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]
We consider the latest in SMSF borrowing, focusing on when a holding trust is a bare trust and why it matters. Is a ‘holding trust’ a bare trust? The status of the ‘holding trust’ may have a significant bearing on the LRBA’s long-term CGT and related tax efficiency. Bill Shorten, the then Assistant Treasurer announced [read more]
Introduction In recent times we have seen significant changes to the rules surrounding pensions. At last, these rules appear to be reasonably settled with the finalisation of TR 2011/D3 (in the form of TR 2013/5 and SMSFD 2013/2) and the expanded income tax regulations (refer to regs 307-125.02 and 995-1.01 of the Income Tax Assessment [read more]
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