tax saving with and without the modification
    		•
    4.5 – How benefits can be paid – Income Streams •      Renumbered from 4.6 to 4.5
  •       NEW SUBSECTION 4.5.1 – Taxation of Income Streams (content previously in standalone section 4.12 moved here as a subsection)
    		•
    4.5.1 – Taxation of Income Streams •      Content moved from standalone section 4.12 to subsection 4.5.1
  •       Taxation table updated: 'Preservation age to 59' row removed – reflects preservation age moving to 60 from 1 July 2024 (no longer a separate tax treatment for this age band)
  •       15% tax offset description updated – now applies only to disability income streams or death benefit income streams where deceased was also under 60; previously applied broadly to all pension recipients between preservation age and 59
  •       Note removed that the tax consequences of an income stream are 'not impacted as to whether the income stream is in the retirement phase or not'
    		•
    4.6 – Types of pensions •      Renumbered from 4.7 to 4.6
  •       Pensions table: RCV column removed from both ABP and TRIS rows (was blank/N/A in prior version)
  •       NEW SUBSECTION 4.6.1 – Retirement Phase Pensions
    		•
    4.6.1 – Retirement Phase Pensions •      NEW SUBSECTION – entirely new content added
  •       Explains the distinction between commencing an income stream and having a pension classified as being in the retirement phase
  •       Outlines the four conditions that must be met for a pension to be in the retirement phase (condition of release with nil cashing restriction met; pension meets regulatory standards; pension formally commenced with documentation; minimum annual payment standards met)
  •       Notes that not all pensions are in retirement phase – specifically that a TRIS commenced before a full condition of release is met remains in the accumulation phase
  •       Explains that TRIS enters retirement phase once the member satisfies a full condition of release
  •       Notes that commencement of a retirement phase pension gives rise to a transfer balance account credit
    		•
    4.7 – Transfer Balance Cap •      Renumbered from 4.13 to 4.7
  •       Transfer balance cap table updated to include years 2024-25 ($1,900,000), 2025-26 ($2,000,000) and 2026-27 ($2,100,000)
  •       Introductory description updated – removes reference to the cap commencing at $1.6 million on 1 July 2017 and subsequent indexation milestones (1 July 2021 and 1 July 2023); replaced with more generic description
  •       Concept of 'retirement phase' paragraph removed (previously defined within this section; now addressed in new section 4.6.1)
    		•
    4.7.1 – Personal transfer balance cap •      Content restructured as formal subsection 4.7.1
  •       Introductory paragraph updated – removes reference to specific indexation events (1 July 2021 and 1 July 2023) and specific cap figures ($1.6m to $1.9m range); replaced with more generic proportional indexation description
  •       Three proportional indexation scenarios now presented under clearer sub-headings
  •       Example 2 (Leanne) updated – Leanne's cap at commencement noted as $1.7 million (previously unstated); indexation year references made more generic ('1 July 2023' retained for the example but framing made less year-specific)
    		•
    4.8 – Transfer Balance Account •      Renumbered from 4.14 to 4.8
  •       Cross-reference to proportional indexation updated from section 4.13 to section 4.7.1
  •       NOTE added: SMSFs must report TBA events within 28 days after the end of the quarter in which the event occurs
    		•
    4.8.1 – Debits & Credits •      Renumbered from 4.14.1 to 4.8.1
  •       No substantive changes to debits/credits table
    		•
    4.8.2 – Reversionary and non-reversionary pensions •      NEW SUBSECTION – entirely new content added
  •       Explains the transfer balance cap consequences when a member dies and an income stream continues to a beneficiary
  •       Reversionary pension: describes how the TBA credit arises at the date of death but does not count until 12 months after death; explains this deferral allows time to assess cap space, commute other pensions, or restructure; clarifies reporting must still occur within 28 days of end of quarter of death
  •       Non-reversionary death benefit income streams: explains the original pension ceases at death; new credit arises at the time the new death benefit income stream commences with no 12-month deferral; notes beneficiary must have sufficient cap space at commencement
    		•
    4.8.3 – What does not count towards the transfer balance cap •      Content previously embedded within section 4.14 extracted as formal subsection 4.8.3
  •       No substantive changes to content
    		•
