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super reform resources

DBA Lawyers offers a wide array of super reform resources

By on 28/02/2017 in Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Taxation, Trustee education

Co-author by Daniel Butler, Director, DBA Lawyers We have been busy making sure our SMSF documents and training are up to date with the latest super reforms and strategies. Not surprisingly we continue to come across many SMSF documents recently acquired elsewhere that have not been updated with the recent reforms. Naturally, if you are [read more]

cash flow

TRIS strategies after 1 July 2017

By on 07/02/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

A transition to retirement income stream (‘TRIS’) provides an easy way to access superannuation savings. Various TRIS strategies have developed in recent years which may change following the super reforms that commence on 1 July 2017. This article examines a number of popular strategies and considers the likely impact on TRISs on and after 1 [read more]

Reversionary pensions

Reversionary pensions and the super reforms

By on 07/02/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

Introduction Superannuation law is currently undergoing the most significant period of change since mid-2007. As a consequence of the Federal Government’s reform measures, including the $1.6 million transfer balance cap (‘TBC’), it is important that the succession plans of fund members are reviewed as soon as possible so that appropriate and tax effective succession arrangements [read more]

corporate SMSF trustee

You should have a sole purpose corporate SMSF trustee

By on 06/02/2017 in ATO, Investments, SMSF compliance, SMSF strategy, Statistics, Succession planning, Trustee education

Australian Taxation Office statistics suggest that a large majority of SMSFs have individual trustees. This is troubling, considering that sole purpose corporate SMSF trustees have been known to be superior for many years. This covers the main reasons to have a sole purpose corporate trustee. The ‘sole purpose’ indicates that the company only acts in [read more]

ATO deadline looms

31 January 2017 ATO deadline looms for LRBAs

By on 24/01/2017 in ATO, Limited recourse borrowing arrangements, SMSF compliance, Taxation

By: Daniel Butler, DBA Lawyers The ATO recently released PCG 2016/5 frequently asked questions, which serves as a handy reminder of the 31 January 2017 deadline. Following the release of PCG 2016/5 in April 2016, the ATO initially required each SMSF trustee with a non-bank limited recourse borrowing arrangement (‘LRBAs’) to ensure it was on [read more]

Impact of the superannuation reforms on legacy pensions(1)

Impact of the superannuation reforms on legacy pensions

By on 16/01/2017 in Federal Budget, Pensions, SMSF strategy, Succession planning, Taxation

Transfer balance cap modifications As the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 is now law, it is critical that advisers have an understanding of the impact of the superannuation reforms on legacy pensions. In particular, the specified defined benefit pension modifications apply to lifetime pensions, fixed term (life expectancy) pensions and market [read more]

Death benefit pensions and the $1.6 million transfer balance cap

Death benefit pensions and the $1.6 million transfer balance cap

By on 16/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

Introduction The Federal Government’s $1.6 million transfer balance cap (‘TBC’) measure is likely to adversely impact couples who have pension entitlements exceeding $1.6 million. This articles outlines some of the implications in relation to death benefit pensions. The key TBC provisions are in div 294 of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’) inserted [read more]

pension

Pension changes — are your pension documents up to date?

By on 11/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

By Daniel Butler ([email protected]), Director, DBA Lawyers The recent superannuation reforms substantially impact existing pensions from 1 July 2017. This means that pension documents will need to be updated prior to 1 July 2017 to reflect the latest changes and new pensions implemented from 1 July 2017 will also need to reflect the latest changes. [read more]

Transitional CGT relief

Transitional CGT relief for pension and TRIS assets for FY2017

By on 21/12/2016 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

By Daniel Butler, Director, DBA Lawyers This article provides a broad overview of the capital gains tax (‘CGT’) relief for superannuation funds and explains how the cost base reset relief works in respect of assets used to support a pension or a transition to retirement income stream (‘TRIS’) prior to 1 July 2017. Introduction SMSF [read more]