Blog / smsf
Federal Budget 2021 - Superannuation
This article looks at the superannuation changes introduced in the Federal Budget 2021.
Transfer balance cap increase
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.
Key aspects for SMSF trustees to be aware of in 2021
This article looks at a few points you need to be aware of regarding upcoming changes to SMSFs.
Understanding your options with reversionary pensions
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.
Related party LRBA variations and PCG 2016/5
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’.
Six member SMSFs — important trap hinted at by the Senate Economics Legislation Committee
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.
SMSFs and 50/50 unit trusts
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.
Trustee and unitholder liability in unit trusts
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.
Downsizer contribution tips and traps
This article looks at tips and traps regarding downsizer contributions.
Federal Budget 2020-2021 - Superannuation
Federal Budget 2020 announcement relating to superannuation.
Superannuation changes from July 2020
This article looks at changes to the superannuation rules which came into effect after 1 July 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.
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.
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.
Maximise NCC contributions for 65 year olds
Under some circumstances over 65 year olds can still trigger the bring forward rule.
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.
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.
Split concessional contributions to a spouse
Under certain circumstances using the split concessional contribution to a spouse can have some benefits.
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.
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).
Don’t miss out on the Government co-contribution
The Government still offers the co-contribution which is a gift.
Make spouse contributions
Making a spouse contribution may provide benefit under certain circumstances.
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.
Early release of superannuation
The government has announced the ability to access superannuation money due to the Corona virus
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
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