    4.8.4 – Exceeding the transfer balance cap •      Content moved from standalone section 4.15 to subsection 4.8.4
  •       No substantive changes to content
  •       ATO website hyperlink updated to more specific URL for excess transfer balance information
    		•
    Activity 2 – Calculating TBA •      Activity renumbered from Activity 3 to Activity 2
  •       Scenario 2 (Dean) updated: pension payments changed from '$60,000 each year from FY2017-18 to FY2022-23' to '$80,000 each year from FY2017-18 onwards'
  •       Scenario 2 (Dean): current value of reversionary pension updated from $478,000 to $428,000
  •       Activity answer for Dean updated to reflect revised scenario (answer unchanged at $1,550,000 as pension payments and current value do not affect TBA; amount at date of death remains $450,000)
    		•
    4.9 – Account Based Pensions •      Renumbered from 4.8 to 4.9
  •       ABP description expanded – now described as 'a retirement phase pension' in the opening sentence
    		•
    4.9.1 – Minimum pension payment •      Renumbered from 4.8.1 to 4.9.1
  •       Minimum drawdown relief row (Temporary 50% reduced minimum – 1 July 2019 to 30 June 2023) removed from percentage factor table
  •       Note updated to reflect historical context of COVID minimum drawdown relief, referring to both the 2008 Financial Crisis and 2019 Coronavirus pandemic (previously only referenced one event)
    		•
    4.9.2 – Pro-rata pension payments •      Content extracted from 4.8.1 and presented as formal subsection 4.9.2
  •       Example (Theresa) updated – calculation updated from leap year (182 days / 366 days = $6,215) to non-leap year (181 days / 365 days = $6,198); minimum payment rounded up to $6,200
  •       Example (pension commences after 1 June) updated to reference same Theresa example with updated commencement date
    		•
    Activity 3 – Calculate minimum pension •      Activity renumbered from Activity 2 to Activity 3
  •       Scenario 1 (Brian): specific year references (2023, 2023-24) removed; made generic
  •       Scenario 2 (Gladys): specific year references removed; Gladys's age changed from 59 to 60 at 1 July (reflecting preservation age change to 60); minimum pension calculation unchanged at $9,200
  •       Scenario 3 (Thomas): specific year reference (1 November 2023) removed; year type updated from leap year to non-leap year, changing the correct answer from $22,410 (243/366 days) to $22,380 (242/365 days); correct answer updated accordingly
    		•
    4.10 – Commutation rules •      Content moved from subsection 4.8.3 to standalone section 4.10
  •       Full commutation example (David) updated – calculation changed from leap year (366 days) to non-leap year (365 days); day counts adjusted accordingly
  •       Full commutation subsequent year example (John) updated – John's age changed from 59 to 60; year references (2023, 2023-24) made generic; leap year denominator (366) changed to non-leap year (365)
  •       Hyperlinks to Smarter SMSF sample commutation documents retained
    		•
    4.10.1 – Full Commutation •      Content extracted from 4.8.3 and presented as formal subsection 4.10.1
  •       See changes noted in 4.10 above
    		•
    4.10.2 – Partial commutation •      Content extracted from 4.8.3 and presented as formal subsection 4.10.2
  •       No substantive changes
    		•
    4.10.3 – Transfer Balance Account Reporting •      Content extracted from 4.8.3 and presented as formal subsection 4.10.3
  •       No substantive changes
    		•
    4.11 – Transition to Retirement Income Streams •      Renumbered from 4.9 to 4.11
  •       Introductory paragraph expanded – additional sentences added to explain that a TRIS is not considered a retirement phase pension at commencement and is not reported against the transfer balance account (cross-reference added to 4.11.3)
  •       Note added directing readers to section 4.11.3 for TRIS not being in retirement phase
  •       TRIS differentiating restrictions now explicitly prefaced with note that they apply because the member has not satisfied a nil cashing restriction condition
  •       Example (Wayne) updated – Wayne's age changed from 59 to 60
    		•
    4.11.1 – Maximum annual payment •      Renumbered from 4.9.1 to 4.11.1
  •       Example (Penny) updated: Penny's age changed from 59 to 60; day count and year references updated (151 days / 366 days changed to 150 days / 365 days); pro-rata minimum pension updated from $4,950 to $4,930
    		•
    4.11.2 – Commutations •      Renumbered from 4.9.2 to 4.11.2
  •       No substantive changes to content
    		•
    4.11.3 – TRIS in retirement phase •      NEW SUBSECTION – entirely new content added
  •       Explains that a TRIS is not entitled to a tax exemption on earnings at commencement
