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Daniel Butler and I are senior fellows at Melbourne Law School and lecture a subject titled LAWS70267 Taxation of Superannuation. It’s a five day intensive subject. It will next run in February 2017. We’ve been putting the finishing touches on it to ensure the subject is fully up to date for all changes including the [read more]
Superannuation law is currently undergoing one of the most significant periods of change in almost a decade. This has led to practitioners having to reconsider the conventional wisdom on various issues relating to superannuation. One such area where previous standard practice needs to be revisited is succession planning. In this article I want to focus [read more]
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]
On Friday 14 October 2016, Treasury released the third tranche of draft legislation to implement the announcements in the Federal Budget. The principal component of this tranche was the new non-concessional contribution rules. Hidden in the legislation is a very important concession. I envisage that advisers will only need to apply it a handful of times [read more]
Treasury has released the exposure draft of the Bill that would introduce the $1.6 million transfer balance cap. The draft legislation answers a vital question: what does the $1.6 million transfer balance cap mean for succession planning? (Note that this article is premised on the very dangerous assumption that the ultimate legislation will look exactly [read more]
We have added a user-friendly tutorial video on our website that will guide you through using our Annual Update Service for the first time, or, if you are already a user and haven’t logged on to the Annual Update Service in a while then it could be handy to catch up and take a minute [read more]
I have put together this flowchart explaining the new non-concessional contribution (‘NCC’) rules, in particular how clients will transition to the new rules come 1 July 2017. I suspect all advisers will have clients for whom this information is relevant and many client might want to make large NCCs before 1 July 2017. We will [read more]
The recent case of Trustees of the Property of Morris (Bankrupt) v Morris (Bankrupt) [2016] FCA 846 shows just what happens when superannuation, bankruptcy and the payment of death benefits intersect. Facts Ms Debbie Morris was married to Mr Michael Foreman. They had two children: Gracie (born in July 2011) and Wes (born in January [read more]
The recent decision of FLZY and Commissioner of Taxation [2016] AATA 348 is good news for SMSF real estate developments via unit trusts. Background Many SMSFs want to have some investment exposure to real estate development. A popular structure is for the SMSF to invest in a related unit trust and then the unit trust [read more]
Given the rising cost of housing, adult children are living with their parents for longer. Also, parents have more in superannuation than ever before. Because adult children might have moved out and then returned, such children are sometimes referred to as ‘boomerang children’. An important question is whether, when their parents die, do such ‘boomerang [read more]
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