Can an SMSF trustee purchase a trauma insurance policy in respect of a member? Many might think the answer is yes and that the ATO said so in SMSFD 2010/1. However, yesterday the ATO prospectively withdrew SMSFD 2010/1 with effect from 1 July 2014. Accordingly, SMSFD 2010/1 is now in fact SMSFD 2010/1W (the ‘W’ [read more]
The end of the financial year is fast approaching. We now address some of the key items that should be considered in the lead up to 30 June 2014. DBA Lawyers offers a range of kits that can assist SMSF trustees and advisers in meeting their end of financial year obligations. For more information click [read more]
Introduction Overseas property investment may appear attractive to many; such as an investment in an apartment in Paris, a Balinese beachfront villa, or a ski chalet in Colorado. However, when an SMSF is the purchaser there are a number of compliance tips and traps to navigate. SMSF trustees can purchase property either by an outright [read more]
Superannuation funds Regulated superannuation funds (ie, both APRA funds and SMSFs) must plan when they will become ready to receive contributions and data in the new SuperStream electronic standard. Originally this date was 1 July 2014, however this is now the voluntary induction date for funds and employers. There have been a number of extensions [read more]
Until 4 April this year, SMSF trustees with limited recourse borrowings that were ending were faced with a problem. With the loan paid off, there was the prospect of being forced to transfer the asset to the SMSF trustee. The fear had been that to keep the asset inside the trust would give rise to [read more]
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]
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]
The trustee of a regulated superannuation fund is prohibited from lending money to a member of the fund (and/or a member’s relatives). However, what if the trustee lends to a related company of which the member is the sole director and shareholder? Subject to proper structuring this can be a viable strategy and even has [read more]
Comedian George Burns continued to work until shortly before his death, in 1996, at the age of 100. Presumably he was working for love and not money. Certainly he was not working for super, because he could not have had contributions made to his fund under the legislation that then existed. That has been the [read more]
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]