  •       Outlines the conditions under which a TRIS moves into the retirement phase (Retirement, Permanent incapacity, Terminal illness, Attaining age 65)
  •       Notes that turning 65 triggers automatic movement into retirement phase; all other conditions require member notification to the trustee
  •       Explains that all such events require the pension to be reported against the individual's transfer balance account
  •       NEW – Reversionary TRIS: explains that death of primary beneficiary is also a trigger to move the TRIS into retirement phase, with the resulting credit reported against the reversionary beneficiary's TBA (not the deceased's)
    		•
    4.12 – Pension documentation & records •      Content moved from subsection 4.8.2 to standalone section 4.12
  •       No substantive changes to content
    		•
    4.13 – When does a pension cease? •      Renumbered from 4.10 to 4.13
  •       Section 4.13.3 (Failing to comply with pension rules) updated: ATO TR 2013/5 reference added – notes that trustees must make a conscious decision to commute the existing pension and commence a new income stream to be entitled to ECPI in the following year; this was not referenced in the prior version
  •       Subsections 4.13.1 through 4.13.5 renumbered from 4.10.1 through 4.10.5
  •       Section 4.13.5 (Member dies) expanded – additional paragraph added: 'Failing the pension standards and undertaking a full commutation require a debit to be recorded against the individual's transfer balance account. When a member dies with a reversionary pension in place a credit must be reported against the reversionary beneficiaries transfer balance account'
    		•
    4.14 – Legacy Pensions •      Renumbered from 4.11 to 4.14
  •       Introductory paragraph updated to note that market-linked pensions, complying lifetime pensions and complying life expectancy pensions 'until 7 December 2024 were unable to be commuted except under very limited circumstances' (new context)
  •       Legacy pension table updated: Flexi Pension description changed from 'non-complying lifetime or fixed term' to 'commutable lifetime or fixed term'
  •       Market Linked Pension entry updated: temporary 50% reduced minimum paragraph removed
  •       Footnote added to three legacy pension types (MLP, LTCP, Life Expectancy Pension, Flexi Pension) noting more details will be in a forthcoming Advanced module 'SMSFs and Legacy Pensions'
    		•
    4.12.1 – Legacy pension amnesty •      NEW SUBSECTION (within 4.14) – content significantly updated from the prior version's Budget announcement
  •       Prior version described the 2021-22 Federal Budget announcement as a proposal that had not yet been confirmed; updated version reflects that the amnesty has been legislated and is effective from 7 December 2024
  •       Amnesty period updated from two years (proposed) to five years (enacted)
  •       Updated to include that the amnesty permits full access to all underlying capital including reserves
  •       Updated to describe available options: shift to ABP (subject to transfer balance caps), return to accumulation, or withdraw from super system
  •       Death benefit income streams excluded from the amnesty – noted explicitly
  •       Social security warning added – individuals should be aware of potential loss of social security benefits (asset test exemptions) if legacy pensions are commuted
  •       Prior version's note that 'No further indication has been provided by the current Federal (Labor) Government as to whether these measures will proceed' removed
    		•
    Module Summary •      NEW SECTION – a formal Module Summary has been added
  •       Provides a comprehensive narrative summary of all key topics covered in the module
  •       Not present in the July 2023 version
    		•
    Activity Answers •      Activity numbering updated to reflect renumbering of activities (Activity 2 is now TBA calculations; Activity 3 is now minimum pension)
  •       Activity 3 answer for Thomas updated: correct answer changed from $22,410 to $22,380 (non-leap year calculation: 242 days / 365 days)
  •       Activity 2 (previously Activity 3) answer for Dean updated to reflect revised scenario wording
    		•

    Module 5 – Taxation of SMSFs

    Section Changes required
    Module Overview •         Updated current date reference to April 2026
  •          Updated module description to reflect current content coverage including Division 296
    		•
    5.1 – Introduction •         NEW SECTION - Expanded introduction to provide greater legislative context including reference to the SIS Act and ITAA 1997
  •          Added explanation distinguishing between fund-level tax and member/beneficiary tax
