By Bryce Figot, Special Counsel ([email protected]), and Daniel Butler, Director ([email protected]), DBA Lawyers Introduction There has been a number of commentators suggesting that if a pension reversion nomination conflicts with a binding death benefit nomination (‘BDBN’), the pension reversion nomination prevails. While we acknowledge the answer is not necessarily black and white; as it depends [read more]
By Kimberley Noah ([email protected]), Lawyer, and William Fettes ([email protected]), Senior Associate Introduction The $1.6 million transfer balance cap (‘TBC’) imposes a limit on the total amount that a fund member can transfer into an exempt (retirement phase) pension. The TBC was introduced with effect from 1 July 2017 with the intention of making the tax [read more]
Daniel Butler ([email protected]), Director, DBA Lawyers This article examines who is authorised to provide taxation advice in view of the limitations in the Corporations Act 2001 (Cth) (‘CA’) on advisers relating to who can provide financial product advice. Broadly, there are a number of exemptions in the CA and Corporations Regulations 2001 (Cth) (‘CA Regs’) [read more]
Daniel Butler ([email protected]), Director and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers Imagine a conflict between pension documentation and a binding death benefit nomination (‘BDBN’) in a self managed superannuation fund (‘SMSF’) context. For example, the pension documentation states that the pension is reversionary to the surviving spouse; however, the BDBN states that the death benefits [read more]
Daniel Butler ([email protected]), Director, DBA Lawyers Not only does DBA Lawyers have the best SMSF governing rules and related SMSF documents available, we offer many value added benefits that are not available elsewhere. Recent changes to DBA Lawyers’ SMSF governing rules The new and improved version of the DBA Lawyers’ SMSF governing rules come with [read more]
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]
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]
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]
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]
Daniel Butler, Director ([email protected]) and Shaun Backhaus, Lawyer ([email protected]) The next Federal election, according to our current Prime Minister Mr Scott Morrison, will be held in May 2019 and, if the Labor Government is elected, significant change is likely. Thus, a brief ‘stock take’ of what the superannuation landscape will look like under a Labor Government [read more]
