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Civil penalty orders imposed on SMSF trustees

Civil penalty orders imposed on SMSF trustees

This article considers a number of civil penalty orders that have been imposed by the courts on trustees of SMSFs that contravened the civil penalty provisions under s 193 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). Background Substantial penalties can be imposed for contravening the following: the sole purpose test; lending or providing financial [read more]

SMSF Trustee Compliance Kit

SMSF Trustee Compliance Kit

The DBA Lawyers’ Trustee Compliance Kit (‘TC Kit’) provides practical guidance for SMSF trustees on the procedural requirements of decision recording. The TC Kit provides excellent guidance on how SMSF trustees should comply with their decision making and recording of trustee decisions under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) [read more]

Investment segregation in an SMSF explained

Investment segregation in an SMSF explained

When advisers hear the word ‘segregation’ in an SMSF context, they typically think of segregation for tax purposes. Broadly, this type of segregation involves calculating a fund’s exempt current pension income exemption for a financial year under the segregated method, with any capital gains (or losses) in respect of ‘segregated current pension assets’ being disregarded. [read more]

Six member SMSFs –– the pros and cons

Six member SMSFs –– the pros and cons

Overview The prospect of six member SMSFs has moved a step further when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 (‘Bill’) was recently introduced into Parliament. If the Bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 [read more]

Managing TBC & minimising excess transfer balance tax

Managing TBC & excess transfer balance tax

Overview This article focuses on managing a member’s transfer balance cap (‘TBC’) with a view to minimising excess transfer balance tax (‘ETB Tax’). We provide a brief background to assist members and SMSF trustees to better monitor transfer balance caps (‘TBC’) so they can avoid or minimise ETB Tax. This article covers account-style pensions such [read more]

SG amnesty –– 7 September 2020 deadline

SG amnesty –– 7 September 2020 deadline

Background The Superannuation Guarantee (‘SG’) amnesty was introduced as law on 6 March 2020 by the Treasury Laws Amendment (Recovering Unpaid Superannuation) Act 2020 (Cth) and the deadline of 7 September 2020 is near. The amnesty enables ‘employers’ to rectify any shortfall and related amounts under the Superannuation Guarantee (Administration) Act 1992 (Cth) (‘SGAA’) for [read more]

Draft determination provides in-house asset exclusion for SMSFs providing rent deferrals

Draft determination provides in-house asset exclusion for SMSFs providing rent deferrals

On 3 August 2020 the ATO released draft legislative instrument Self Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 for industry consultation. The determination is intended to protect SMSF trustees from adverse compliance problems under the in-house asset rules where, due to COVID-19, a rent deferral arrangement has been put [read more]