  •          Added reference to Division 296 as part of the module scope
    		•
    5.2 – Fund-level taxation •         Renumbered from 5.1 to 5.2
  •          Expanded content to provide more detail on assessable income types – moved the following section to subsections:
  •          Assessable income renumbered from 5.2 to 5.2.1
  •          Assessable contributions renumbered from 5.3 to 5.2.2
  •          Fund Income renumbered from 5.4 to 5.2.3
  •          Added reference to Division 296 tax as higher tax rate scenarios
    		•
    5.3 – Capital gains •         Renumbered from 5.5 to 5.3
  •          All subsections renumbered from 5.5.x to 5.3.x
  •          All worked examples updated to refresh financial year references
    		•
    5.3.5 – CGT worksheet •         Includes hyperlink to ATO worksheet (2025 version)
    5.3.6 – Limiting the Trading stock exception for Super Funds •         Renumbered from previous section 5.7 to new subsection 5.3.6
    5.4 – Transitional CGT relief •         Renumbered from 5.6 to 5.4
  •          Added updated reference to ATO Law Companion Ruling LCR 2016/8
    		•
    5.4.1 – Bringing a deferred notional gain to account •         Renumbered from 5.6.1 to 5.4.1
  •          Expanded explanation of how deferred notional gain interacts with current year capital gains and losses
  •          Updated worked example (Hello SMSF) to use more recent  financial year references
    		•
    5.5 – Non-arm's length income •         Renumbered from 5.8 to 5.5
  •          All subsections renumbered from 5.8.x to 5.5.x
    		•
    5.5.1 – Types of NALI income •         Added links to LCR 2021/2 and PCG 2020/5
    5.5.2 – NALE requirements for SMSFs & SAFs •         Updated the reference to Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 that received Royal Assent June 2024
    5.6 – Deductions – fund expenses •         Renumbered from 5.9 to 5.6
  •          All subsections renumbered from 5.9.x to 5.6.x
    		•
    5.7 – Insurance •         NEW SECTION - Section was previously maintained with subsection 5.9.6 and 5.9.7
  •          Expanded introductory content linking insurance to regulatory requirements and conditions of release
    		•
    5.7.1 – Death, TPD, terminal illness and income protection insurance premiums •         Renumbered from 5.9.6 to 5.7.1
    5.7.2 – Future Service Deduction •         Renumbered from 5.9.7 to 5.7.2
  •          Includes worked example (Michael's SMSF) with calculation of future service deduction using 2024-25 income year
    		•
    5.8 – Claiming of expenses •         Renumbered from 5.10 to 5.8
    5.8.2 – Apportionment •         Added Example 2 – apportionment due to both assessable & non-assessable income (audit expense)
    5.9 – Tax exemption in the retirement phase •         Section renumbered
  •          Expanded introductory content on ECPI eligibility requirements including market valuation requirement
    		•
    5.9.2 – Disregarded small fund assets (DSFA) •         Added fourth condition: fund is NOT in 100% retirement phase at all times (applies since 1 July 2021)
  •          Added 'Important Note' clarifying that from 2021-22, DSFA rules do not apply where fund is 100% in retirement phase
  •          Added definition and explanation of '100% in retirement phase'
  •          Updated worked example (John SMSF) to reflect the revised DSFA rules from 1 July 2021, covering 2019-20, 2020-21 and 2021-22 income years
    		•
    5.9.3 – Which ECPI method should be used? •         Expanded significantly with detailed breakdown of when each method applies
  •          Added updated table: must use segregated when 100% retirement phase; must use proportionate when DSFA apply (unless 100% retirement phase)
  •          New subsections covering: use of segregated method (100% retirement phase); use of proportionate method (100% retirement phase, 2017-18 to 2020-21 vs 2021-22+ rules); ECPI method choice criteria
  •          Added explanation of trustee 'choice' available from 2021-22 for unsegregated periods
  •          Added worked example (Dean & Karen – DK Super Fund) illustrating combination of segregated and unsegregated periods and the choice available for an actuarial certificate over the full income year
  •          Added explanation of why the choice may be important (capital gains timing, capital losses during segregated periods)
  •          Added requirements for making and recording the choice
  •          Added link to Smarter SMSF sample ECPI choice decision minute
    		•
    5.9.4 – Actuarial certificate requirements •         Expanded to cover requirements for proportionate method, segregated method and combination of methods
  •          Added clarification that from 2021-22 a fund 100% in retirement phase paying only ABPs, market-linked pensions or account-based pensions does not need an actuarial certificate
