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Daniel Butler ([email protected]), Director, DBA Lawyers We outline below the key superannuation changes announced in the Federal Budget 2018 on 8 May 2018. Some of the proposed changes will have a substantial impact on SMSFs if they are finalised as law. Nomination of superannuation guarantee (‘SG’) for certain employees with multiple employers Broadly, members with [read more]
By: Daniel Butler, Director ([email protected]), DBA Lawyers An issue that advisers may not be aware of as we head towards the end of financial year ending 30 June 2018 is the tax treatment of certain pension payments made in relation to capped defined benefit income streams (‘CDBISs’). Tax agents and fund administrators need to be [read more]
By Daniel Butler, Director, DBA Lawyers The ATO has released material saying that SMSF property developments can be considered tax avoidance schemes that are ‘too good to be true’. Within the program called ‘Super Scheme Smart’, the ATO aims to educate the public about SMSF strategies that concern it. The page, which can be accessed [read more]
Daniel Butler, Director, DBA Lawyers The Australian Taxation Office (‘ATO’) has issued SMSF Regulator’s Bulletin SMSFRB 2018/1 ‘The use of reserves by self-managed superannuation funds’. This is the most comprehensive material ever released by the ATO on the use of reserves by self managed superannuation funds (‘SMSFs’). This article highlights the ATO’s views on when [read more]
Daniel Butler, Director and William Fettes, Senior Associate, DBA Lawyers The total superannuation balance (‘TSB’) is one of the most important new concepts introduced as part of the major superannuation reforms that broadly came into effect on 1 July 2017. Many superannuation obligations and rights depend on a member’s TSB: broadly the total amount a [read more]
Daniel Butler ([email protected]), Director and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers The new transfer balance cap regime can make succession planning tricky. A member may desire to make their pensions reversionary upon death. However, there may be situations where receiving these reversionary pensions would cause the beneficiary to exceed their transfer balance cap. Consequently, [read more]
By Daniel Butler, Director, DBA Lawyers This article looks at the actions and penalties the ATO can impose on trustees of self managed superannuation funds (‘SMSF’). In 2014, a new regime added the following compliance powers to the ATO’s arsenal: Education directions Rectification directions Administrative penalties In addition to the above, the ATO has the [read more]
Daniel Butler, Director, DBA Lawyers Contributions made in excess of an individual’s concessional contributions (‘CC’) cap can give rise to extra tax payable and a liability to excess CC (‘ECC’) charge for the individual. This article highlights how the ECC charge operates. Note that the law in this area is complex and a detailed and [read more]
By: Daniel Butler, Director ([email protected]), DBA Lawyers The mid-2017 superannuation reforms have had a profound impact on market linked pensions (‘MLPs’). While most of the planning should have already been implemented, there is still some opportunity to review and potentially restructure clients with MLPs. We briefly examine below the treatment of an MLP depending on whether [read more]
By Daniel Butler, Director, DBA Lawyers Removing a member from a self managed superannuation fund (‘SMSF’) is not a simple process, particularly where there is a dispute or some animosity among members. Here are some situations that DBA Lawyers has come across: family members have a falling out with a particular family member that they [read more]
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