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SMSF Newsfeed
There was some great news in last night’s budget! The government made the following announcement regarding excess non-concessional contributions: The Government will allow individuals the option of withdrawing superannuation contributions in excess of the non-concessional contributions cap made from 1 July 2013 and any associated earnings, with these earnings to be taxed at the individual’s [read more]
Introduction Those who have suffered loss as a result of defective ATO administration may be eligible to claim compensation from the ATO. Such compensation will only be available in limited circumstances, and knowing when to enquire about the options can be a real ‘value add’ for clients. This article outlines what you need to know [read more]
The decision of EM Squared Pty Ltd v Hassan [2010] SASC 62 has absolutely critical implications for SMSF succession planning, yet few have ever heard of it. (The case is also sometimes cited as Re Australian Motors SA Pty Ltd Staff Superannuation Fund.) This article seeks to detail the vital messages of the case. In [read more]
Recent ATO materials suggest non-arm’s length limited recourse borrowing arrangements will give rise to huge tax problems. More specifically, the materials suggest income derived can be non-arm’s length income (ie, taxed at 45%) where the LRBA favours the SMSF. This could come as a shock as many have incorrectly said the ATO has previously ‘green [read more]
The trustee of a regulated superannuation fund is prohibited from lending money to a member of the fund (and/or a member’s relatives). However, what if the trustee lends to a related company of which the member is the sole director and shareholder? Subject to proper structuring this can be a viable strategy and even has [read more]
This article originally appeared in the March 2014 edition of Asset Magazine (Financial Review). If superannuation death benefits are paid to the estate, a quirk in the law can mean higher tax and increased administration costs. Advisers are well-placed to add value by alerting clients and lawyers to this possible tax trap. Where does a [read more]
At DBA Lawyers we like to think of our SMSF deed as being the Rolls Royce of SMSF deeds. We constantly review, refine, test, debate and update it. And we’ve been doing so for well over 20 years. We are Australia leading SMSF law firm with the largest team of dedicated SMSF lawyers. As a [read more]
Introduction What happens when a business borrows from a bank to make extremely large super contributions to an SMSF and then the business folds? Can the bank get its money back? A recent case — Australasian Annuities [2013] VSC 543 — suggests that the answer is no: the bank misses out and the SMSF can [read more]
A little known quirk in the preservation rules can have important implications for clients. This article explains how the quirk arises, and then how to use it to advantage clients. In a nutshell the quirk allows trustees of super funds to ‘cherry pick’ whether to fund pensions from unrestricted non-preserved benefits or preserved benefits. Legislative [read more]
Comedian George Burns continued to work until shortly before his death, in 1996, at the age of 100. Presumably he was working for love and not money. Certainly he was not working for super, because he could not have had contributions made to his fund under the legislation that then existed. That has been the [read more]
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