  •          Added guidance on combination of methods – only one certificate required for the proportionate period
    		•
    5.9.5 – Tax losses •         NEW SUBSECTION – inserted new subsection on the treatment of income tax losses where a fund has ECPI
  •          Explains that tax losses must be reduced by net ECPI amount before offsetting against assessable income
  •          Includes worked example (Jones SMSF) showing SMSF Annual Return treatment
    		•
    5.9.6 – ECPI & Expenses •         NEW SUBSECTION – inserted new subsection on the non-deductibility of expenses incurred in deriving ECPI
  •          Clarifies that certain specific deductions (supervisory levy, death and disability premiums) can be claimed in full regardless
  •          Cross-references Apportionment section
    		•
    5.9.7 – CGT events with ECPI •         NEW SUBSECTION – inserted new subsection on the treatment of capital gains and losses under each ECPI method
  •          Explains that capital gains and losses on segregated current pension assets are disregarded
  •          Explains that losses on segregated assets cannot be offset against other capital gains or carried forward
  •          Includes worked example (Yellow SMSF) illustrating treatment of gains and losses under the segregated method
    		•
    Activity 3 – Which method of ECPI? •         NEW ACTIVITY – inserted new activity with four scenarios testing which ECPI method applies
  •          Scenarios cover: 100% retirement phase with TSB > $1.6m (Jeff); mixed accumulation/pension with government co-contribution (Georgina); pooled 100% pension phase (David & Christine); accumulation with SG contributions alongside pension (Gabrielle)
  •          Answers provided for all four scenarios
    		•
    5.10 – Division 296 tax •         NEW SECTION – inserted comprehensive new section on Division 296 tax commencing 1 July 2026
  •          Introduces additional 15% tax on earnings for balances exceeding $3.0 million
  •          Introduces further 10% tax on earnings for balances exceeding $10.0 million
  •          References new Division 296 of ITAA 1997
    		•
    5.10.1 – Division 296 fund earnings •         NEW SUBSECTION – details the formula for calculating Division 296 fund earnings under s.296-60(1) of ITAA 1997
  •          Formula table provided: Relevant Taxable Income or Loss less Assessable Contributions plus Net ECPI less NALI Component plus PST Component
  •          Explains attribution of earnings on fair and reasonable basis; actuarial certificate required for SMSFs with more than one member
    		•
    5.10.2 – CGT Adjustment Election •         NEW SUBSECTION – covers the once-only, irrevocable election under s.296-50 of the Income Tax (Transitional Provisions) Act 1997
  •          Allows trustee to reset cost base of CGT assets held at 30 June 2026 to market value for Division 296 purposes only
  •          Clarifies election does not affect ordinary CGT cost base for normal income tax purposes
    		•
    5.10.3 – Calculating the liability •         NEW SUBSECTION – introduces new concept of Total Superannuation Balance Value for Division 296
  •          Explains removal of link to transfer balance account; treatment of outstanding LRBA amounts
  •          Details taxable superannuation earnings (TSE) test: TSB > $3.0m at start or end of year and earnings > nil
  •          Notes that for first year (2026-27) only year-end TSB is referenced
  •          Provides 7-step calculation methodology: Steps 1-3 for $3m threshold (15% rate); Steps 4-6 for $10m threshold (10% rate); Step 7 totals liability
    		•
    5.10.4 – Division 296 assessments & tax liability •         NEW SUBSECTION – explains Division 296 is a personal liability on the individual, not the fund
  •          Details 84-day payment period following Notice of Assessment
  •          Explains reduced GIC rate (3% + base rate, ~4% lower than standard rate) for late payment
  •          Details member's choice to pay personally or request release from super fund (within 60 days)
  •          Lists exceptions: child pension recipients; structured settlement contributions
    		•
    5.10.5 – Indexation of thresholds •         NEW SUBSECTION – notes that $3m and $10m thresholds are subject to CPI indexation
  •          Indexation increments: $150,000 for $3m threshold; $500,000 for $10m threshold
  •          Notes that supporting regulations were released for comment in early April 2026 and section will be updated once finalised
    		•
    5.11 – GST •         Section renumbered (previously 5.10 in prior version)
  •          No substantive changes to GST content
    		•
