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Reversionary transition to retirement income streams

By on 17/10/2017 in Pensions, SMSF strategy, Succession planning, Taxation, Trustee education

William Fettes, Senior Associate, Daniel Butler, Director, DBA Lawyers The new rules that govern when a transition to retirement income stream (‘TRIS’) enters retirement phase give rise to a number of complex issues in the context of reversionary nominations and death. This article examines the retirement phase rules and reversionary TRISs in detail, based on [read more]

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Your discretionary trust may unwittingly be subject to extra duty or land tax

By on 26/09/2017 in Taxation, Trustee education

By Shaun Backhaus ([email protected]), Lawyer and Daniel Butler ([email protected]), Director DBA Lawyers Background Foreign purchaser additional duty (‘FPAD’) was introduced in Victoria from 1 July 2015 which adds an extra 7% land transfer duty on residential property purchases in Victoria if there is a foreign beneficiary of your discretionary or family trust (s 28A Duties [read more]

beers

Is maintaining a second SMSF a Part IVA risk?

By on 15/09/2017 in ATO, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

Daniel Butler, Director, 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 intended to be a technical [read more]

Demystifying

Demystifying the tax treatment of death benefits paid to the estate

By on 01/09/2017 in SMSF strategy, Succession planning, Taxation, Trustee education

Daniel Butler, Director 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 on 31/08/2017 in Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

By Daniel Butler, Director, 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’), in particular it is [read more]

tris

The new age TRIS –– tips and traps

By on 30/08/2017 in ATO, Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

Daniel Butler, Director, 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 for this TRIS reclassification, but [read more]

clockmoney

Managing flexi pensions post 1 July 2017

By on 14/08/2017 in ATO, Federal Budget, Pensions, SMSF strategy, Succession planning, Taxation

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 on 26/07/2017 in ATO, Contributions, Federal Budget, SMSF strategy, Taxation

Daniel Butler ([email protected]), Director 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]

pension

What’s the status of the transition to retirement income stream?

By on 07/07/2017 in ATO, Pensions, SMSF deeds, SMSF strategy, Taxation

Daniel Butler ([email protected]), Director, DBA Lawyers The transition to retirement income stream (‘TRIS’) is entering a new era on 1 July 2017 where most will want the TRIS to enter retirement phase as soon as possible to gain access to an earnings tax exemption. A new law has provided a roadmap for this TRIS reclassification, [read more]

Unlocking potential and avoiding pitfalls in SMSF property development

Unlocking potential and avoiding pitfalls in SMSF property development

By on 27/06/2017 in Audit, Investments, Limited recourse borrowing arrangements, SMSF compliance, SMSF deeds, SMSF strategy, Taxation

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]