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Does an SMSF need to pass on rent relief to a related party tenant?

By Daniel Butler on 19/05/2020 in ATO, SMSF compliance, Taxation, Trustee education

Overview There have been numerous SMSF advisers putting forward their views on whether an SMSF trustee needs to pass on rent relief to a related party tenant in view of the COVID-19 impact on the economy. The two main opposing views that have captured recent press publicity are summarised as follows: Unless rent relief is [read more]

DBA Lawyers –– the best BDBN is now even better –– COVID-19

By Daniel Butler on 20/04/2020 in Announcements, ATO, Audit, Covid, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

The COVID-19 pandemic has raised various practical issues for SMSF trustees and members. Members may wish to make a binding death benefit nomination (‘BDBN’) but may be frustrated by the requirement to have two independent witnesses available as this can prove challenging, if not impossible or illegal, during these difficult and dangerous (COVID-19) times. To [read more]

SMSF Lease Review Service –– COVID-19

By Daniel Butler on 20/04/2020 in Announcements, ATO, Audit, Covid, Limited recourse borrowing arrangements, SMSF compliance, SMSF strategy, Taxation

Click here to provide your instructions Introduction The COVID-19 pandemic has caused an immense amount of financial stress on tenants, especially commercial tenants who have suffered a severe downturn in their businesses. As a result, many commercial tenants are approaching their landlords demanding a rent reduction and variation to their lease. Landlords may be willing, [read more]

Minimum pension payments @ 50%? –– COVID-19

By Daniel Butler on 31/03/2020 in ATO, Covid, Pensions, SMSF compliance, SMSF strategy, Taxation

Minimum pension payments for the current financial year (ie, FY2020) and next financial year (FY2021) have been halved. This measure addresses concerns of the current market volatility and aims to provide SMSF trustees with discretion and flexibility to better manage their cash flows and retain assets that may have substantially decreased in value in recent [read more]

SMSFs and rent relief due to COVID-19

By Daniel Butler on 31/03/2020 in ATO, Audit, Covid, SMSF compliance, SMSF deeds, SMSF strategy, Taxation

SMSFs that own property are facing the prospect of tenants falling behind in their rent payments and their other obligations under the lease due to the economic stress arising from COVID-19. Australian states and territories will put a six-month moratorium on evictions for both residential and commercial tenants during the coronavirus pandemic, Prime Minister Scott [read more]

Accessing super before retirement part 1: temporary incapacity

By Daniel Butler on 26/03/2020 in ATO, Pensions, SMSF compliance, SMSF deeds, Succession planning, Trustee education

Background There are several methods that a member can to access their superannuation ‘legitimately’ before retirement. Lately, advisers, self managed superannuation fund (‘SMSF’) trustees and members are very keen to learn more on this topic given the financial stress caused by the recent bushfires, floods, COVID-19 pandemic and reduced business/economic activity. Further, the Australian Taxation [read more]

Ensure an SMSF meets the residency tests

By Shaun Backhaus on 04/03/2020 in Announcements, ATO, SMSF compliance, SMSF strategy, Taxation, Trustee education

The consequences of an SMSF failing the residency rules can be automatic non-complying status. This will broadly mean the entire amount of the SMSF’s assets, less non-concessional contributions, are taxed at 45% in the year of non-compliance (47% during temporary budget repair levy financial years of 2014-15, 2015-16 and 2016-17). The result of this is [read more]

SMSFs, super & international issues

By William Fettes on 03/02/2020 in ATO, Audit, Investments, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

In today’s increasingly globalised world, it is not uncommon for many family groups (ie, fund members and their children) to have overseas-based investments, working/living arrangements and other entanglements over their lifetime. Accordingly, it is not surprising that in recent years DBA Lawyers has seen an increase in the number of matters we provide assistance on [read more]

What is a reversionary pension?

By Bryce Figot on 30/01/2020 in ATO, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning

There is a little known rule that can have huge implications for SMSFs, particularly when it comes to reversionary pensions. This article provides the crucial ‘must know’ details. What is a ‘reversionary pension’? The ATO describes a reversionary pension as follows, without actually using the term ‘reversionary’ (Taxation Ruling TR 2013/5 [29]): A superannuation income [read more]

NALI –– unit trusts and draft LCR 2019/D3

By Daniel Butler on 20/12/2019 in Announcements, ATO, SMSF strategy, Taxation

Overview Draft Law Companion Ruling LCR 2019/D3 (‘LCR’) covers the ATO views on how the amendments to s 295-550 (of the Income Tax Assessment Act 1997 (Cth)) operate where parties to a scheme do not deal with each other at arm’s length and an SMSF incurs non-arm’s length expenditure in gaining or producing assessable income. Broadly, [read more]

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