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SMSF Newsfeed
Two mysteries that loom large on the SMSF landscape are the issues of SMSF penalties and the sole purpose test. However, a recent Federal Court case sheds some light on the uncertainties in these areas. Facts of the case The decision in Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA [read more]
True to its word, on 10 October 2014 the Government introduced draft legislation, which proposes practical and long-awaited changes to the treatment of excess non-concessional contributions (‘NCCs’). This article outlines the tips and traps associated with the proposed changes. Details of the draft legislation The draft legislation takes the form of the Tax and Superannuation [read more]
There are many strategies put forward on how to provide smooth and effective succession for a self managed superannuation fund (‘SMSF’) members. Fortunately, while there is no ‘one size fits all’ solution, there are a number of strategies that are simple and cost effective that can substantially bolster your position and set the ‘foundation’ for [read more]
The latest official word on the status of excess non-concessional contributions was a positive one, but caution is still needed. The latest official word The ATO published on Friday 26 September 2014 the official minutes of the most recent Individual Taxpayer Liaison Group Minutes. In it the ATO stated: Under the new measure for non-concessional [read more]
The ATO in SMSFD 2013/2 confirmed that an account-based pension can be partially commuted to a lump sum to enable a member to take advantage of their low rate cap. (The low rate cap for the 2014/15 financial year is $185,000). However, the ATO in paragraph 11 [read more]
Dan and I both presented at the Chartered Accountants 2014 National SMSF Conference last week. It was a great conference and Chartered Accountants should be congratulated. I presented on ‘SMSFs and families: the real implications’. A copy of my paper can be downloaded here. Dan presented on ‘Property inside an SMSF’. A copy of his [read more]
The recently released ATO taxpayer alert TA 2014/1 spells good news for SMSFs! It should serve to remind us of a special exception that differentiates SMSFs from other types of trusts … and how this can save SMSFs extra tax in addition to the usual tax concessions that SMSFs are used to. What taxpayer alert [read more]
A common strategy implemented by business clients is to acquire business real property (usually the premises from which their business is run) via their SMSF and then lease this property to a related party. Borrowings are often used to finance the acquisition. The above is typically a standard transaction. However, where the complexity arises [read more]
As certain SMSF limited recourse borrowing arrangements reach completion, many are unsure how the arrangement should finish. There are a number of steps involved in weighing up options and strategy, as well as in documenting and carrying out the process. Note that this article deals with the situation of where a borrowing has been [read more]
The ATO has released taxpayer alert TA 2014/1. It describes trusts that engage in property development and questions whether the proceeds are on capital account or rather on revenue account. However, there is something that the taxpayer alert does not state: the alert broadly has no application for an SMSF! Consider an SMSF that runs [read more]
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