Blog / SMSF

Superannuation changes from July 2020

This article looks at changes to the superannuation rules which came into effect after 1 July 2020

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07 Aug 2020

The ATO announced some technical changes to the SMSF tax return

The ATO has announced some technical changes to the tax return dealing with the different sections within the tax return.

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07 Aug 2020

Update account based pensions with Centrelink

Due to the current market condition it may be a good idea to update your details with Centrelink on a more regular basis.

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01 Jun 2020

Maximise non-concessional contributions (NCC's)

The following article discusses how to maximise non-concessional contributions which can be important to boost future retirement income.

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01 Jun 2020

Maximise NCC contributions for 65 year olds

Under some circumstances over 65 year olds can still trigger the bring forward rule.

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01 Jun 2020

Extra super contributions using work test exemption

A person between aged 65 to 74 may be able to put in extra contribution if the total super balance is below $300,000 at 30 June the previous year.

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01 Jun 2020

Utilise carry forward concessional contributions

There is an opportunity for an additional deductible contribution for a person who has not utilised the total concessional contribution from the previous year.

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01 Jun 2020

Split concessional contributions to a spouse

Under certain circumstances using the split concessional contribution to a spouse can have some benefits.

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01 Jun 2020

Strategies to manage total super balance (TSB)

The total super balance will affect the ability to contribute to the super fund and it's therefore important to consider managing the total super balance when the amount is close to the threshold.

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01 Jun 2020

Make personal deductible contributions

Since the removal of the '10% rule' there is an opportunity for a personal deductible contribution (previously a person receiving employer contributions may not have been able to make a personal concessional contribution).

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01 Jun 2020

Don’t miss out on the Government co-contribution

The Government still offers the co-contribution which is a gift.

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01 Jun 2020

Make spouse contributions

Making a spouse contribution may provide benefit under certain circumstances.

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01 Jun 2020

Ensure contributions are made before 30 June

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01 Jun 2020

50% reduction in minimums – review pension payments

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01 Jun 2020

Take amounts exceeding the minimum as lump sum commutations

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01 Jun 2020

Reduction of minimum pension requirement

Due to the current Corona virus situation the government has announced a reduction of 50% of the minimum pension requirement for 2020. The government also reduced the deemming rates for income tests.

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23 Mar 2020

Early release of superannuation

The government has announced the ability to access superannuation money due to the Corona virus

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23 Mar 2020

SMSF NALI Unit Trusts and draft LCR

This article from DBA Lawyers looks at SMSF NALI Unit Trusts and draft LCR

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31 Jan 2020

SMSF Family Law Super Splitting

This article from DBA Lawyers looks at SMSF Family Law Splitting.

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31 Jan 2020

SMSF What type of dishonesty disqualifies a person from having an SMSF

This article from DBA Lawyers looks at the types of dishonesty which disqualifies a person from having an SMSF

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31 Jan 2020

LRBA winding up documentation

This article from DBA Lawyers looks at the procedure of winding up a limited recourse borrowing arrangement and the documents required.

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31 Oct 2019

Current Tips and Traps for LRBA

The SMSF limited recourse borrowing arrangement had a continuation of changes to the rules, this article from DBA Lawyers looks at the current tips and traps.

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31 Oct 2019

SMSF and GST withholding on residential premises

The GST withholding regime which was introduced on 1 July 2018 to collect GST from foreign vendors has a broader implication. The article from DBA Lawyers discusses how it can impact SMSFs.

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31 Oct 2019

SMSF Trusteeships and EPOAs

This article explains circumstances when enduring powers of attorney can be used to appoint a legal personal representative to act on behalf of an SMSF trustee.

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16 Aug 2019

SMSFs and overseas residency

There are residency requirements for SMSFs and strategies that can be used to meet the relevant tests when a member goes overseas

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16 Aug 2019

SMSF related party rules

SMSFs are governed by rules when assets are acquired from, or investments and loans are being made to, a related party.

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16 Aug 2019

ATO contacting SMSF trustees regarding diversification

By the end of August 2019 the ATO will write to SMSF trustees and their auditors if the fund holds 90% or more of the funds in one single asset or class.

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16 Aug 2019

EOFY 2019 - Superannuation

This article looks at the following superannuation matters: Your total superannuation balance; Additional superannuation contributions; Concessional contributions; Personal tax-deductible contributions; Non-concessional contributions; Insurance through super; First Home Super Saver Scheme; Government co-contribution; spouse contribution tax offset; split contributions between spouses; transfer balance cap; excess contribution determination; small business capital gains tax concessions; lost and unclaimed superannuation; minimum amount of income; transition to retirement rules; death benefit nominations.

