From 1 July 2021 the transfer balance cap (threshold for superannuation pension) will increase from $1.6M to $1.7M for any person who did not have a superannuation pension. For ones who had a pension the matter is much more complex.
Government considers easing SMSF record-keeping process
Historically some of the SMSF documents have been excluded from the Electronic Transactions Act (ETA) 1999, which allows for scanned documents. The Government now considering to remove this exclusion which may simplify the SMSF document archiving.
This article from DBA Lawyers discusses the ATO practical compliance guideline regarding related party limited recourse borrowing arrangements and its application to non arm’s length income ‘safe harbour’.
This article from DBA Lawyers discusses the trustee and unit holder liability in unit trusts including discussion of when may a director of a corporate trustee be held to be personally liable. As well as when a trustee may not have a right to indemnity; and looking at whether unitholders can be personally liable.
This article looks at the changes to NSW Duty and Land Tax from 31 December 2020 whereby discretionary trusts by default will assume that there is a foreign beneficiary and therefore a surcharge will be applied.