    Activity 4 – GST credits •         NEW ACTIVITY – inserted new activity (previously renumbered from prior version) with four GST scenarios
  •          Scenarios cover: commercial property expenses (100% GST credit); audit costs (0%); investment portfolio expenses (75% RITC); residential property expenses (0%)
  •          Answers provided for all four scenarios
    		•
    Module summary •         Completely rewritten to reflect updated and expanded module content
  •          Includes summary of NALE legislative amendments, ECPI method choice rules, Division 296 tax (commencing 1 July 2026) and GST provisions
    		•
    Activity Answers •         Activity 1 answers updated to reflect current financial year references (2024-25)
  •          Activity 2 answer updated to reflect revised NALE legislative framework
  •          NEW – Activity 3 answers added (ECPI method scenarios)
  •          NEW – Activity 4 answers added (GST credit scenarios)
    		•

    Module 6 – Statutory Reporting and Responsibilities


    Section Changes required
    6.1 - Introduction •   NEW SECTION - inserted new section 6.1 'Introduction'
  •    New introductory section added providing an overview of SMSF statutory reporting responsibilities under the SIS Act and associated taxation law
  •    Covers the SAR, mandatory annual audit, record keeping, and broader governance framework
    		•
    6.2 - Financial Reporting •   Renumbered section ' Financial Reporting' from 6.1 to 6.2
  •    Reference to membership increase from 4 to 6 (since 1 July 2021) removed — signing requirements table retained but introductory reference to the legislative change removed
    		•
    6.3 - Appointment & Role of an SMSF Auditor •   Renumbered section ' Appointment & Role of an SMSF Auditor' from 6.2 to 6.3
  •    Subsections 6.2.1 (Auditor appointment) and 6.2.2 (Auditor's role) merged into a single unnumbered section 6.3.1 - SMSF Auditor's role — appointment content integrated into opening paragraphs
    		•
    6.4 - SMSF Annual Return •   Renumbered section ' SMSF Annual Return' from 6.3 to 6.4
  •    Subsection renumbered from 6.3.1 to 6.4.1 ('When to lodge') and 6.3.1 Funds without assets renumbered to 6.4.2
  •    Lodgement dates table updated — specific year references (e.g. '30 June 2023') replaced with generic language
  •    ATO reference URL updated to new path
  •    NOTE added regarding late lodgement risk — fund's Super Fund Lookup status may change to 'regulation details removed'
    		•
    6.5 - Supervisory Levy •   Renumbered section ' Supervisory levy' from 6.4 to 6.5
  •    No significant content changes
    		•
    6.6 - Record Keeping •   Renumbered section ' Record keeping' from 6.5 to 6.6
  •    Penalty unit value updated from $313 (from 1 July 2023) to $330 (from 7 November 2024) in footnote
    		•
    6.7 - Other Reporting Obligations •   Renumbered section ' Other reporting obligations' from 6.6 to 6.7
  •    Division 296 reporting added as a new reporting obligation in the list
  •    NOTE added: Division 296 reporting requirements to be outlined by the ATO during 2026-27 financial year; nothing required to be reported prior to lodgement of the 2026-27 annual return
    		•
    Activity 1 – Reporting Obligations •   Scenario 2 (Kim Super Fund) updated — specific date reference changed from '30 June 2023' to generic 'at 30 June of the previous financial year'
    6.8 - Transfer Balance Account Reporting •   Renumbered section ' Transfer Balance Account Reporting' from 6.7 to 6.8
  •    Subsections renumbered: 6.7.1–6.7.8 renumbered to 6.8.1–6.8.8
  •    Opening sentence simplified — removed reference to 'Since the introduction of the super reform measure on 1 July 2017'
    		•
    6.8.2 - Reporting Timeframes •   Renumbered from 6.7.2 to 6.8.2
  •    Historical reference to pre-1 July 2023 TSB-based reporting thresholds removed — section now states all SMSFs must report within 28 days after end of the quarter
  •    TBAR example updated — Jack's pension wording refined to present tense; due date stated as '28 January which is 28 days following the end of the December quarter' (previously referenced 'current income year' generically)
    		•
    6.8.7 - Late Reporting •   Renumbered from 6.7.7 to 6.8.7
  •    Minor wording fix — sentence previously read 'Whilst the ATO in the future, subject SMSFs to compliance action' corrected to read 'may change their position in the future, subject SMSFs to compliance action and penalties'
    		•
    6.9 - Business Activity Statements (BAS) •   Renumbered section ' Business Activity Statements (BAS) for GST purposes' from 6.8 to 6.9
  •    Subsections renumbered: 6.8.1–6.8.2 renumbered to 6.9.1–6.9.2
    		•
    6.10 - PAYG Instalments & Instalment Activity Statements •   Renumbered section ' PAYG instalments & Instalment Activity Statements' from 6.9 to 6.10
