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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]

Temporary incapacity can provide welcome relief

Temporary incapacity can provide welcome relief

Most of us are aware that superannuation benefits can be paid out on retirement (ie, after attaining your preservation age), as well as on suffering permanent incapacity and on death. However, many are not aware that our super savings can also provide some welcome relief on suffering temporary incapacity. Those that suffer temporary incapacity can [read more]