Daniel Butler, Director and David Oon, Senior Associate, DBA Lawyers This article examines the query of whether having a second or, indeed even more than two, self managed superannuation funds (‘SMSFs’) would give rise to a Part IVA (of the Income Tax Assessment Act 1936 (Cth) (‘ITAA36’)) risk. Please note that this article is not [read more]
Daniel Butler, Director and David Oon, Senior Associate, DBA Lawyers The transition to retirement income stream (‘TRIS’) entered a new era on 1 July 2017 where most members will want their TRIS to enter retirement phase as soon as possible to gain access to an earnings tax exemption. A new law has provided a roadmap [read more]
Overview This article considers the impact of the transfers balance cap provisions on flexi pensions, being pensions that comply with reg 1.06(6) of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). Importantly, flexi pensions do not fall within the definition of a capped defined benefit income stream for the purposes of the transfer balance cap provisions. [read more]
By Joseph Cheung, Lawyer and Bryce Figot, Special Counsel, DBA Lawyers The new transfer balance cap causes a trap for SMSF pensioners who receive payments above the account-based pension (‘ABP’) minimum annual payment. For these pensioners, the capital supporting the pension(s) is reduced by the amount of the pension payments(s), including the amounts above the [read more]
By Christian Pakpahan, Lawyer and Bryce Figot, Special Counsel, DBA Lawyers In the Federal Budget released in May 2017, the government announced an additional $300,000 of superannuation contributions for those aged 65 or more and who sell their home. However, the initial announcement left a number of key questions unanswered. One key question is as [read more]
Market linked pensions and transfer balance cap provisions Where a market linked pension (‘MLP’) is being paid just before 1 July 2017, the MLP will fall within the definition of a capped defined benefit income stream for the purposes of the transfer balance cap provisions. Importantly, the total balance of an MLP commenced just before [read more]
David Oon, Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers The transition to retirement income stream (‘TRIS’) is entering a new era on 1 July 2017 where most will want the TRIS to enter retirement phase as soon as possible to gain access to an earnings tax exemption. A new law has provided a [read more]
DBA Lawyers has recently been inundated with requests for up to date pension documents. Our suite of pension documents is fully up to date, including partial commutation documents with a tick-a-box option allowing the partial commutation of pension capital to just under a member’s personal transfer balance cap. Also, changes to the Superannuation Industry (Supervision) [read more]
Many would say that the trustee of an SMSF is prohibited from ever acquiring residential property from related parties of the SMSF (including members). However, there are three main circumstances where this could happen without contravening superannuation law. All of the circumstances involve the concept of ‘business real property’. Business real property Broadly, SMSF trustees [read more]
The ATO is a large bureaucracy and produces a lot of guidance material. Generally the ATO feels bound by its published material from an administrative viewpoint. However, only certain publications bind the ATO. Thus it is important that advisers and taxpayers understand the range of material (or products) published by the ATO and the level [read more]
