Top Navigation

Author Archive | Daniel Butler

About Daniel Butler

Find more about me on:

Here are my most recent posts

Six member SMSFs — important trap hinted at by the Senate Economics Legislation Committee

Six member SMSFs — important trap hinted at by the Senate Economics Legislation Committee

When considering six member SMSFs, the Senate Economics Legislation Committee has hinted at an important trap that advisers must remember. Background On 27 April 2018 the then Minister for Revenue and Financial Services Kelly O’Dwyer MP announced that the government would expand the limit on the maximum number of members in SMSFs from four to [read more]

Civil penalty orders imposed on SMSF trustees

Civil penalty orders imposed on SMSF trustees

This article considers a number of civil penalty orders that have been imposed by the courts on trustees of SMSFs that contravened the civil penalty provisions under s 193 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). Background Substantial penalties can be imposed for contravening the following: the sole purpose test; lending or providing financial [read more]

PS LA 2020/3 — how the ATO applies administrative penalties on SMSF trustees/directors

PS LA 2020/3 — how the ATO applies administrative penalties on SMSF trustees/directors

Introduction The ATO recently published Law Administration Practice Statement PS LA 2020/3 to guide ATO staff on how to apply administrative penalties. This provides the methodology on how ATO case officers make determinations on imposing and remitting penalties for contraventions under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). The ATO’s view is [read more]

SMSF Trustee Compliance Kit

SMSF Trustee Compliance Kit

The DBA Lawyers’ Trustee Compliance Kit (‘TC Kit’) provides practical guidance for SMSF trustees on the procedural requirements of decision recording. The TC Kit provides excellent guidance on how SMSF trustees should comply with their decision making and recording of trustee decisions under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) [read more]

Six member SMSFs –– the pros and cons

Six member SMSFs –– the pros and cons

Overview The prospect of six member SMSFs has moved a step further when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 (‘Bill’) was recently introduced into Parliament. If the Bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 [read more]

Managing TBC & minimising excess transfer balance tax

Managing TBC & excess transfer balance tax

Overview This article focuses on managing a member’s transfer balance cap (‘TBC’) with a view to minimising excess transfer balance tax (‘ETB Tax’). We provide a brief background to assist members and SMSF trustees to better monitor transfer balance caps (‘TBC’) so they can avoid or minimise ETB Tax. This article covers account-style pensions such [read more]

SG amnesty –– 7 September 2020 deadline

SG amnesty –– 7 September 2020 deadline

Background The Superannuation Guarantee (‘SG’) amnesty was introduced as law on 6 March 2020 by the Treasury Laws Amendment (Recovering Unpaid Superannuation) Act 2020 (Cth) and the deadline of 7 September 2020 is near. The amnesty enables ‘employers’ to rectify any shortfall and related amounts under the Superannuation Guarantee (Administration) Act 1992 (Cth) (‘SGAA’) for [read more]