Legal Insights
Succession Planning with Digital Assets
Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.
Superannuation and COVID-19: Early access to super benefits
The Government will allow members to access $10,000 of their super benefits in the 2019/20 year and a further $10,000 from 1 July 2020 until 24 September 2020 in the 2020/21 year.
Superannuation and COVID-19: Reduction in minimum payments for super pensions
The Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019/20 and the 2020/21 financial years.
Superannuation and COVID-19: Relaxation of the in-house asset 5% test
The ATO has also confirmed that it will take no compliance action if the 5% in house asset limit is exceeded as at 30 June 2020.
Superannuation and COVID-19: SMSFs can reduce rent payable to related tenants
The ATO has confirmed that it will not take compliance action against SMSFs that give a related party tenant a temporary reduction in rent during the 2019/20 and 2020/21 years.
Superannuation for contractors – come one, come all
Determining whether an individual is an employee or contractor can leave you scratching your head. There is unfortunately little clarification in the context of superannuation entitlements and determining whether payments to a contractor are covered by the superannuation guarantee (SGC) regime further blurs the line between contractor and employee.
Tax Disputes Part 2 - Voluntary Disclosures
This is the second in a series of articles on strategies that can be employed in a tax dispute with the ATO.
Tax disputes can be costly, time consuming, and stressful, even if the taxpayer is ultimately successful. When approached by the Australian Taxation Office (ATO), we will always advise clients to engage with the ATO to either resolve or narrow the issues in dispute as quickly as possible.
Surprise Election result – where to for tax policy?
The Coalition’s ‘miracle’ win may not have been foreseen by the polls or the pundits, however either way the votes fell, the tax and superannuation landscape was up for change.
Reversionary TRIS Retirement Phase Measure Passes
A previous legislative technical defect in the operation of reversionary transition to retirement income streams (TRIS) has been resolved by the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018.
Transfer of real property between SMSFs fails to trigger duty
The New South Wales Civil and Administrative Tribunal (NCAT) recently considered whether a duty concession was applicable to the transfer of property related to a person changing superannuation fund – including self managed superannuation fund (SMSF) in Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue [2019] NSWCATOD 3 (Forbes).
Tougher Super Guarantee Laws
Following the passing of Treasury Laws Amendment (2018 Measures No. 4) Bill 2018, the ATO now has the below increased powers to enforce the super guarantee laws.
Payroll tax cuts in regional Victoria
New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts. The number show businesses have saved more than $31 million in the first financial year it was introduced.
Accountants: Be careful with your SMSF services
The activities that accountants without an AFSL provide to self-managed super funds (SMSFs) have been clarified by a recent Australian Securities and Investment Commission (ASIC) guidance note.
Standards shake-up for Financial Advisors
Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.
Superannuation sector changes in the 2018 Budget
The Federal Government’s 2018 Budget contained much less change for the superannuation sector than previous years.
ATO’s 2017/18 areas of focus for SMSFs
At the SMSF National Conference we heard James O’Halloran, Deputy Commissioner of Superannuation give a speech outlining the areas of focus for the balance of the financial year. The speech confirmed that a key component of the ATO is education to prevent breaches before they occur, especially in light of the recent superannuation reforms, but with some specific enforcement priorities.
SMSF - inhouse asset rules and sole purpose test reviewed
The court in Aussiegolfa v FCT has recently examined the in-house asset rules (s62) and sole purpose test (s71) of the Superannuation Industry Supervision Act 1993 (Cth) (SISA).
Advisors: don’t cut corners on death nomination forms
The Australian Securities & Investments Commission (ASIC) has released a media release warning the financial advice sector about the consequences of binding death benefit nominations (BDBNs) not being signed and witnessed correctly.
SMSF – extended time for annual returns this year
In a move welcomed by SMSF trustees (and their advisors!) the ATO has announced the extension of the lodgment date for self managed superannuation fund (SMSF) annual returns for the 2016/17 year to 30 June 2018. The ATO has confirmed that because 30 June 2018 falls on a Saturday, lodgment can occur on Monday 2 July 2018 without penalties.
Who gets your super when you die?
For many people, their super is one of their most significant assets. But many people do not understand what happens to their super benefits (called death benefits) when they die.