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DBA Monthly Newsletters

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]

TR 2011/D3 finalised as TR 2013/5 and SMSFD 2013/2

— the ‘must know’ points After over two years of debate, draft taxation ruling TR 2011/D3 was finalised yesterday as both: taxation ruling TR 2013/5 and self managed superannuation fund determination SMSFD 2013/2. The finalised materials reveal some very positive surprises. No compliance activity before 1 July 2012 TR 2011/D3 (released in July 2011) stated [read more]

SMSFs and unit trusts

An SMSF trustee’s investment in a unit trust (‘UT’) may be a prudent investment. There are still many pre-1999 grandfathered unit trusts and there is also a growing popularity for SMSFs to invest in non-geared unit trusts. However, there are a number of key issues that may impact this type of investment. Most important is [read more]

Pensions and death

New regulations were registered on 3 June 2013 that provide much awaited clarity on the treatment of pensions upon death. As anticipated, the regulations provide that the ‘pension exemption’ will not automatically cease upon a member’s death. Surprisingly, the regulations also broadly maintain the proportioning of pensions. For example, consider Joanne. Joanne might have two [read more]

Got a non-geared unit trust? Critical action by 30 June

There is critical action that all SMSFs with non-geared unit trusts must consider by 30 June … come 1 July it may be too late! Background Generally speaking, an SMSF can’t invest in a related unit trust. However, a number of exceptions exist. One key exception is: upon acquisition — that unit trust meets the [read more]

Pensions

With TR 2011/D3 yet to be finalised — and not slated to be finalised until the Government’s October 2012 Mid-Year Economic and Fiscal Outlook (‘MYEFO’) amendments become law — some uncertainty currently surrounds SMSF pensions. Some guidance, however, can be obtained from the recently released ATO webpage, ‘Self-Managed Superannuation Funds — Starting and Stopping a [read more]

SMSF pensions

A recent ATO webpage sets out an important message regarding SMSF pensions (www.ato.gov.au/superfunds/content.aspx?doc=/content/00120916.htm). We discuss some key points. Can SMSFs that borrow pay pensions? In order to be a pension, the rules of the fund must ‘ensure that … the capital value of the pension and the income from it cannot be used as a [read more]

Excess contributions tax

Prevention is better than cure The trap of excess contributions tax (‘ECT’) may await those who have put in place pre-set measures to contribute, without regard to the now reduced caps for 2012–13 and 2013–14 financial years. Of course, if you were 50 years old or over, your annual concessional contributions cap for the 2009–10, [read more]

How to execute a deed

Deeds are vital in the SMSF industry. The governing rules of SMSFs are almost always contained in deeds. Yet few people fully understand what a deed is and how to implement one. We run through some key rules that are often forgotten … even by lawyers! What is necessary to be a deed At common [read more]