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Proposed superannuation reforms – July 2016

Proposed superannuation reforms – July 2016

We are about to enter a period of substantial reform. We have therefore prepared a brief ‘stock take’ of what the reform proposals look like as at the start of July 2016. In particular, we consider the proposals announced in the 3 May 2016 Federal Budget by the Liberal Government. We also briefly compare these [read more]

Is a lifetime pension a viable option

Is a lifetime pension a viable option?

This article considers some of the issues associated with whether a pension payable to a member can be converted to a ‘lifetime’ pension, such that the pension is automatically reversionary to the member’s spouse on their death, and then any remaining capital reverts, for example, to the deceased member’s children from a previous marriage. Case [read more]

QROPS update as another SMSF joins the ROPS list

QROPS update as another SMSF joins the ROPS list

DBA Lawyers is pleased to announce that an existing self managed superannuation fund (‘SMSF’) with members over 55 years of age has been added to the recognised overseas pension scheme (‘ROPS’) list. Background Under UK law, an Australian superannuation fund must satisfy the requirements of a qualified recognised overseas pension scheme (‘QROPS’) to be able [read more]

What wins out – an automatically reversionary pension (‘ARP’) or a binding death benefit nomination

What wins out – an automatically reversionary pension (‘ARP’) or a binding death benefit nomination (‘BDBN’)?

This topic has given rise to considerable debate since the ATO’s view on ARPs was finalised in TR 2013/5. Thus, I thought it would be worthwhile illustrating by way of case study how the law applies to this type of situation. Facts We will assume the following facts exist in relation to Rob and Mary: [read more]

QROPS UK changes impact SMSFs deeds

QROPS UK changes impact SMSFs deeds

The United Kingdom (‘UK’) tax authority, HM Revenue & Customs (‘HMRC’), has recently notified superannuation funds in Australia (including SMSFs) that are registered as Qualifying Recognised Overseas Pension Scheme (QROPS) of new UK regulations that apply from 6 April 2015. Broadly, the new UK regulations require, among other things, that the fund rules do not [read more]

Temporary incapacity can provide welcome relief

Temporary incapacity can provide welcome relief

Most of us are aware that superannuation benefits can be paid out on retirement (ie, after attaining your preservation age), as well as on suffering permanent incapacity and on death. However, many are not aware that our super savings can also provide some welcome relief on suffering temporary incapacity. Those that suffer temporary incapacity can [read more]

SMSFD-2014-1-latest-from-the-ATO-on-commuting-a-TRIS

SMSFD 2014/1: latest from the ATO on commuting a TRIS

The ATO has recently released self managed superannuation fund determination SMSFD 2014/1. SMSFD 2014/1 builds on taxation ruling TR 2013/5 and SMSFD 2013/2 and provides some important insights regarding the ATO’s views on commuting transition to retirement income streams (‘TRIS’). This article discusses some key points arising from the determination. What is a ‘commutation’? Although [read more]