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Money bag with the word Payroll and calculator. Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date. Taxes. Management

Single touch payroll— are SMSFs covered?

By Kimberley Noah ([email protected]), Lawyer, and Daniel Butler ([email protected]), Director, DBA Lawyers What is Single Touch Payroll? The Single Touch Payroll (‘STP’) regime was introduced to provide the ATO with real time information on employer PAYG and superannuation obligations. It also provides employees with greater transparency of their salary and reportable superannuation and fringe benefit [read more]

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SMSFs to consider PAYG when paying the minimum pension amount prior to 30 June 2019

Daniel Butler ([email protected]), Director, DBA Lawyers Introduction An SMSF trustee paying a pension to a member who is under 60 years must generally withhold pay as you go (‘PAYG’) and pay that amount to the ATO within certain time frames. This article examines when an SMSF trustee paying a pension should pay the relevant PAYG [read more]

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Reconciling inconsistencies between reversionary pension nominations and BDBNs

By William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers Under the ATO view set out in TR 2013/5, a member’s pension ceases for tax law purposes on their death unless an eligible dependant is automatically entitled to receive the pension as a reversionary beneficiary. A nomination will broadly fail to satisfy [read more]

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ATO confirms the superannuation guarantee status in regards to annual leave loading

By Christian Pakpahan, Lawyer and Daniel Butler, Director,DBA Lawyers On 12 March 2019 the Australian Taxation Office (‘ATO’) updated their website to clarify its approach to dealing with the application of annual leave loading (‘AL loading’) for the purposes of the superannuation guarantee (‘SG’) regime. 1 SG and ordinary time earnings (‘OTE’) Superannuation is broadly [read more]

What disqualifies you from having an SMSF?

Christian Pakpahan ([email protected]), Lawyer and Daniel Butler ([email protected]), Director, DBA Lawyers This article covers the main ways a person becomes a disqualified person, the consequences of disqualification and the options available to those who are disqualified. (We refer to a trustee in this article as covering both individual trustees of an SMSF and directors of [read more]

Minimising lost opportunity: Payments above ABP minimum

Minimising lost opportunity: Payments above ABP minimum

Joseph Cheung, Lawyer and Daniel Butler, Director, DBA Lawyers Significant time has passed since the introduction of the transfer balance cap (‘TBC’). During this period, many have become aware of the potential trap caused by the TBC for SMSF members who receive payments above the account-based pension (‘ABP’) minimum annual amount, and have responded by [read more]

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Update on the Australian Financial Complaints Authority(AFCA)

By Shaun Backhaus ([email protected]), Lawyer and Daniel Butler([email protected]), Director DBA Lawyers In our previous article on AFCA we explained the background to AFCA’s establishment, what disputes it would apply to and how it would differ from the external dispute resolution schemes it replaced, such as the Financial Ombudsman Service. For further information please refer to [read more]

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The sole purpose test substantially clarified by the Full Federal Court in Aussiegolfa Pty Ltd v Commissioner of Taxation.

Daniel Butler ([email protected]), Director, and William Fettes ([email protected]) Senior Associate, DBA Lawyers A recent unanimous decision of the Full Federal Court represents a major win for SMSFs and taxpayers on the topic of the sole purpose test. This decision overturns the primary judge’s decision at first instance in Aussiegolfa Pty Ltd v Commissioner of Taxation [read more]