Categories | Taxation

Important reminders as superannuation changes loom

By Bryce Figot on 10/03/2017 in Contributions, Federal Budget, SMSF strategy, Taxation

The biggest changes to superannuation in a decade will take effect from 1 July 2017, due to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (Cth). There are several cases from the past that are particularly relevant for these changes. In this article I detail why some of these changes and why they matter, [read more]

Lump sum payment arising from a partial commutation

By William Fettes on 01/03/2017 in Federal Budget, Pensions, SMSF strategy, Taxation

Co-author by Daniel Butler, Director, DBA Lawyers Introduction The treatment of a lump sum payment arising from the partial commutation of a pension will be significantly impacted by the super reform measures. This article examines changes from 1 July 2017. Background — lump sums arising from a partial commutation A benefit payment arising from the [read more]

What ATO publications can be relied on?

By Daniel Butler on 01/03/2017 in ATO, SMSF compliance, SMSF strategy, Taxation, Trustee education

The ATO is a large bureaucracy and produces a lot of guidance material. Generally the ATO feels bound by its published material from an administrative viewpoint. However, only certain publications bind the ATO. Thus it is important that advisers and taxpayers understand the range of material (or products) published by the ATO and the level [read more]

DBA Lawyers offers a wide array of super reform resources

By Daniel Butler on 28/02/2017 in Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Taxation, Trustee education

Co-author by Daniel Butler, Director, DBA Lawyers We have been busy making sure our SMSF documents and training are up to date with the latest super reforms and strategies. Not surprisingly we continue to come across many SMSF documents recently acquired elsewhere that have not been updated with the recent reforms. Naturally, if you are [read more]

TRIS strategies after 1 July 2017

By Daniel Butler on 07/02/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

A transition to retirement income stream (‘TRIS’) provides an easy way to access superannuation savings. Various TRIS strategies have developed in recent years which may change following the super reforms that commence on 1 July 2017. This article examines a number of popular strategies and considers the likely impact on TRISs on and after 1 [read more]

Reversionary pensions and the super reforms

By William Fettes on 07/02/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

Introduction Superannuation law is currently undergoing the most significant period of change since mid-2007. As a consequence of the Federal Government’s reform measures, including the $1.6 million transfer balance cap (‘TBC’), it is important that the succession plans of fund members are reviewed as soon as possible so that appropriate and tax effective succession arrangements [read more]

31 January 2017 ATO deadline looms for LRBAs

By Daniel Butler on 24/01/2017 in ATO, Limited recourse borrowing arrangements, SMSF compliance, Taxation

By: Daniel Butler, DBA Lawyers The ATO recently released PCG 2016/5 frequently asked questions, which serves as a handy reminder of the 31 January 2017 deadline. Following the release of PCG 2016/5 in April 2016, the ATO initially required each SMSF trustee with a non-bank limited recourse borrowing arrangement (‘LRBAs’) to ensure it was on [read more]

Impact of the superannuation reforms on legacy pensions

By Daniel Butler on 16/01/2017 in Federal Budget, Pensions, SMSF strategy, Succession planning, Taxation

Transfer balance cap modifications As the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 is now law, it is critical that advisers have an understanding of the impact of the superannuation reforms on legacy pensions. In particular, the specified defined benefit pension modifications apply to lifetime pensions, fixed term (life expectancy) pensions and market [read more]

Death benefit pensions and the $1.6 million transfer balance cap

By William Fettes on 16/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

Introduction The Federal Government’s $1.6 million transfer balance cap (‘TBC’) measure is likely to adversely impact couples who have pension entitlements exceeding $1.6 million. This articles outlines some of the implications in relation to death benefit pensions. The key TBC provisions are in div 294 of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’) inserted [read more]

Pension changes — are your pension documents up to date?

By Daniel Butler on 11/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

By Daniel Butler ([email protected]), Director, DBA Lawyers The recent superannuation reforms substantially impact existing pensions from 1 July 2017. This means that pension documents will need to be updated prior to 1 July 2017 to reflect the latest changes and new pensions implemented from 1 July 2017 will also need to reflect the latest changes. [read more]

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