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DBA Lawyers’ SMSF governing rules

By on 28/06/2019 in Announcements, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

Daniel Butler ([email protected]), Director, DBA Lawyers  Not only does DBA Lawyers have the best SMSF governing rules and related SMSF documents available, we offer many value added benefits that are not available elsewhere. Recent changes to DBA Lawyers’ SMSF governing rules The new and improved version of the DBA Lawyers’ SMSF governing rules come with [read more]

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Single touch payroll— are SMSFs covered?

By on 26/06/2019 in Announcements, ATO, Pensions, SMSF compliance, SMSF strategy, Taxation, Trustee education

By Daniel Butler, Director ([email protected]), DBA Lawyers What is Single Touch Payroll? The Single Touch Payroll (‘STP’) regime was introduced to provide the ATO with real time information on employer PAYG and superannuation obligations. It also provides employees with greater transparency of their salary and reportable superannuation and fringe benefit entitlements. From 1 July 2019, all employers, [read more]

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SMSFs to consider PAYG when paying the minimum pension amount prior to 30 June 2019

By on 22/05/2019 in ATO, Pensions, SMSF strategy, Taxation, Trustee education

Daniel Butler ([email protected]), Director, DBA Lawyers Introduction An SMSF trustee paying a pension to a member who is under 60 years must generally withhold pay as you go (‘PAYG’) and pay that amount to the ATO within certain time frames. This article examines when an SMSF trustee paying a pension should pay the relevant PAYG [read more]

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Reconciling inconsistencies between reversionary pension nominations and BDBNs

By on 02/05/2019 in ATO, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning

By William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers Under the ATO view set out in TR 2013/5, a member’s pension ceases for tax law purposes on their death unless an eligible dependant is automatically entitled to receive the pension as a reversionary beneficiary. A nomination will broadly fail to satisfy [read more]

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Labor’s superannuation and related proposals

By on 15/02/2019 in Announcements, Contributions, Federal Budget, Limited recourse borrowing arrangements, Pensions, SMSF strategy, Statistics, Taxation

Daniel Butler, Director ([email protected]) and Shaun Backhaus, Lawyer ([email protected]) The next Federal election, according to our current Prime Minister Mr Scott Morrison, will be held in May 2019 and, if the Labor Government is elected, significant change is likely. Thus, a brief ‘stock take’ of what the superannuation landscape will look like under a Labor Government [read more]

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Payments above ABP minimum documentation now covers TRISs in retirement phase

By on 01/11/2018 in Pensions, SMSF strategy, Statistics, Taxation, Trustee education

Daniel Butler ([email protected]), Director, DBA Lawyers   Many in the industry are aware of the potential trap caused by the transfer balance cap (‘TBC’) for SMSF members who receive payments above the account-based pension (‘ABP’) minimum annual amount. Naturally, unless appropriate documentation is in place prior to the payment being made, the entire amount of the [read more]

Minimising lost opportunity: Payments above ABP minimum

Minimising lost opportunity: Payments above ABP minimum

By on 15/10/2018 in ATO, Pensions, SMSF strategy, Taxation, Trustee education

Daniel Butler, Director, DBA Lawyers Significant time has passed since the introduction of the transfer balance cap (‘TBC’). During this period, many have become aware of the potential trap caused by the TBC for SMSF members who receive payments above the account-based pension (‘ABP’) minimum annual amount, and have responded by implementing various strategies to [read more]

Stocktake on recent superannuation changes – when will the Government give us a long-term vision?

By on 17/07/2018 in Announcements, Contributions, Federal Budget, Pensions, SMSF strategy, Taxation

Daniel Butler, Director ([email protected]) We have recently experienced substantial superannuation changes during the period of 1 July 2017 to 30 June 2018. I therefore provide a brief ‘stocktake’ of the changes introduced by the current Coalition Government. A number of these policies were adverse to many members. Prime Minister Malcolm Turnbull has said that the [read more]

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The SMSF death tax and what it means for you

By on 16/06/2018 in Pensions, SMSF strategy, Succession planning, Taxation, Trustee education

By Daniel Butler, Director, DBA Lawyers  In Australia, death duties (broadly inheritance taxes) were abolished in 1979. In the realm of superannuation, however, when a member dies, recipients of superannuation death benefits are sometimes liable to pay tax. Who doesn’t have to pay the super death tax? Superannuation death benefits are received tax free by [read more]