Categories | Taxation

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]

The new $500,000 lifetime contribution cap is retrospective and bad law

By Daniel Butler on 09/05/2016 in Announcements, Contributions, Federal Budget, SMSF strategy, Taxation

One of the most disturbing aspects of the $500,000 lifetime non-concessional contribution (NCC) cap announcement in the 3 May 2016 Federal Budget is that the new lifetime NCC cap catches prior NCC’s made since 1 July 2007. [read more]

Free tool for related party LRBAs

By Bryce Figot on 18/04/2016 in Announcements, ATO, Limited recourse borrowing arrangements, Taxation

All SMSF LRBAs where the lender is not a financial institution might need to take urgent action by 30 June 2016 or possibly face significant tax bills. We have previously written about this. We have drafted a free tool for non-arm’s length LRBAs. This tool is designed for advisers to use to contact their clients. [read more]

ATO releases safe harbours for non-bank SMSF limited recourse borrowing arrangements

By Bryce Figot on 06/04/2016 in Announcements, ATO, Audit, Limited recourse borrowing arrangements, Taxation

The ATO have released important information detailing interest rates, loan-to-value ratios (‘LVRs’) and other terms that constitute safe harbours for SMSF limited recourse borrowing arrangements (‘LRBAs’) so that arrangements will be taken to be consistent with an arm’s length dealing. The ATO is officially calling their release a ‘Practical Compliance Guideline’. Broadly speaking, LRBAs consistent [read more]

Your guide to an SMSF exit plan

By William Fettes on 16/03/2016 in SMSF strategy, Succession planning, Taxation

Though it is often overlooked, succession planning is a crucial aspect of successfully operating an SMSF. Every member should develop, implement and regularly review a personal succession plan to help ensure that there is a smooth process in place for succession to control of the fund and other succession arrangements appropriate for their individual circumstances. [read more]

Tips and traps on transferring life estate interests to an SMSF

By Daniel Butler on 01/02/2016 in ATO, Contributions, Investments, SMSF compliance, SMSF strategy, Taxation

There has been recent press publicity regarding SMSF members transferring life estate interests in business real property (‘BRP’) by way of an in kind or ‘in specie’ contributions to self managed superannuation funds (‘SMSF’). This article briefly examines some of the key points relating to these transactions and provides an update on my latest experience [read more]

Transferring foreign superannuation fund amounts to an Australian resident

By Daniel Butler on 19/01/2016 in SMSF strategy, Taxation

This article provides a brief overview of the main rules on transferring lump sum amounts from foreign superannuation funds (‘FSFs’) to an Australian resident or to an Australian superannuation fund in respect of an Australian resident. BACKGROUND Broadly, an Australian resident taxpayer is assessable on the applicable fund earnings (‘AFE’) in respect of payments and [read more]

Want a TRIS to be tax free as a lump sum? You’ll need a private binding ruling

By Bryce Figot on 18/01/2016 in Announcements, SMSF strategy, Taxation

The following strategy is generating a lot of interest, however, I think — unless and until we receive better clarification from the ATO — advisers should take caution and seek private binding rulings for both the individual and the fund. The strategy is as follows: Step 1 — A person aged between preservation age and [read more]

TRIS payments taxed as lump sums … and tax free under low rate cap amount

By Bryce Figot on 21/12/2015 in Announcements, ATO, Taxation

If someone is between preservation age and 60, generally TRIS payments are taxable. However, reg 995-1.03 suggests that there’s a way for them to be treated as a lump sum … this can make the amounts tax free under the low rate cap amount. A recent article suggests that the ATO have issued a private [read more]

There’s a sting in the tail of new LRBA laws

By Bryce Figot on 15/11/2015 in Limited recourse borrowing arrangements, Taxation

The Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 (Cth) received Royal Assent on 16 September 2015. It was designed to provide ‘income tax look-through treatment for instalment warrants, instalment receipts, and other similar arrangements, and for certain limited recourse borrowing arrangements entered into by regulated superannuation funds’. On its face, it [read more]

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