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pension

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

David Oon, Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers The transition to retirement income stream (‘TRIS’) is entering a new era on 1 July 2017 where most will want the TRIS to enter retirement phase as soon as possible to gain access to an earnings tax exemption. A new law has provided a [read more]

pension documents in shape

Don’t get left behind — get your pension documents in shape for 1 July 2017

DBA Lawyers has recently been inundated with requests for up to date pension documents. Our suite of pension documents is fully up to date, including partial commutation documents with a tick-a-box option allowing the partial commutation of pension capital to just under a member’s personal transfer balance cap. Also, changes to the Superannuation Industry (Supervision) [read more]

acquire residential property

Can an SMSF trustee ever acquire residential property from a related party?

Many would say that the trustee of an SMSF is prohibited from ever acquiring residential property from related parties of the SMSF (including members). However, there are three main circumstances where this could happen without contravening superannuation law. All of the circumstances involve the concept of ‘business real property’. Business real property Broadly, SMSF trustees [read more]

corporate SMSF trustee

You should have a sole purpose corporate SMSF trustee

Australian Taxation Office statistics suggest that a large majority of SMSFs have individual trustees. This is troubling, considering that sole purpose corporate SMSF trustees have been known to be superior for many years. This covers the main reasons to have a sole purpose corporate trustee. The ‘sole purpose’ indicates that the company only acts in [read more]

ATO deadline looms

31 January 2017 ATO deadline looms for LRBAs

By: Daniel Butler, Director and Philippa Briglia, Lawyer, DBA Lawyers The ATO recently released PCG 2016/5 frequently asked questions, which serves as a handy reminder of the 31 January 2017 deadline. Following the release of PCG 2016/5 in April 2016, the ATO initially required each SMSF trustee with a non-bank limited recourse borrowing arrangement (‘LRBAs’) [read more]

Superannuation reforms – a snapshot as at 20 December 2016

By: Daniel Butler, Director, DBA Lawyers and Philippa Briglia The information below is a broad snapshot summary of recently enacted super reform measures as at 20 December 2016. Note, further reforms have yet to issue. The reforms outlined below largely apply from 1 July 2017 unless stated otherwise. Transfer balance cap A transfer balance cap [read more]

ato withholds an smsf's abn

ATO withholds an SMSF’s ABN from the Super Fund Lookup — can anything be done?

The ATO’s online Super Fund Lookup (www.superfundlookup.gov.au) (‘Lookup’) contains the ATO’s record of the current compliance status of SMSFs. Employers and large superannuation funds can utilise the Lookup to determine the credentials of the SMSF (eg, whether it is treated as complying) for the purposes of super contributions and rollovers. In the normal course of [read more]

ato's revised view on lrbas and the nali risk

ATO’s revised view on LRBAs and the NALI risk

By: Daniel Butler, Director and Rebecca James, Special Counsel Overview of TD 2016/16 The Australian Taxation Office (‘ATO’) released Taxation Determination TD 2016/16 — Income tax: will the ordinary or statutory income of a self-managed superannuation fund be non-arm’s length income under subsection 295-550(1) of the Income Tax Assessment Act 1997 (ITAA 1997) when the parties to [read more]