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Managing TBC & minimising excess transfer balance tax

Managing TBC & minimising 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. We primarily cover account style pensions [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]

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Market linked pensions –– timely action may be needed to avoid a hefty excess transfer balance tax assessment

SMSFs paying market linked pensions (‘MLPs’) should carefully review the potential impact of recent changes to the transfer balance cap (‘TBC’) rules where an MLP that commenced prior to 1 July 2017 was commuted or restructured on or after that date. The Treasury Laws Amendment (2019 Measures No. 3) Act 2019 (Cth) received royal assent [read more]

Why use pension documentation from DBA Lawyers

Why use pension documentation from DBA Lawyers

DBA Lawyers offers industry-leading pension documentation. In this article, I set out several key benefits of using pension documentation from DBA Lawyers. Our expert lawyers regularly review and revise our documents Our documents are regularly reviewed and revised to ensure they reflect the latest superannuation, tax and related practical and strategic developments. Each suite of [read more]

Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for managing lost trust deeds

Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for managing lost trust deeds

The recent decision of Sutton v NRS(J) Pty Ltd [2020] NSWSC 826 highlights the importance of having original executed copies of all constituent trust documents. It has tremendous relevance for SMSFs. Facts The facts of the case were as follows: In 17 August 1972, a discretionary trust (‘Trust’) was established for the benefit of the [read more]

Recent change to the tax treatment of income from super in a testamentary trust

Recent change to the tax treatment of income from super in a testamentary trust

Overview The article focuses on the tax treatment of superannuation proceeds that are paid to a testamentary trusts and the interaction of div 6AA of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936’) which covers excepted trust income (‘ETI’). This is an important topic because unless a minor beneficiary is an excepted person or [read more]

DBA Lawyers’ Annual Update Service for SMSF deeds

DBA Lawyers’ Annual Update Service for SMSF deeds

On 1 July 2020, DBA Lawyers will make available the latest version of our SMSF governing rules for all Annual Update Service subscribers. In addition to covering all relevant legal changes (including superannuation law, case law and ATO materials), the latest version of our SMSF governing rules includes many value-added features such as new COVID-19 [read more]