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25 Jun 2019

EOFY 2019 - SMSF

This article looks at matters relating to SMSF including: Transfer balance account reporting; Transfer balance cap; Investment strategy; Insurance; Limited recourse borrowing arrangements; Assets valued at current market value; In-house assets; Segregated or proportional (unsegregated) method.

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25 Jun 2019

End of Financial Year Super Strategies - Accumulation

This article looks at end of year financial strategies for superannuation in accumulation phase.

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24 May 2019

End of Financial Year Super Strategies - Pension

This article looks at end of financial year strategies for pension phase.

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24 May 2019

Recently Legislated Measures for Superannuation

This article looks at new recently legislated measures including: keeping insurance cover in inactive super accounts; extra contributions for retirees using work tested exemption; and changes to the social security assessment of Lifetime Income Streams

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24 May 2019

Budget Announcements 2019-20 Superannuation

The following article looks at the 2019-20 Budget announcement relating to superannuation

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04 Apr 2019

The Court case that changed the standard

A recent court case from late 2018 created a landmark in the sole purpose interpretation. It also considered the definition of a widely held trust.

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04 Feb 2019

Minimum Pension Standards and transfer balance account

If an income stream does not meet the SIS pension and annuity standards it is taken to have ceased at the beginning of that financial year for taxation purposes. This will trigger a transfer balance account debit for the member which occurs at a later time in that financial year. 

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04 Feb 2019

The cost of retirement

In this article we look at how much you will need to fund your ideal retirement.

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13 Nov 2018

Why should a deposit be paid by the SMSF Trustee

An article by DBA Lawyer regarding the way property should be purchased by a SMSF

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15 Oct 2018

SMSF - When Unexpected Events Occur

SMSF is a long-term plan. Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. Outlined are some issues to consider planning for as trustees.

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15 Oct 2018

Setting up an SMSF – What do you need to consider?

Setting up an SMSF can be complicated. Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit.

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15 Oct 2018

Superannuation Threshold 2018-2019

Superannuation Threshold for 2018-2019 including Super Contributions, Division 293 tax threshold, Government Co-Contribution, Low Income Super Tax Offset (LISTO), Super Lump Sum Benefits, Minimum and maximum percentage factors, Tax Free part of genuine redundancy and early retirement scheme payments and Termination Payments

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09 Oct 2018

ABN Reform will include SMSF

An ABN reform may cause another compliance matter for SMSF trustees.

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01 Aug 2018

SMSF Current Issues

Daniel Butler, DBA Laywers, one of the leading lawyers on SMSF discussing the recent changes to SMSF.

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01 Aug 2018

Proposal to Simplify Superannuation Rollovers

Draft regulations released on 17 July 2018 propose to extend SuperStream to SMSF rollovers from 30 November 2019.

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01 Aug 2018

Property and my SMSF

Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered.

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04 Jul 2018

Market-Linked Pensions

The ATO have issued SMSF News Alert - advice for funds where members have a market-linked pension

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04 Jul 2018

Contribution Reserving Strategy

Article by DBA Lawyers highlighting some reasons why a contribution reserving strategy may be used by an SMSF, and also briefly discusses the risks and some of the associated compliance issues.

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04 Jul 2018

Proposed SG amnesty raises opportunities and risks

Article by DBA Lawyers on the proposed SG amnesty raises opportunities and risks.

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04 Jul 2018

Strategies to reduce your total superannuation balance: Part 1

A two part article by DBA Lawyers on strategies to reduce your total superannuation balance - Part 1

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04 Jul 2018

Strategies to reduce your total superannuation balance: Part 2

A two part article by DBA Lawyers on strategies to reduce your total superannuation balance - Part 2

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04 Jul 2018

What's new and proposed from July 2018 - SMSF

SMSF - What's new and proposed from July 2018

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06 Jun 2018

Franking credits and your SMSF

Understanding franking credits and your SMSF.

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23 May 2018

May 2018 Budget - Superannuation

This article we look at the proposed changes to superannuation in the May 2018 Federal Budget.

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09 May 2018

Total Superannuation Balance Explanation

In the new world of superannuation (post 1st July 2017) the superannuation balance become very important regarding a few new rules. The article from DBA Lawyer will provide further explanation.

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11 Apr 2018

Contribution reserves post SMSFRB 2018/1

The ATO released a guideline regarding its view about SMSF reserves. This article from DBA Lawyer looks at how the strategy of contribution reserves has been effected by this guideline.

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11 Apr 2018

Superannuation Contribution Strategy

With the end of the financial year fast approaching, it is time to start thinking about income tax deductions. This article looks at the superannuation contribution advantage created as the result of the 1st July 2017 superannuation changes.

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11 Apr 2018

Why it is important to keep the SMSF Trust deeds updated

The deed of the SMSF is a very important document that can be easily overlooked in the day to day running of the SMSF. However one should never under estimate the importance of the wording in the document as it is the foundation of the SMSF.

