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What to watch out for when an SMSF trustee is deregistered

Overview A corporate trustee is strongly recommended compared to individual trustees. However, issues can arise if the company’s compliance slips, and the company is deregistered. We examine a case here to showcase the issues that can arise where the remaining fund member died without a will and without any succession plans in place for the [read more]

new-pension-laws

New pension laws just made!

On Monday 4 April 2022 the Government made new laws impacting pensions (see the Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022 (Cth)). Those in particular with legacy pensions should pay close attention! Over 200 years ago, on 7 March 1795, English newspaper The Hull Advertiser announced that ‘[t]he licence to wear hair [read more]

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Exiting certain legacy pensions — new strategic opportunity!

New laws provide a strategic opportunity for exiting certain legacy pensions. We will cover this opportunity in great detail in a webinar to be held at 12 noon (AEST) Thursday 28 April 2022. Those who can’t attend can watch a recorded version. To register visit https://attendee.gotowebinar.com/register/3108445138265877264 In this article we detail the preliminary ‘ins and [read more]

Your guide to an SMSF exit plan

Planning your exit: a guide to SMSF succession planning — Part 2

This article is part of a series of articles on SMSF succession planning. In Part 2 of the series we examine the tax considerations that arise in relation to paying superannuation death benefits comprising a taxable component. We also consider the options and pitfalls associated with planning to make a timely payment of benefits to [read more]

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New choice simplifies ECPI claims via the unsegregated or actuarial method

On 10 February 2022, the Federal Parliament passed Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 (Bill) which contains an important measure impacting how SMSFs can claim exempt current pension income (ECPI). In broad terms, the ECPI changes in the Bill improve the ability of fund trustees to [read more]

Contribution Rules

Recent changes to contributions rules

The Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021 (Bill) recently passed both houses of Parliament and only awaits Royal Assent. The key superannuation measures in this Bill are: Removal of the $450 monthly income threshold for superannuation guarantee (SG) obligations. Increasing the amount eligible for release under [read more]

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Seeking compensation for defective ATO administration

Introduction The ATO is a large bureaucracy with a large workforce handling complex legislation. Mistakes sometimes can occur. ATO mistakes or ‘maladministration’ can give to considerable costs to taxpayers. In certain circumstances taxpayers (including SMSF trustees) may seek compensation from the ATO where, for example, the ATO has directly caused a taxpayer to suffer detriment, [read more]

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Are SMSF wills really ‘safer’ than BDBNs?

Soon the High Court will hand down a judgement being the appeal from Hill v Zuda Pty Ltd [2021] WASCA 59 which will definitively answer (among other things) whether an SMSF binding death benefit nomination (BDBN) can last either indefinitely or a maximum of only three years. Some in the SMSF industry have suggested that [read more]

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SMSFs –– substantial uncertainty with NALI impact on employee share schemes

Acquiring shares under an employee share scheme (ESS) via your self managed superannuation fund (SMSF) may appear attractive but substantial uncertainty has arisen following the ATO’s recent ruling, LCR 2021/2, on the application of the non-arm’s length income (NALI) rules to such a transaction. [read more]