While DBA is recognised as Australia’s leading SMSF law firm, it is also well known for it’s great depth of tax and trusts expertise. DBA Lawyers offers an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects the latest legislative changes. Also included is a detailed memo, trustee resolutions, covering [read more]
Downsizer contributions for the right person or couple can be very strategic. Yet not many are aware of the key rules that can unlock the potential that the downsizer strategy offers. Broadly, downsizer contributions allow those 65 or over to sell or dispose or an ownership interest in their main residence and make up to [read more]
Introduction The ATO recently published Law Administration Practice Statement PS LA 2020/3 to guide ATO staff on how to apply administrative penalties. This provides the methodology on how ATO case officers make determinations on imposing and remitting penalties for contraventions under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). The ATO’s view is [read more]
![An important reminder on excess contributions: Purcell and Commissioner of Taxation [2020] AATA 4235](https://www.dbalawyers.com.au/wp-content/uploads/2020/11/An-important-reminder-on-excess-contributions-Purcell-and-Commissioner-of-Taxation-2020-AATA-4235-200x200.jpg "An important reminder on excess contributions: Purcell and Commissioner of Taxation [2020] AATA 4235")
The recent AAT decision of Purcell and Commissioner of Taxation [2020] AATA 4235 serves as an important reminder when making superannuation contributions. Facts For the full decision, see http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AATA//2020/4235.html. A summary of the fact is as follows. The AAT indicated that during the financial year ended 30 June 2018, Mrs Purcell had a non-concessional contributions [read more]
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]
The ATO recently released Practical Compliance Guideline PCG 2020/6. The guideline considers the timing of income tax deductions for superannuation contributions made through the Small Business Superannuation Clearing House (‘SBSCH’) and the ATO’s compliance approach. However, it is also a timely reminder on when to make contributions more generally. Background to PCG 2020/6 The ATO’s [read more]
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]
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]
Recently the ATO’s Acting Assistant Commissioner for Superannuation, Steve Keating, outlined the ATO’s current approach to dealing with SMSFs facing compliance issues and making voluntary disclosures. The ATO has recognised that many Australians are experiencing financial hardship as a result of the COVID-19 pandemic and therefore it is not pursuing its usual audit program. For [read more]
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]
