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Changing SMSF trustees — why advisers should be more alert to the tips and traps

Changing SMSF trustees — why advisers should be more alert to the tips and traps

This article examines some of the key reasons for having a company appointed as an SMSF trustee as compared to having individual trustees. It also examines some issues that can arise when advisers are preparing change of trustee documents. Why do so many SMSFs have individual trustees? SMSFs can have either have a company or [read more]

Collectables and personal use assets in an SMSF

Collectables and personal use assets in an SMSF

All newly acquired investments by SMSF trustees in collectables and personal use assets since 1 July 2011 have been subject to strict rules under reg 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). However, SMSF trustees should be aware that the grandfathering relief in relation to such investments that were held prior to [read more]

What wins out – an automatically reversionary pension (‘ARP’) or a binding death benefit nomination

What wins out – an automatically reversionary pension (‘ARP’) or a binding death benefit nomination (‘BDBN’)?

This topic has given rise to considerable debate since the ATO’s view on ARPs was finalised in TR 2013/5. Thus, I thought it would be worthwhile illustrating by way of case study how the law applies to this type of situation. Facts We will assume the following facts exist in relation to Rob and Mary: [read more]

The changing landscape of insurance in SMSFs

The changing landscape of insurance in SMSFs

Introduction Advisers should be aware that there have been recent changes that reduce flexibility in implementing different types of insurance in an SMSF context. From 1 July 2014 regulated superannuation funds can only provide insured benefits consistent with the following conditions of release (subject to certain ‘grandfathering relief’): death; terminal medical conditions (‘TMC’); permanent incapacity [read more]

SuperStream-latest-developments

SuperStream — impact on SMSFs

This article is to update you on my prior articles on SuperStream available at: SuperStream — latest developments Superannuation funds All regulated superannuation funds must generally have an electronic service address (‘ESA’) to receive contributions, rollovers and data in accordance with SuperStream. Broadly, SuperStream refers to the payment and data standards that superannuation funds must [read more]

QROPS UK changes impact SMSFs deeds

QROPS UK changes impact SMSFs deeds

The United Kingdom (‘UK’) tax authority, HM Revenue & Customs (‘HMRC’), has recently notified superannuation funds in Australia (including SMSFs) that are registered as Qualifying Recognised Overseas Pension Scheme (QROPS) of new UK regulations that apply from 6 April 2015. Broadly, the new UK regulations require, among other things, that the fund rules do not [read more]

Managing tax losses in an SMSF - impact of Payne's decision

Managing tax losses in an SMSF – impact of Payne’s decision

A recent decision Re Trustee for the Payne Superannuation Fund and FCT [2015] AATA 58 examines how the ATO are examining whether SMSFs are appropriately carrying forward tax losses and apportioning expenses when they are partly in pension mode. Prior to analysing the implications of this decision, we will first examine a general overview of [read more]