Categories | Taxation

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]

SMSFs with related party LRBA borrowings

By Daniel Butler on 13/11/2015 in ATO, Investments, Limited recourse borrowing arrangements, SMSF compliance, Taxation

On Monday 10 November 2015, Daniel Butler, in his role as the chair of The Tax Institute’s National Superannuation Committee, attended a meeting of the Superannuation Industry Relationship Network (‘SIRN’) with representatives of the ATO and a range of industry stakeholders. ATO amnesty on non-commercial LRBAs At this meeting, the ATO confirmed that there is [read more]

LRBA holding trusts receive the ‘look through’ treatment

By William Fettes on 23/10/2015 in Announcements, Limited recourse borrowing arrangements, Taxation

The Federal Parliament recently passed legislation which affects the tax treatment of limited recourse borrowing arrangements. The Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 (Cth) (‘Act’) received Royal Asset on 16 September 2015. We consider relevant aspects of the amendments made to the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’) [read more]

SMSFs investing via unit trusts

By Daniel Butler on 13/10/2015 in Investments, SMSF strategy, Taxation

A unit trust is a popular structure to hold property and other investments. This article examines numerous methods how an SMSF may invest in a unit trust and also covers a proposed tax change that will impact on the tax treatment of certain unit trusts once finalised as law. Many publicly offered managed investments fund [read more]

Latest on UK pension transfers to SMSFs

By Bryce Figot on 09/09/2015 in Announcements, SMSF compliance, SMSF deeds, Taxation

1 July 2015 was the day that saw the removal of all but one Australian superannuation fund from the UK’s Registered Overseas Pension Scheme (‘ROPS’) list due to changes in UK laws on 6 April 2015. Since this time lawyers, large industry funds, professional associations and the Australian Treasury have been trying to assist Her [read more]

Used contributions reserving? New ATO materials impact you!

By Bryce Figot on 10/08/2015 in Announcements, ATO, SMSF strategy, Taxation

Ever since TD 2013/22 and ATO ID 2012/16 many have considered contribution reserving to be a ‘lay down misere’. However, there are various possible difficulties practitioners must be aware of. The ATO has recently addressed one of these difficulties by releasing the new ATO form ‘Request to adjust concessional contributions’ (NAT 74851). This form notifies [read more]

SMSFs investing in unit trusts that develop property

SMSF investing in unit trusts — proposed tax changes

By Daniel Butler on 27/07/2015 in Investments, SMSF strategy, Taxation

Proposed changes in the exposure draft Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (‘ED Bill’) will impact on the tax treatment of unit trusts that are currently taxed as companies under div 6C of the Income Tax Assessment Act 1936 (Cth) (‘ITAA 1936’). Currently, under div 6C, the 20% tracing [read more]

Can an SMSF claim a deduction for future liability to pay death benefits?

By Bryce Figot on 01/07/2015 in Succession planning, Taxation

There is a deduction available under s 295-470 of the Income Tax Assessment Act 1997 (Cth). It is called a deduction for future liability to pay death benefits. Sometimes this deduction is thought of as an accompanying deduction along with s 295-485 anti-detriment deductions. However, a s 295-470 deduction for future liability to pay death [read more]

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