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Limited recourse borrowing arrangements can use one bare trustee for multiple bare trusts

By Daniel Butler, Director, DBA Lawyers Introduction A common question we get asked when a client’s self managed superannuation fund (‘SMSF’) is undertaking a limited recourse borrowing arrangements (‘LRBA’) is whether there needs to be a separate bare trustee (usually a company) for each bare trust. The short answer is no. However, it is helpful [read more]

beers

Is maintaining a second SMSF a Part IVA risk?

Daniel Butler, Director, DBA Lawyers This article examines the query of whether having a second or, indeed even more than two, self managed superannuation funds (‘SMSFs’) would give rise to a Part IVA (of the Income Tax Assessment Act 1936 (Cth) (‘ITAA36’)) risk. Please note that this article is not intended to be a technical [read more]

sloth

New APRA guidance confirms retirement for members who reach 60 and cease one of two jobs

By Daniel Butler, Director, DBA Lawyers Introduction The Australian Prudential Regulation Authority (‘APRA’) has just updated its Superannuation Prudential Practice Guide SPG 280 — Payment Standards (‘SPG’) in June 2017. Of interest in the SPG are APRA’s comments on the retirement definition in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’), in particular it is [read more]

tris

The new age TRIS –– tips and traps

Daniel Butler, Director, DBA Lawyers The transition to retirement income stream (‘TRIS’) entered a new era on 1 July 2017 where most members will want their TRIS to enter retirement phase as soon as possible to gain access to an earnings tax exemption. A new law has provided a roadmap for this TRIS reclassification, but [read more]

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Traps that turn your non-geared unit trust into an in house asset

By Daniel Butler, Director, DBA Lawyers A reg 13.22C non-geared unit trust (‘NGUT’) is not included as an in-house asset (‘IHA’) at the time of the initial investment provided certain criteria is met. Some trustees may think that they are investing in a reg 13.22C NGUT on the basis that the unit trust does not have [read more]

bigstock Overcome trap

Important trap: Payments above ABP minimum

By Daniel Butler, Director and Bryce Figot, Special Counsel, DBA Lawyers The new transfer balance cap causes a trap for SMSF pensioners who receive payments above the account-based pension (‘ABP’) minimum annual payment. For these pensioners, the capital supporting the pension(s) is reduced by the amount of the pension payments(s), including the amounts above the ABP [read more]

piggy bank

Total superannuation balance and small business CGT contributions post 30 June 2017

By: Daniel Butler, Director ([email protected]), and Bryce Figot, Special Counsel, DBA Lawyers Introduction One important point that may have been overlooked in the midst of the reforms is that while members with a total superannuation balance (‘TSB’) of $1.6 million or more on the last 30 June will not be able to make any non-concessional [read more]

SMSF Deed

DBA Lawyers’ SMSF deed

Daniel Butler ([email protected]), Director, DBA Lawyers Not only does DBA Lawyers have the best SMSF deed and documents available, we offer many value added benefits that are not available in other deeds. A review of a recent non-DBA Lawyers’ SMSF deed Before discussing some of the benefits of our SMSF deed, I summarise some review [read more]

Unlocking potential and avoiding pitfalls in SMSF property development

Unlocking potential and avoiding pitfalls in SMSF property development

Some may think that property development in an SMSF contravenes superannuation law. However, that is overstating the position. There is no blanket ban on property development in SMSFs. Rather, like many investments an SMSF can make, the key to compliance is on how the investment occurs. Extreme caution should be exercised before and during, since [read more]

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PCG 2017/6 — roll back relief for certain pre-1 July 2017 death benefit pensions

By William Fettes, Senior Associate and Daniel Butler, Director, DBA Lawyers On 22 May 2017, the ATO released a new practical compliance guideline PCG 2017/6 regarding commutation of pre-1 July 2017 death benefit pensions that are currently being paid to a surviving spouse where the spouse would like to retain commuted amounts of pension capital [read more]