Australian self-managed superannuation funds (SMSFs) must fulfil their obligation to record their crystallised tax entitlement by 30 June 2008. Crystallisation involves identifying components of an interest in super that have, in the period since 30 June 2007, been entitled to tax-exempt status when taken as a benefit. Claire Malone of DBA Butler claims that, given there is no requirement to report crystallisation to the Australian Taxation Office (ATO), the responsibility may be overlooked by some SMSFs. DBA Butler is selling a crystallisation kit to SMSF trustees for $A330. A crystallisation calculator is also available on the ATO website.
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