Blog / smsf
SMSF NALI Unit Trusts and draft LCR
This article from DBA Lawyers looks at SMSF NALI Unit Trusts and draft LCR
SMSF Family Law Super Splitting
This article from DBA Lawyers looks at SMSF Family Law Splitting.
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
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.
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.
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.
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.
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
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.
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.
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.
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.
End of Financial Year Super Strategies - Accumulation
This article looks at end of year financial strategies for superannuation in accumulation phase.
End of Financial Year Super Strategies - Pension
This article looks at end of financial year strategies for pension phase.
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
Budget Announcements 2019-20 Superannuation
The following article looks at the 2019-20 Budget announcement relating to superannuation
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.
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.
The cost of retirement
In this article we look at how much you will need to fund your ideal retirement.
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
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.
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.
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
ABN Reform will include SMSF
An ABN reform may cause another compliance matter for SMSF trustees.
SMSF Current Issues
Daniel Butler, DBA Laywers, one of the leading lawyers on SMSF discussing the recent changes to SMSF.
Proposal to Simplify Superannuation Rollovers
Draft regulations released on 17 July 2018 propose to extend SuperStream to SMSF rollovers from 30 November 2019.
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.
Market-Linked Pensions
The ATO have issued SMSF News Alert - advice for funds where members have a market-linked pension
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.
Proposed SG amnesty raises opportunities and risks
Article by DBA Lawyers on the proposed SG amnesty raises opportunities and risks.
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
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
What's new and proposed from July 2018 - SMSF
SMSF - What's new and proposed from July 2018
May 2018 Budget - Superannuation
This article we look at the proposed changes to superannuation in the May 2018 Federal Budget.
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.
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.
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.
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.
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.
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.
SMSFs and dealing with employee share schemes
An article by DBA Lawyers discussing dealing with employee share scheme interests.
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.
First home super saver scheme
An article by DBA Lawyers discussing how the first home super saver scheme will work for SMSF.
BDBN held court challenge
Article by DBA Lawyers on the 2017 Supreme Court challenge to BDBN fails due to valid service on corporate trustee.
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.
Issues around a second SMSF
Article by DBA Lawyers regarding the strategy of using a second SMSF.
Bankruptcy and death benefit
An article by DBA Lawyers regarding the death benefit payment and bankruptcy.
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
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
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
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
Super Tip - Make insurance more affordable
SUPER TIP – Simple explanation of super strategies: Make insurance more affordable
Super Tip - Sacrifice pre-tax salary into super
SUPER TIP – Simple explanation of super strategies: Sacrifice pre-tax salary into super
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.
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).
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.
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.
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.
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.
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.
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
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
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?
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.
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.
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.
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.
July 2017 Superannuation Rule Changes
The following are bullet points of the superannuation changes coming into effect 1st July 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.
Superannuation Calculators
The ATO added 4 new useful superannuation calculators to its website.
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
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
Superannuation Changes – Opportunity
Non-concessional contribution changes may present opportunity prior to 1st July 2017.
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)
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
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.
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.
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.
Budget Announcement May 2016 - Superannuation
The following are announcements regarding superannuation which came up in the budget of 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.
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
Low Income Super Contribution
Explanation of how the Low Income Contribution works.
Government Co-Contribution for Super Contributions
The super co-contribution which was introduced in July 2003 to assist eligible low-to-middle income employees and self-employed people in saving for their retirement.
Offset for Spouse Super Contributions
The following conditions must be met in order for a taxpayer to be eligible to claim a tax offset for eligible spouse contributions.
Superannuation Budget Announcement 2015
Early access to superannuation for people with terminal illness The Government intends to amend the superannuation conditions of release to make it easier for people suffering a terminal illness to access their superannuation benefits from 1 July 2015. Under the current rules, a person with
What Should A SMSF Trustee Do If The ATO Call
You have your own SMSF and you’re therefore a trustee of the fund. The phone rings late one afternoon. You answer the phone. It’s the ATO wanting to discuss a recent breach of superannuation law by your fund. What to do next?
Deductible Personal Contributions - A Critical Trap
Critical trap regarding deductible personal contributions and the timing of notifying the trustee of the intention to claim deduction on the contribution. Article by Bryce Figot from DBA Lawyers
Important Court Decision On Binding Death Benefit Nomination
Important court decision on Binding Death Benefit Nomination Article by Daniel Butler from DBA Lawyers
An In-Depth Look At The Latest on LRBAs
An in-depth look at the latest on LRBAs Article by Bryce Figot, DBA Lawyers regarding LRBA taxation.
The Role Of Estate Planning In Super
We have outlined below some points that must be part of estate planning and managing SMSF's. 1. Enduring Powers of Attorney An Enduring Power of Attorney appoints another person to act on your behalf when you die. Every member of your SMSF should have one and copies provided to each member an
Are SMSFs appropriate for young people?
Self-Managed Super Funds are among the fastest growing superannuation vehicles in Australia and they’re not just for older investors – investment savvy Y-Genners are catching on. According to statistics released by the Australian Taxation Office (ATO), greater numbers of people belo
Superannuation thresholds 2014-2015
Super Contributions Superannuation guarantee maximum contribution base $49,430 per quarter Concessional contributions cap for those under age 49
SMSF and gift giving
By Solomon Forman, Financial Planner and Accountant (If you need advice on SMSF strategies , you can contact Solomon.) There are now over 468,000 Self Managed Superannuation Funds (SMSFs) in Australia where the members of the fund are also the trustees.
SMSF tips
By Solomon Forman, Financial Planner and Accountant (If you need advice on self managed super funds, you can contact Solomon.) More and more people choose to establish their own self managed super fund (SMSF), and they do so for several reasons. They may have been dissatisfied with their pr
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