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The Financial System Inquiry’s final report — chaired by David Murray — was recently released. As expected, it has recommended that limited recourse borrowing arrangements (‘LRBAs’) in superannuation funds be banned. This gives rise to a certain window of opportunity. What the FSI final report actually said The final report recommended that the government: Remove [read more]
In this article I seek to set out some practical tips for setting up SMSFs. Less is more When naming an SMSF, there are basically no restrictions on what name you can choose. As a guiding rule though, in my opinion, the shorter the name, the better. For example, it is perfectly allowable for an [read more]
The ATO has recently released self managed superannuation fund determination SMSFD 2014/1. SMSFD 2014/1 builds on taxation ruling TR 2013/5 and SMSFD 2013/2 and provides some important insights regarding the ATO’s views on commuting transition to retirement income streams (‘TRIS’). This article discusses some key points arising from the determination. What is a ‘commutation’? Although [read more]
True to its word, on 10 October 2014 the Government introduced draft legislation, which proposes practical and long-awaited changes to the treatment of excess non-concessional contributions (‘NCCs’). This article outlines the tips and traps associated with the proposed changes. Details of the draft legislation The draft legislation takes the form of the Tax and Superannuation [read more]
The latest official word on the status of excess non-concessional contributions was a positive one, but caution is still needed. The latest official word The ATO published on Friday 26 September 2014 the official minutes of the most recent Individual Taxpayer Liaison Group Minutes. In it the ATO stated: Under the new measure for non-concessional [read more]
Dan and I both presented at the Chartered Accountants 2014 National SMSF Conference last week. It was a great conference and Chartered Accountants should be congratulated. I presented on ‘SMSFs and families: the real implications’. A copy of my paper can be downloaded here. Dan presented on ‘Property inside an SMSF’. A copy of his [read more]
The recently released ATO taxpayer alert TA 2014/1 spells good news for SMSFs! It should serve to remind us of a special exception that differentiates SMSFs from other types of trusts … and how this can save SMSFs extra tax in addition to the usual tax concessions that SMSFs are used to. What taxpayer alert [read more]
The ATO has released taxpayer alert TA 2014/1. It describes trusts that engage in property development and questions whether the proceeds are on capital account or rather on revenue account. However, there is something that the taxpayer alert does not state: the alert broadly has no application for an SMSF! Consider an SMSF that runs [read more]
There is a special type of relationship called a fiduciary relationship. Trustees of SMSFs are in a fiduciary relationship in respect of the beneficiaries of the SMSF. The most recently available ATO statistics state that there are 1,006,975 members of SMSFs, so presumably there are a similar number of SMSF trustees (or directors of [read more]
Can an SMSF trustee purchase a trauma insurance policy in respect of a member? Many might think the answer is yes and that the ATO said so in SMSFD 2010/1. However, yesterday the ATO prospectively withdrew SMSFD 2010/1 with effect from 1 July 2014. Accordingly, SMSFD 2010/1 is now in fact SMSFD 2010/1W (the ‘W’ [read more]
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