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This article originally appeared in the March 2014 edition of Asset Magazine (Financial Review). If superannuation death benefits are paid to the estate, a quirk in the law can mean higher tax and increased administration costs. Advisers are well-placed to add value by alerting clients and lawyers to this possible tax trap. Where does a [read more]
At DBA Lawyers we like to think of our SMSF deed as being the Rolls Royce of SMSF deeds. We constantly review, refine, test, debate and update it. And we’ve been doing so for well over 20 years. We are Australia leading SMSF law firm with the largest team of dedicated SMSF lawyers. As a [read more]
By Daniel Butler, Director, and Bryce Figot, Director, both of DBA Lawyers The ATO has confirmed that contribution reserving is a viable strategy. The ATO has issued an interpretative decision (‘ID’) ATO ID 2012/16 relating to contribution reserving up to 30 June 2013 and a tax determination (‘TD’) TD 2013/22 in respect of contributions made [read more]
In taxation ruling TR 2010/1 the ATO consider what is a contribution to a superannuation fund and when a contribution is made. A recent court case, Liwszyc v Commissioner of Taxation [2014] FCA 112, answers the question of whether the ATO actually got it right in TR 2010/1. Liwszyc v Commissioner of Taxation also contains [read more]
Australian Taxation Office Interpretative Decision ATO ID 2014/7 provides the latest on the rules regarding keeping SMSF assets separate. It suggests the position is very strict. However, a deeper technical analysis reveals there might often be some ‘flexibility’. This article concludes that the critical practical implication is that each SMSF should have a sole purpose [read more]
Some advisers may have previously recommended that there are opportunities to continue paying a pension following a member’s death to their deceased estate. However, ATO ID 2014/2 provides a real hurdle to this strategy! (Note that this has been a somewhat busy time for the ATO and interpretative decisions regarding pensions. The ATO also recently [read more]
Traditionally, SMSF trustees have effected insurance for members under a self-insurance model. This involves the SMSF trustee to take out, say, death insurance on a particular member. In the event of a claim, the insurance proceeds are allocated to the relevant member’s account in the fund. The proceeds can then be paid to the member [read more]
The ATO recently released an important draft tax ruling TR 2013/D7 (‘D7’) that focuses on the apportionment of expenses incurred by a superannuation fund where a fund derives both assessable and non-assessable income. D7 is proposed to take effect from 1 July 2014 and then supersede TR 97/13 which currently provides guidance on apportioning expenses. [read more]
This article outlines some of the key international issues facing SMSFs today and addresses the practical skills necessary to ensure that these matters are handled effectively. SMSF residency SMSFs are generally not appropriate for people who spend extended time overseas. Such funds can easily lose their complying status and suffer significant tax penalties. Residency requirements [read more]
Many do not realise the extent of the disqualified person provisions in the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). This can result in a person inadvertently acting as trustees of self managed superannuation funds (‘SMSF’) while disqualified. Doing so exposes these trustees to significant penalties. We explore some of the nuances of the disqualified [read more]
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