Overview The ATO has various powers it can exercise to deal with SMSF non-compliance. One such power is to provide a rectification direction (RD) to an SMSF trustee under s 159 of the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA). Guidance on RDs is provided to ATO officers in Law Administration Practice Statement 2023/1 (PSLA). [read more]
There is a provision in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR) that on its face appears to allow a person of any age to receive their preserved benefits. More specifically, item 108 of sch 1 to the SISR appears to provide that even preserved benefits may be paid to a superannuation fund member [read more]
Daniel Butler and I are senior fellows at Melbourne University’s Law School. I am the subject coordinator for the intensive subject ‘Tax of Superannuation A’ (LAWS90235). Dan and I both lecture the subject. The subject ran last week. On behalf of both me and Dan, it was an honour and privilege to share our knowledge [read more]
Overview Broadly, from 1 July 2025, where a member’s total superannuation balance (TSB) exceeds $3 million, an increase in their TSB at the end of the relevant financial year (as adjusted for withdrawals and contributions) will be assessed to them personally as ordinary income. The increased amount of TSB will be subject to a maximum 15% tax, [read more]
The Full Court of the Federal Court of Australia (Court) recently handed a judgment regarding how the superannuation guarantee (SG) legislation applies to certain contractors: Jamsek v ZG Operations Australia Pty Ltd (No 3) [2023] FCAFC 48 (Jamsek). This case has important implications for businesses that engage individuals where the payment is wholly or principally [read more]
There is a common misconception as to how a total superannuation balance (TSB) is calculated. This misconception can mean that, although an individual’s ‘net’ balance might be well under $3M, they might still be liable to the announced new tax on $3M+ balances! [read more]
There is a common misconception as to how a total superannuation balance (TSB) is calculated. This misconception can mean that, although an individual’s ‘net’ balance might be well under $3M, they might still be liable to the announced new tax on $3M+ balances! [read more]
This article provides a snapshot on Treasury’s consultation paper on non-arm’s length expense (NALE) rules for superannuation funds released on 24 January 2023. Submissions are due by 21 February 2023. What has Treasury proposed? Treasury’s proposed amendments are only intended to apply to general expenses which have a sufficient nexus to all ordinary and statutory [read more]
Daniel Butler and Bryce Figot of DBA Lawyers are senior fellows at Melbourne Law School and are lecturing a subject titled LAWS90235 Tax of Superannuation A. It is a three day intensive subject and will run in April 2023. Centred around SMSFs, the subject deals with the policies, technical rules, and current practical problems in [read more]
Overview Choosing the most appropriate name to hold or own valuable assets is an important consideration. However, many do not give this decision appropriate and careful consideration. With uncertain economic conditions ahead, we are likely to see more people and businesses experience financial troubles meaning property and other assets will be exposed to considerable risk. [read more]
