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Is maintaining a second SMSF a Part IVA risk?

Daniel Butler, Director and David Oon, Senior Associate, 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 [read more]

Demystifying

Demystifying the tax treatment of death benefits paid to the estate

Joseph Cheung, Lawyer and William Fettes, Senior Associate, DBA Lawyers The tax treatment of death benefits paid from an SMSF to a deceased member’s estate can be complex. Tax law contains a ‘look through’ provision in respect of death benefits paid to an estate (ie, to a legal personal representative being the executor of a [read more]

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

By Gary Chau, Lawyer, and David Oon, Senior Associate, 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’), [read more]

tris

The new age TRIS –– tips and traps

Daniel Butler, Director and David Oon, Senior Associate, 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 [read more]

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Managing flexi pensions post 1 July 2017

Overview This article considers the impact of the transfers balance cap provisions on flexi pensions, being pensions that comply with reg 1.06(6) of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). Importantly, flexi pensions do not fall within the definition of a capped defined benefit income stream for the purposes of the transfer balance cap provisions. [read more]

downsizer superannuation contributions

Key questions answered for downsizer superannuation contributions

By Christian Pakpahan, Lawyer and Bryce Figot, Special Counsel, DBA Lawyers In the Federal Budget released in May 2017, the government announced an additional $300,000 of superannuation contributions for those aged 65 or more and who sell their home. However, the initial announcement left a number of key questions unanswered. One key question is as [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]

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Impact of the superannuation reforms on market linked pensions

Transfer balance cap modifications As the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 is now law, it is critical that advisers consider and discuss the implications of the superannuation reforms on market linked pension with relevant fund members before 30 June 2017. While the capped defined benefit income stream modifications apply to lifetime [read more]