Categories | ATO

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

By Daniel Butler on 22/05/2019 in ATO, Pensions, SMSF strategy, Taxation, Trustee education

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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SMSF Auditor’s Kit

By Daniel Butler on 15/05/2019 in ATO, Audit, Investments, Pensions, SMSF compliance

Daniel Butler ([email protected]), Director and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers Since the beginning of 2018, there have been many important changes for SMSF auditors. These changes also impact the rest of the SMSF industry. DBA Lawyers is now offering an SMSF Auditor’s Kit. Overview This kit provides a single licence for multi-use by one [read more]

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Reconciling inconsistencies between reversionary pension nominations and BDBNs

By William Fettes on 02/05/2019 in ATO, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning

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 Daniel Butler on 30/04/2019 in Announcements, ATO, Taxation

Daniel Butler ([email protected]), 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 payable on an [read more]

What ATO publications can be relied on?

By Daniel Butler on 30/03/2019 in ATO, SMSF compliance, SMSF strategy, Taxation, Trustee education

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]

What disqualifies you from having an SMSF?

By Daniel Butler on 27/11/2018 in ATO, SMSF compliance, Statistics, Trustee education

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 SMSF corporate trustees.) The ATO [read more]

Minimising lost opportunity: Payments above ABP minimum

By Daniel Butler on 15/10/2018 in ATO, Pensions, SMSF strategy, Taxation, Trustee education

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 implementing various strategies to [read more]

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Update on the Australian Financial Complaints Authority(AFCA)

By Shaun Backhaus on 18/09/2018 in ATO, Licensing

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.

By Daniel Butler on 24/08/2018 in Announcements, ATO, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

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]

SMSFs –– the CGT withholding regime on property transfers is far broader than many think

By Daniel Butler on 01/08/2018 in ATO, Investments, Limited recourse borrowing arrangements, SMSF compliance, SMSF strategy, Taxation, Trustee education

By: Daniel Butler, Director ([email protected]), DBA Lawyers Most people by now may be aware of the non-resident capital gains tax withholding (‘Withholding Regime’), which applies to vendors disposing of certain taxable property. Broadly, the Withholding Regime was introduced to allow the Australian government to obtain tax in respect of foreign vendors. However, the Withholding Regime [read more]

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