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Categories | SMSF compliance


Excess Contributions Tax — latest developments

Overview This article provides a brief summary of the excess contributions tax (‘ECT’) regime. It also summarises the latest developments including the May 2014 Federal Budget announcement, the latest statistical information and covers several key recommendations made by the Inspector-General of Taxation (‘IGT’). Brief summary The ECT regime was introduced in July 2007 as a [read more]


Money on the table for defective ATO administration

Introduction Those who have suffered loss as a result of defective ATO administration may be eligible to claim compensation from the ATO. Such compensation will only be available in limited circumstances, and knowing when to enquire about the options can be a real ‘value add’ for clients. This article outlines what you need to know [read more]


TD 2013/22 & ID 2012/16: ATO confirms that each contribution made to a reserve requires an objection

By Daniel Butler, Director, and Bryce Figot, Director, both of DBA Lawyers The ATO has confirmed that contribution reserving is a viable strategy. The ATO has issued an interpretative decision (‘ID’) ATO ID 2012/16 relating to contribution reserving up to 30 June 2013 and a tax determination (‘TD’) TD 2013/22 in respect of contributions made [read more]

Small People - Stands Out

ATO ID 2014/7 — latest from ATO on keeping SMSF assets separate

Australian Taxation Office Interpretative Decision ATO ID 2014/7 provides the latest on the rules regarding keeping SMSF assets separate. It suggests the position is very strict. However, a deeper technical analysis reveals there might often be some ‘flexibility’. This article concludes that the critical practical implication is that each SMSF should have a sole purpose [read more]


Lecturing at Melbourne University — handout available

Since 2010 I’ve been lecturing at Melbourne University, presenting the SMSF component of the Master of Laws subject ‘Superannuation Law‘. Melbourne University is my ‘alma mater’. I fully enjoyed studying there for my undergraduate degrees and masters degree and I’m always very happy to be able to give back to the legal community. I’m lecturing [read more]

If this fridge is also listed in the contract, it could cause a problem

Trap for SMSF borrowings — chattels, goods, LRBAs and SMSFR 2012/1!

A regulated super fund trustee can borrow, but only subject to very prescriptive rules. One such rule is that each ‘single’ asset must be purchased with a separate limited recourse borrowing arrangement. (See, among other things, SMSFR 2012/1.) Accordingly, if a super fund trustee wants to borrow to buy two assets, this might well be [read more]