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$('h1.title.entry-title').html('<h1 class="title entry-title">New decision highlights options for disqualified persons: <i>Barry, in the matter of an application by Barry</i> [2024] FCA 13</h1>');
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Most of us are aware that superannuation benefits can be paid out on retirement (ie, after attaining your preservation age), as well as on suffering permanent incapacity and on death. However, many are not aware that our super savings can also provide some welcome relief on suffering temporary incapacity. Those that suffer temporary incapacity can [read more]
I presented at the 2015 SMSF Association 2015 National Conference on 18 February 2015. It was a great conference and the SMSF Association should be congratulated. My seminar covered various methods of providing for children and future generations both via superannuation (including SMSFs) and outside of super via companies, trusts and other methods. In particular, [read more]
The question seems simple enough — what should you do when the trust deed for a self managed superannuation fund (‘SMSF’) is lost? The answer to this question is becoming increasingly important as more and more trust deeds are being misplaced or lost. This article offers a solution that may be appropriate for some SMSF [read more]
Generally, a pension must be paid in cash. However, not every SMSF has ready cash to satisfy the minimum. Thus, it provides much needed flexibility when a pension can be satisfied in kind, eg, by way of an off-market transfer of listed securities, to ensure the pension exemption can continue and the minimum annual payment [read more]
I will be once again returning to the University of Melbourne to impart some of the knowledge I have gained in the 30+ years working in the fields of superannuation and tax. Having presented at the University of Melbourne previously, it is great to have the chance to go back and present on how the [read more]
Two ATO Interpretive Decisions (ie, ATO ID 2014/39 and ATO ID 2014/40 both published on 12 December 2014) address the question: Will ordinary or statutory income derived by an SMSF under a limited recourse borrowing arrangement (‘LRBA’) be non-arm’s length income (‘NALI’) of the fund pursuant to s 295-550 of the Income Tax Act Assessment [read more]
ATO Interpretive Decision 2014/22 addresses the question: ‘Can an adult child be a ‘death benefits dependant’ of his or her deceased parent for the purposes of section 302-195 of the Income Tax Assessment Act 1997 (Cth)?’ The adult child was considered to be a death benefits dependant for the purposes of this section. Tax definition [read more]
The Commissioner of Taxation’s recently released annual report for 2013-14 discloses an alarming increase in the number of self managed superannuation fund (‘SMSF’) trustees (and directors of SMSF trustee companies) that are being declared disqualified persons by the ATO. The figures below on the ATO’s other compliance activities are not remarkable. This other activity includes [read more]
There has been much conjecture as to whether a self managed superannuation fund (‘SMSF’) trustee can implement a cross-insurance strategy after 1 July 2014. The ATO recently addressed this question; which is discussed below. However before discussing the ATO’s view, we begin by briefly discussing what cross-insurance is. What is cross-insurance in an SMSF context? [read more]
Two mysteries that loom large on the SMSF landscape are the issues of SMSF penalties and the sole purpose test. However, a recent Federal Court case sheds some light on the uncertainties in these areas. Facts of the case The decision in Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA [read more]
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