Transfer balance cap modifications As the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 is now law, it is critical that advisers have an understanding of the impact of the superannuation reforms on legacy pensions. In particular, the specified defined benefit pension modifications apply to lifetime pensions, fixed term (life expectancy) pensions and market [read more]
By Daniel Butler ([email protected]), Director, DBA Lawyers The recent superannuation reforms substantially impact existing pensions from 1 July 2017. This means that pension documents will need to be updated prior to 1 July 2017 to reflect the latest changes and new pensions implemented from 1 July 2017 will also need to reflect the latest changes. [read more]
By Daniel Butler, Director, DBA Lawyers This article provides a broad overview of the capital gains tax (‘CGT’) relief for superannuation funds and explains how the cost base reset relief works in respect of assets used to support a pension or a transition to retirement income stream (‘TRIS’) prior to 1 July 2017. Introduction SMSF [read more]
By: Daniel Butler, Director, DBA Lawyers The information below is a broad snapshot summary of recently enacted super reform measures as at 20 December 2016. Note, further reforms have yet to issue. The reforms outlined below largely apply from 1 July 2017 unless stated otherwise. Transfer balance cap A transfer balance cap (‘TBC’) of $1.6 [read more]
Transfer balance cap As the key super reforms (primarily contained in the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (Cth)) is now law, it is an ideal time to consider the impact of the superannuation reforms on succession planning. The focus of this article is the interaction between pensions payable to minor children [read more]
This article examines whether an SMSF can acquire shares offered under an employee share scheme (‘ESS’). What is an ESS? Broadly, an ESS (also known as an employee share plan or employee share ownership plan) typically gives employees the opportunity to purchase shares in their employer. Usually, employees are able to obtain more favourable terms [read more]
By: Daniel Butler, Director and Rebecca James, Special Counsel Overview of TD 2016/16 The Australian Taxation Office (‘ATO’) released Taxation Determination TD 2016/16 — Income tax: will the ordinary or statutory income of a self-managed superannuation fund be non-arm’s length income under subsection 295-550(1) of the Income Tax Assessment Act 1997 (ITAA 1997) when the parties to [read more]
By: Daniel Butler, Director, DBA Lawyers On 15 September 2016 the Government, following four months of considerable adverse feedback on its $500,000 lifetime non-concessional contributions (‘NCCs’) cap proposal announced on 3 May 2016, has decided to drop this measure (which was retroactive to 1 July 2007) for a more palatable and prospective contributions limit that [read more]
We examine yet another benefit of having an SMSF corporate trustee in addition to the many other compelling reasons why each SMSF should have a corporate trustee. In particular, we outline below how to save time and money where an SMSF has a ‘special purpose company’ acting as trustee. [read more]
One of the most disturbing aspects of the $500k lifetime non-concessional contribution (NCC) cap announced in the 3 May 2016 Federal Budget is that it catches prior NCC’s made since 1 July 2007. The Government denies this proposal is retrospective. We outline below a range of reasons why the Government should remove the retroactive application [read more]
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