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11 Apr 2018

Starting a pension in SMSF

Starting a pension is a critical component of any member's retirement plans. Getting the process right is, in turn, a critical part of executing those plans. The tax benefits which flow from getting the commencement process right are the glue which holds together all the various components and makes the whole of the member's retirement plans work. The following is a suggested 10 step check list to follow when starting a pension in SMSF.

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21 Mar 2018

Downsizer contribution for SMSF

Article by DBA Lawyers in relation to downsizer contributions which allows super fund members over aged 65 to contribute to super if they sell their home under certain circumstances.

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14 Feb 2018

SMSFs and dealing with employee share schemes

An article by DBA Lawyers discussing dealing with employee share scheme interests.

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14 Feb 2018

Triggering your bring forward non-concession caps

An article by DBA Lawyers which examines the criteria that individuals must meet before they can trigger a ‘bring forward’ of their NCCs cap post-1 July 2017 and highlights some of the complexities associated with utilising this strategy post-1 July 2017.

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14 Feb 2018

First home super saver scheme

An article by DBA Lawyers discussing how the first home super saver scheme will work for SMSF.

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14 Feb 2018

BDBN held court challenge

Article by DBA Lawyers on the 2017 Supreme Court challenge to BDBN fails due to valid service on corporate trustee.

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08 Nov 2017

You need to review your Superannuation death benefits

The introduction in July 2017 of the $1.6 million Transfer Balance Cap (TBC) (to read more click here) also applies to pensions paid to your dependants after you die (called death benefit pensions or reversionary pensions.

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08 Nov 2017

Issues around a second SMSF

Article by DBA Lawyers regarding the strategy of using a second SMSF.

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11 Oct 2017

Bankruptcy and death benefit

An article by DBA Lawyers regarding the death benefit payment and bankruptcy.

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11 Oct 2017

Super Tip - Convert your super into a tax-effective retirement income

SUPER TIP – Simple explanation of super strategies: Convert your super into a tax-effective retirement income

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27 Sep 2017

Super Tip - Top up your super with help from the government

SUPER TIP – Simple explanation of super strategies: Top up your super with help from the government

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27 Sep 2017

Super Tip - Top up your income when cutting back work

SUPER TIP – Simple explanation of super strategies: Top up your income when cutting back work

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27 Sep 2017

Super Tip - Convert business capital into tax-free retirement benefits

SUPER TIP – Simple explanation of super strategies: Convert business capital into tax-free retirement benefits

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27 Sep 2017

Super Tip - Make insurance more affordable

SUPER TIP – Simple explanation of super strategies: Make insurance more affordable

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27 Sep 2017

Super Tip - Sacrifice pre-tax salary into super

SUPER TIP – Simple explanation of super strategies: Sacrifice pre-tax salary into super

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27 Sep 2017

US Direct Investment Potential Tax Issues

There are a couple potential tax issues with US direct investment held by a SMSF which we explain further in this article.

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13 Sep 2017

The ATO view on TRIS “Conversion” may cause issues

It is important to understand that the ATO accepts that the TRIS can adopt the ECPI’s more favourable tax treatment when the member meets the condition of release. However the ATO holds the point of view that the TRIS does not convert to ECPI Account Based Pension (ABP).

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13 Sep 2017

SMSF is required to use unsegregated method for some members

From 1 July 2017, SMSFs are required to adopt the unsegregated method when calculating exempt current pension income where the fund is paying a retirement phase income stream, and a member has a total superannuation balance of more than $1.6 million and is receiving a retirement phase income stream from any fund.

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16 Aug 2017

Conditions of Release with NIL Cashing Restriction

For members of a superannuation fund to take money out of their super the member needs to meet a condition of release. The following are the conditions that will allow the member to access their super with “nil” cashing restrictions.

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19 Jul 2017

Understanding the SMSF’s Income Stream Post 1st July 2017

Post 1st July 2017 an SMSF can establish one of two version of Account Based 1. The Transition to Retirement Income Stream (TRIS) and; 2. The Exempt Current Pension Income Stream (ECPI) The following article gives you more information regarding the TRIS and ECPI.

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19 Jul 2017

Total superannuation balance and small business CGT contributions post 30 June 2017

The following is an informative article from DBA Lawyers regarding Total superannuation balance and small business CGT contributions post 30 June 2017.

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19 Jul 2017

What’s the status of the transition to retirement income stream?

The following is an informative article from DBA Lawyers regarding the status of the transition to retirement income stream.

