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]
Philippa Briglia, Lawyer, and Bryce Figot, Special Counsel, DBA Lawyers Introduction One important point that may have been overlooked in the midst of the reforms is that while members with a total superannuation balance (‘TSB’) of $1.6 million or more on the last 30 June will not be able to make any non-concessional contributions (‘NCCs’) [read more]
Co-author by Daniel Butler, Director, DBA Lawyers Introduction We have had numerous queries about the proportioning rule over recent times. A common query is how does the proportioning rule apply and how do you calculate the tax free and taxable components in a superannuation benefit. This article is to assist you understand the fundamentals of [read more]
The biggest changes to superannuation in a decade will take effect from 1 July 2017, due to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (Cth). There are several cases from the past that are particularly relevant for these changes. In this article I detail why some of these changes and why they matter, [read more]
The rules relating to superannuation contributions are constantly changing. Consider, for example, a deceptively simple question: How much after tax contributions can a person make? Depending on when in the last 11 years this question was asked, there have been at least four answers and there will soon be a fifth answer. Similarly, consider for [read more]
Co-author Gary Chau, Lawyer, DBA Lawyers This article examines whether an SMSF can acquire shares offered under an employee share scheme (‘ESS’). What is an ESS? Broadly, an ESS (also known as an employee share plan or employee share ownership plan) typically gives employees the opportunity to purchase shares in their employer. Usually, employees are [read more]
On Friday 14 October 2016, Treasury released the third tranche of draft legislation to implement the announcements in the Federal Budget. The principal component of this tranche was the new non-concessional contribution rules. Hidden in the legislation is a very important concession. I envisage that advisers will only need to apply it a handful of times [read more]
By: Daniel Butler, Director and Joseph Cheung, Lawyer On 15 September 2016 the Government, following four months of considerable adverse feedback on its $500,000 lifetime non-concessional contributions (‘NCCs’) cap proposal announced on 3 May 2016, has decided to drop this measure (which was retroactive to 1 July 2007) for a more palatable and prospective contributions [read more]
I have put together this flowchart explaining the new non-concessional contribution (‘NCC’) rules, in particular how clients will transition to the new rules come 1 July 2017. I suspect all advisers will have clients for whom this information is relevant and many client might want to make large NCCs before 1 July 2017. We will [read more]
One of the most disturbing aspects of the $500k lifetime non-concessional contribution (NCC) cap announced in the 3 May 2016 Federal Budget is that it catches prior NCC’s made since 1 July 2007. The Government denies this proposal is retrospective. We outline below a range of reasons why the Government should remove the retroactive application [read more]
