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Categories | Pensions

Death benefit pensions and the $1.6 million transfer balance cap

Death benefit pensions and the $1.6 million transfer balance cap

By on 16/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

Introduction The Federal Government’s $1.6 million transfer balance cap (‘TBC’) measure is likely to adversely impact couples who have pension entitlements exceeding $1.6 million. This articles outlines some of the implications in relation to death benefit pensions. The key TBC provisions are in div 294 of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’) inserted [read more]

pension

Pension changes — are your pension documents up to date?

By on 11/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

By Daniel Butler ([email protected]), Director, DBA Lawyers The recent superannuation reforms substantially impact existing pensions from 1 July 2017. This means that pension documents will need to be updated prior to 1 July 2017 to reflect the latest changes and new pensions implemented from 1 July 2017 will also need to reflect the latest changes. [read more]

Transitional CGT relief

Transitional CGT relief for pension and TRIS assets for FY2017

By on 21/12/2016 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

By Daniel Butler, Director, DBA Lawyers This article provides a broad overview of the capital gains tax (‘CGT’) relief for superannuation funds and explains how the cost base reset relief works in respect of assets used to support a pension or a transition to retirement income stream (‘TRIS’) prior to 1 July 2017. Introduction SMSF [read more]

Superannuation reforms – a snapshot as at 20 December 2016

By on 20/12/2016 in Announcements, ATO, DBA News, Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

By: Daniel Butler, Director, DBA Lawyers and Philippa Briglia The information below is a broad snapshot summary of recently enacted super reform measures as at 20 December 2016. Note, further reforms have yet to issue. The reforms outlined below largely apply from 1 July 2017 unless stated otherwise. Transfer balance cap A transfer balance cap [read more]

Article 201611 Child Pension

Impact of the superannuation reforms on child pensions

By on 14/12/2016 in Announcements, Federal Budget, Pensions, SMSF strategy, Succession planning

Transfer balance cap As the key super reforms (primarily contained in the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (Cth)) is now law, it is an ideal time to consider the impact of the superannuation reforms on succession planning. The focus of this article is the interaction between pensions payable to minor children [read more]

a hidden gem in new draft legislation

A hidden gem in new draft legislation

By on 21/10/2016 in Contributions, Federal Budget, Limited recourse borrowing arrangements, Pensions, SMSF strategy

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]

transfer balance cap explained

The $1.6 million transfer balance cap explained

By on 07/10/2016 in Announcements, Federal Budget, Pensions, Succession planning, Taxation

Introduction The Department of Treasury on 27 September 2016 released the second tranche of exposure draft legislation and explanatory material in relation to the Federal Government’s proposed superannuation reforms. These materials provide long-awaited detail on the workings of the $1.6 million transfer balance cap measure. This article explains some key take-away points about this measure. [read more]

draft legislation released

Draft legislation released for the $1.6 million transfer balance cap: what does it mean for succession planning?

By on 06/10/2016 in Announcements, Federal Budget, Pensions, Succession planning, Taxation

Treasury has released the exposure draft of the Bill that would introduce the $1.6 million transfer balance cap. The draft legislation answers a vital question: what does the $1.6 million transfer balance cap mean for succession planning? (Note that this article is premised on the very dangerous assumption that the ultimate legislation will look exactly [read more]

Automatically reversionary pensions and super reform

Automatically reversionary pensions and super reform

By on 01/08/2016 in Pensions, Succession planning, Taxation

With Daniel Butler, Director, DBA Lawyers Introduction The $1.6 million balance cap proposal adds another layer of complexity to understanding whether an automatically reversionary pension (‘ARP’) is still an appropriate SMSF succession planning strategy. Every client who is likely to be impacted by the $1.6 million balance cap measure should act swiftly and prior to [read more]