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19 Jul 2017

Superannuation Thresholds 2017-2018

Superannuation Threshold for 2017-2018 including Super Contributions, Division 293 tax threshold, Government Co-Contribution, Low Income Superannuation Contribution (LISC), Super Lump Sum Benefits, Minimum and maximum percentage factors, Tax Free part of genuine redundancy and early retirement scheme payments and Termination Payments

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21 Jun 2017

Federal Budget Briefing Paper - Superannuation

Federal Budget 2017 Superannuation - includes information on the following: Contributing Proceeds From Sale Of Home, First Home Saver Scheme, Non-Arm’s Length Arrangements

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10 May 2017

The Trump Effect and your retirement funding

Will the Presidency of Trump benefit your retirement funding or will it harm it ?. In other words, will the investment market flourish and head us towards the biggest growth period in recent history? Or will America head towards civil unrest and which will lead into a global recession?

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15 Mar 2017

Impact of the superannuation reforms on child pensions

Article by Rebecca James, DBA Lawyers on the subject of the superannuation reform and how it is effecting the superannuation pension that has dependents of children under the age of 18 or aged 25 if financially dependent or children with disability.

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02 Mar 2017

July 2017 Superannuation Changes - Contributions

The reforms to superannuation that will be introduced from the 1 July 2017 are the biggest changes to the superannuation system since 2007. This blog will look at the proposed changes.

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01 Mar 2017

July 2017 Superannuation Changes - Superannuation income stream rule changes

The reforms to superannuation that will be introduced from the 1 July 2017 are the biggest changes to the superannuation system since 2007. This blog will look at the proposed changes.

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01 Mar 2017

July 2017 Superannuation Changes - Other superannuation reforms

The reforms to superannuation that will be introduced from the 1 July 2017 are the biggest changes to the superannuation system since 2007. This blog will look at the proposed changes.

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01 Mar 2017

July 2017 Superannuation Rule Changes

The following are bullet points of the superannuation changes coming into effect 1st July 2017.

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01 Mar 2017

Removal of the ability to treat pension payments as lump sums for tax purposes

The removal of the ability to treat superannuation income stream benefits as lump sums for tax purposes may commence as early as 1 January 2017.

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07 Dec 2016

Superannuation Calculators

The ATO added 4 new useful superannuation calculators to its website.

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09 Nov 2016

A new case on super, bankruptcy and death benefits

In this case study we see just what happens when superannuation, bankruptcy and the payment of death benefits intersect. Written by Bryce Figot

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09 Nov 2016

New AAT decision is good news for SMSF real estate developments via unit trusts

New AAT decision is good news for SMSF real estate developments via unit trusts. Written by Bryce Figot

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09 Nov 2016

Superannuation Changes – Opportunity

Non-concessional contribution changes may present opportunity prior to 1st July 2017.

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26 Oct 2016

Disqualifying from SMSF

There are 3 main situations when a person can’t act as a trustee of SMSF (neither as a director of SMSF Corporate Trustee)

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14 Sep 2016

Superannuation Thresholds 2016-2017

Superannuation Threshold for 2016-2017 including Super Contributions, Division 293 tax threshold, Government Co-Contribution, Low Income Superannuation Contribution (LISC), Super Lump Sum Benefits, Minimum and maximum percentage factors, Tax Free part of genuine redundancy and early retirement scheme payments and Termination Payments

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17 Aug 2016

The Hidden Treasure In Old SMSF

The one certain thing about superannuation is that law keeps changing. Sometimes the changes are big which can almost be regarded as a complete overhaul of the previous superannuation law. An old SMSF may hold grandfathering rules that is worth its weight in gold.

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17 Aug 2016

Collectable and Personal Assets Held in SMSF

From the 1 July 2016 the transitional period for collectable and personal assets (example, Art) ends. From that date onwards all these type of assets have to comply with the changes introduced in July 2011.

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17 Jun 2016

Deadline looms for related party loans

In late 2014 the ATO released two interpretive decisions which confirmed that income derived by an SMSF from limited recourse borrowing arrangements (LRBA) would be non-arm’s length income (taxed at 47%) where the loan was established and maintained under the terms inconsistent with an arm’s length dealing.

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17 Jun 2016

Budget Announcement May 2016 - Superannuation

The following are announcements regarding superannuation which came up in the budget of May 2016.

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04 May 2016

Preservation Age Increasing

Whilst we have known for a number of years that the superannuation preservation age is due to increase to age 60, the change is finally upon us. Clients born on or after 1 July 1960 will be subject to an increase in their preservation age. For example, a client born on 1 July 1960 will have a preservation age of 56. This means they will not reach their preservation age until 1 July 2016.

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09 Jul 2015

Superannuation thresholds 2015-2016

Super Contributions Superannuation guarantee maximum contribution base $50,810 per quarter Concessional contributions cap for those under age 49 on 30 June 2015

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05 Jul 2015

Low Income Super Contribution

Explanation of how the Low Income Contribution works.

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26 Jun 2015

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