This article looks at SuperStream and how it will apply to SMSF rollovers
This article looks at the new regulation requiring a director to obtain ID which will be registered under the Australian Business Registry Services.
This article looks at the superannuation changes introduced in the Federal Budget 2021.
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.
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 looks at a few points you need to be aware of regarding upcoming changes to SMSFs.
A reversionary pension is a way to control the superannuation death benefit payment. Like anything else in life there are advantages and disadvantages of using that strategy.
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 increase of the SMSF to 6 members and looks at traps hinted by the Senate Economics Legislation Committee and case studies.
This article from DBA Lawyers discusses the SMSFs and the 50/50 unit trusts and looking at issues like related trusts and the ATO approach towards it.
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 tips and traps regarding downsizer contributions.
Federal Budget 2020 announcement relating to superannuation.
This article looks at changes to the superannuation rules which came into effect after 1 July 2020
The ATO has announced some technical changes to the tax return dealing with the different sections within the tax return.
Due to the current market condition it may be a good idea to update your details with Centrelink on a more regular basis.
The following article discusses how to maximise non-concessional contributions which can be important to boost future retirement income.
Under some circumstances over 65 year olds can still trigger the bring forward rule.
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.
There is an opportunity for an additional deductible contribution for a person who has not utilised the total concessional contribution from the previous year.
Under certain circumstances using the split concessional contribution to a spouse can have some benefits.
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.
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).
The Government still offers the co-contribution which is a gift.
Making a spouse contribution may provide benefit under certain circumstances.
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.
The government has announced the ability to access superannuation money due to the Corona virus
This article from DBA Lawyers looks at SMSF NALI Unit Trusts and draft LCR
This article from DBA Lawyers looks at SMSF Family Law Splitting.
This article from DBA Lawyers looks at the types of dishonesty which disqualifies a person from having an SMSF
This article from DBA Lawyers looks at the procedure of winding up a limited recourse borrowing arrangement and the documents required.
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.
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.
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.
There are residency requirements for SMSFs and strategies that can be used to meet the relevant tests when a member goes overseas
SMSFs are governed by rules when assets are acquired from, or investments and loans are being made to, a related party.
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.
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.
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.
This article looks at end of year financial strategies for superannuation in accumulation phase.
This article looks at end of financial year strategies for pension phase.
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
The following article looks at the 2019-20 Budget announcement relating to superannuation
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.
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.
In this article we look at how much you will need to fund your ideal retirement.
An article by DBA Lawyer regarding the way property should be purchased by a SMSF
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.
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.
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
An ABN reform may cause another compliance matter for SMSF trustees.
Daniel Butler, DBA Laywers, one of the leading lawyers on SMSF discussing the recent changes to SMSF.
Draft regulations released on 17 July 2018 propose to extend SuperStream to SMSF rollovers from 30 November 2019.
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.
The ATO have issued SMSF News Alert - advice for funds where members have a market-linked pension
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.
Article by DBA Lawyers on the proposed SG amnesty raises opportunities and risks.
A two part article by DBA Lawyers on 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 2
SMSF - What's new and proposed from July 2018
This article we look at the proposed changes to superannuation in the May 2018 Federal Budget.
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.
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.
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.
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.
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.
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.
An article by DBA Lawyers discussing dealing with employee share scheme interests.
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.
An article by DBA Lawyers discussing how the first home super saver scheme will work for SMSF.
Article by DBA Lawyers on the 2017 Supreme Court challenge to BDBN fails due to valid service on corporate trustee.
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.
Article by DBA Lawyers regarding the strategy of using a second SMSF.
An article by DBA Lawyers regarding the death benefit payment and bankruptcy.
SUPER TIP – Simple explanation of super strategies: Convert your super into a tax-effective retirement income
SUPER TIP – Simple explanation of super strategies: Top up your super with help from the government
SUPER TIP – Simple explanation of super strategies: Top up your income when cutting back work
SUPER TIP – Simple explanation of super strategies: Convert business capital into tax-free retirement benefits
SUPER TIP – Simple explanation of super strategies: Make insurance more affordable
SUPER TIP – Simple explanation of super strategies: Sacrifice pre-tax salary into super
There are a couple potential tax issues with US direct investment held by a SMSF which we explain further in this article.
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).
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.
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.
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.
The following is an informative article from DBA Lawyers regarding Total superannuation balance and small business CGT contributions post 30 June 2017.
The following is an informative article from DBA Lawyers regarding the status of the transition to retirement income stream.
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
Federal Budget 2017 Superannuation - includes information on the following: Contributing Proceeds From Sale Of Home, First Home Saver Scheme, Non-Arm’s Length Arrangements
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?
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.
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.
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.
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.
The following are bullet points of the superannuation changes coming into effect 1st July 2017.