A number of changes to superannuation legislation have recently come into force.  

Where a self-managed superannuation fund (SMSF) has a bank account with an overdraft facility and this bank account becomes overdrawn, the fund may be in breach of section 67 of the Superannuation Industry (Supervision) Act 1993.  

Part 8 of the Superannuation Industry (Supervision) Act 1993 (SISA) provides for business real property held by a SMSF and leased to a related party to be exempt from the ‘in-house’ asset rules. 

SMSFs are able to claim a tax deduction for income derived from assets that support pension benefits. When a fund maintains both pension and member accumulation accounts the trustees can obtain a certificate from an actuary which identifies the percentage of income that can be claimed as tax exempt.