  •    Internal cross-reference updated from 6.8.2 to 6.9.2
    		•
    6.11 - PAYG Withholding •   Renumbered section ' PAYG withholding' from 6.10 to 6.11
  •    Subsections renumbered: 6.10.1–6.10.3 renumbered to 6.11.1–6.11.3
  •    ATO Schedule 13 reference URL updated to new path
    		•
    6.12 - SuperStream •   Renumbered section ' SuperStream' from 6.11 to 6.12
  •    Subsections renumbered: 6.11.1–6.11.3 renumbered to 6.12.1–6.12.3
  •    ATO FAQs & examples link removed from section 6.12.1 (Electronic Service Address)
  •    Examples 4–7 updated — historical 'From 1 October 2021' and 'After 30 September 2021' date references removed; wording simplified to remove transitional rollover language
    		•
    6.13 - Dealing with Non-Compliance •   Renumbered section ' Dealing with non-compliance' from 6.12 to 6.13
  •    Subsections renumbered: 6.12.1–6.12.9 renumbered to 6.13.1–6.13.9
    		•
    6.13.1 - Education Direction •   Renumbered from 6.12.1 to 6.13.1
  •    Significant text enhancement — new content added referencing PS LA 2026/1 'Self-managed superannuation funds – education directions for contraventions of the Superannuation Industry (Supervision) Act 1993' released by the ATO in January 2026
  •    Section now outlines when the ATO considers education directions beneficial and case-specific factors where it is not appropriate to issue an education direction
  •    Reference link to PS LA 2026/1 added
    		•
    6.13.3 - Rectification Direction •   Renumbered from 6.12.3 to 6.13.3
  •    Reference updated — previously no reference cited; PS LA 2023/1 reference link added
    		•
    6.13.4 - Administrative Penalties •   Renumbered from 6.12.4 to 6.13.4
  •    Opening paragraph updated — 'from 1 July 2014' date qualifier removed
  •    Penalty unit value stated as $330 (updated from $313); footnote updated accordingly
  •    ATO reference updated to PS LA 2020/3 with direct link (previously referenced ATO website URL only)
  •    Penalty unit ATO reference URL at bottom of section removed (now noted as $330 directly in footnote)
    		•
    6.14 - Winding Up a SMSF •   Renumbered section ' Winding up a SMSF' from 6.13 to 6.14
  •    Subsection renumbered from 6.13.1 to 6.14.1
  •    ATO 'Winding up an SMSF' publication link updated — old PDF link replaced with new ATO webpage link
    		•
    Module Summary •   NEW SECTION — comprehensive module summary added covering all key topics: financial reporting, SMSF auditor role, SMSF Annual Return, record keeping, TBAR, GST/PAYG, SuperStream, non-compliance tools, and wind-up process
    Activity 2 – Transfer Balance Account Reporting •   Scenario 1 (Maree) updated — specific date '1 July 2023' replaced with 'in the current financial year'
  •    Scenario 2 (transfer balance credit options) updated — '2023-24 financial year' replaced with 'current financial year'
  •    Activity answers updated to align with scenario wording changes
    		•
    Activity Answers •   Activity 1, Scenario 2 (Kim Super Fund) answer updated to align with scenario wording change (removed specific year reference)
  •    Activity 2 answers updated to align with scenario wording changes
    		•

    Module 7 – SMSF Estate Planning

    Section Changes required
    7.1 – Introduction •         Added extensive case law reference list with hyperlinks (14+ cases)
    7.2 – Compulsory cashing of benefits on death •         Renumbered from 7.3 to 7.2
  •          No significant content changes
    		•
    7.3 – Who can be paid a super death benefit? •         Renumbered from 7.4 to 7.3
  •          NEW SUBSECTION 7.3.1 'Super does not form part of an estate' – content moved from previous standalone section 7.2 and incorporated as a subsection
    		•
    7.4 – Who is a dependant? •         Renumbered from 7.5 to 7.4
  •          Table updated – 'Former spouse' row clarified as SIS dependant: No, Tax dependant: Yes
  •          Added NOTE callout regarding ATO ID 2011/77 on stepchild definition (now formatted as a NOTE)
  •          NEW content in Financial dependant definition – added distinction between SIS and tax law dependency tests with greater emphasis on ATO strict approach
    		•
    7.4.2 – Tax dependant definition •         NEW SUBSECTION 7.10.2 'Who is a (tax) death benefits dependant?' – expanded to include 'any other person who was a dependant of the deceased person just before he or she died'
  •          NEW paragraph distinguishing Financial Dependency vs Interdependency for tax purposes, clarifying that interdependency satisfies both SIS and tax dependant tests
  •          NEW table of ATO Private Binding Rulings (PBRs) – 20 rulings listed showing real-life outcomes for adult children, parents and siblings seeking tax dependant status
