Categories | Taxation

Automatically reversionary pensions and super reform

By William Fettes on 01/08/2016 in Pensions, Succession planning, Taxation

With Daniel Butler, Director, DBA Lawyers Introduction The $1.6 million balance cap proposal adds another layer of complexity to understanding whether an automatically reversionary pension (‘ARP’) is still an appropriate SMSF succession planning strategy. Every client who is likely to be impacted by the $1.6 million balance cap measure should act swiftly and prior to [read more]

When does an interdependency relationship exist between adult children and parents? The first AAT decision ever on point released!

By Bryce Figot on 20/07/2016 in SMSF cases & decisions, Succession planning, Taxation

Given the rising cost of housing, adult children are living with their parents for longer. Also, parents have more in superannuation than ever before. Because adult children might have moved out and then returned, such children are sometimes referred to as ‘boomerang children’. An important question is whether, when their parents die, do such ‘boomerang [read more]

Proposed superannuation reforms – July 2016

By Daniel Butler on 29/06/2016 in Announcements, Contributions, Federal Budget, Pensions, SMSF strategy, Succession planning, Taxation

We are about to enter a period of substantial reform. We have therefore prepared a brief ‘stock take’ of what the reform proposals look like as at the start of July 2016. In particular, we consider the proposals announced in the 3 May 2016 Federal Budget by the Liberal Government. We also briefly compare these [read more]

Death benefits dependant: Can an interdependency relationship exist between deceased child and parent?

By Daniel Butler on 22/06/2016 in Audit, SMSF cases & decisions, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

This article looks at whether a parent and deceased child can be in an interdependency relationship for the purpose of satisfying the definition of death benefits dependant in the Income Tax Assessment Act 1997 (Cth) (‘ITAA97’). This article follows the AAT decision in TBCL and Commissioner of Taxation (Taxation) [2016] AATA 264 (‘TBCL’). [read more]

PCG 2016/5 and non-bank LRBAs — SMSFs get an extension to rectify

By Daniel Butler on 30/05/2016 in Contributions, Federal Budget, Limited recourse borrowing arrangements, SMSF compliance, Taxation

ATO extends the deadline to 31 January 2017 The ATO extension to 31 January 2017 is most welcome to alleviate the concerns that many SMSFs are facing in view of the need to act swiftly to clean up related party and non-bank limited recourse borrowing arrangements (‘LRBA’). Many SMSFs in particular have had to look [read more]

What the Budget means RIGHT NOW for personal deductible contributions

By Bryce Figot on 30/05/2016 in ATO, Contributions, Federal Budget, Taxation

The recent Federal Budget promised to simplify and streamline the rules on personal deductible superannuation contributions. This is welcome news and I commend the government for this announced change. However, the change won’t take effect until the 2018 financial year. Further, given the upcoming election, it’s also possible that a new government will be elected [read more]

Spotlight on concessional contributions

By Daniel Butler on 27/05/2016 in Announcements, ATO, Contributions, Federal Budget, SMSF strategy, Succession planning, Taxation

The May 2016 budget proposals have generated an incredible amount of commentary, not only from industry participants, but also from the mainstream media outlets. There is no doubting the importance of superannuation and the role it plays for many in ensuring they have an adequate standard of living in retirement. This article considers the impact [read more]

$1.6M balance cap examined — more tax on death benefits

By Daniel Butler on 24/05/2016 in Announcements, Federal Budget, SMSF strategy, Succession planning, Taxation

The proposed $1.6 million balance cap will, if introduced, will result in substantial changes from 1 July 2017 and is likely to generate significantly more tax on the payment of death benefits. Summary of the new cap The Liberal Government’s balance cap announcement on 3 May 2016 involves: A maximum $1.6 million (plus earnings thereon) [read more]

Is a lifetime pension a viable option?

By Daniel Butler on 24/05/2016 in ATO, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Taxation

This article considers some of the issues associated with whether a pension payable to a member can be converted to a ‘lifetime’ pension, such that the pension is automatically reversionary to the member’s spouse on their death, and then any remaining capital reverts, for example, to the deceased member’s children from a previous marriage. Case [read more]

Liberals v Labor: what different election outcomes could mean for SMSF pensions

By Bryce Figot on 16/05/2016 in Announcements, Pensions, Taxation

Australia votes on 2 July 2016 and never before has so much superannuation policy turned on one election. A Liberal victory could mean very different things than a Labor victory. In this article, I explore some of the ins and outs of each party’s announced policies. [read more]

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