    		•
    Activity 1 – Who is a dependant? •         Scenario 2 (Amanda) updated – added clarifying detail 'They haven't lived together since becoming adults' to make the scenario more precise
    7.5 – Death Benefit Nominations •         Renumbered from 7.6 to 7.5
  •          No significant content changes to introduction
    		•
    7.5.2 – Binding Death Benefit Nomination (BDBN) •         Renumbered from 7.6.2 to 7.5.2
  •          Example 1 (BDBN with invalid beneficiary) – dates updated from 2014/2016/2018 to 2018/2021/2023
    		•
    Activity 2 – What type of DBN is most appropriate? •         Scenario 2 (Kim) – updated scenario wording; changed from 'a specific super interest (#ABP1) to go to a specific beneficiary, paid in a certain manner but not make the payment compulsory' to 'prefer her tax dependent to receive a non-commutable income stream of $40,000 p.a. with flexibility for a lump sum of up to $100,000'
    7.6 – What happens if a BDBN is invalid? •         Renumbered from 7.7 to 7.6
  •          No significant content changes
    		•
    7.7 – How can a death benefit be paid? •         Renumbered from 7.8 to 7.7
  •          NEW SUBSECTION 7.7.1 'In-specie death benefit lump sums' – previously un-headered content now given a formal subsection heading
  •          NEW SUBSECTION 7.7.2 'Child pensions' – previously un-headered content now given a formal subsection heading
    		•
    7.8 – Governing rules – death benefit payments •         Renumbered from 7.9 to 7.8
  •          Subsections renumbered: 7.9.1–7.9.6 → 7.8.1–7.8.6
  •          No significant content changes
    		•
    7.9 – What happens when a member dies receiving an income stream? •         Renumbered from 7.10 to 7.9
  •          Subsections renumbered: 7.10.1–7.10.5 → 7.9.1–7.9.5
  •          NEW content in 7.9.1 'No amounts remaining as a death benefit' – added paragraph on Government amendments to Income Tax Assessment (1997 Act) Regulations 2021 effective 7 December 2024, covering reserve allocations post-death counting toward non-concessional contribution (NCC) cap
  •          NEW detail in 7.9.2 'Reversionary income stream' – added requirement regarding minimum pension payment and 30 June deadline for ECPI purposes
  •          NEW detail in 7.9.3 'No reversionary income stream' – added clarification that subject to BDBN, a new death benefit income stream may be paid to a spouse
    		•
    7.9.5 – Transfer Balance Cap – death benefit pensions •         Renumbered from 7.10.5 to 7.9.5
  •          Example (reversionary beneficiary) – Jeff's date of death updated from 3 February 2023 to 3 February 2025
    		•
    7.10 – Taxation of Death Benefits •         Renumbered from 7.11 to 7.10
  •          Subsections renumbered: 7.11.1–7.11.3 → 7.10.1–7.10.3
    		•
    7.10.4 – Untaxed element and SMSFs •         NEW SECTION – inserted new subsection 7.10.4 'Untaxed element and SMSFs'
  •          Explains the calculation of the untaxed element where a fund has claimed a deduction under s295-465 (premium-based deduction) or s295-470 (future liability deduction) for a member who dies before age 65
  •          Includes formula: Amount of Superannuation lump sum × service days / (service days + days to retirement)
  •          NEW worked example (Simon, age 47) demonstrating step-by-step calculation of taxed and untaxed elements on a $1,400,000 death benefit including insurance proceeds
    		•
    Activity 4 – Tax on death benefit payments •         Scenario 1 (Jenny) – removed reference to specific financial year '2023-24'; wording now refers to the pension payment generally
  •          Scenario 2 (Vivien) – no change to figures; answer updated to correctly name Thomas (previously referred to as 'Denise' in 2023 answer – corrected to Thomas)
    		•
    7.11 – Death Benefit Rollovers •         Renumbered from 7.12 to 7.11
  •          Removed reference to 'From 1 July 2017' as the operative date (now treated as settled law)
  •          Subsection 7.11.1 renumbered from 7.12.1
    		•
    7.12 – Appointing a new trustee •         Renumbered from 7.13 to 7.12
  •          No significant content changes
    		•
    Module Summary •         NEW SECTION – comprehensive module summary added at the end of the module •         Covers all key topics: compulsory cashing, SIS vs tax dependants, death benefit nominations, income stream rules, TBC implications, taxation of death benefits, untaxed element calculation and trustee structure changes
    Activity Answers – Activity 2 •         Scenario 2 (Kim) answer updated to reflect revised scenario wording – changed from directing a specific interest to a specific beneficiary to 'Non-Binding Death Benefit Nomination'
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