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.
Should you update your super fund deed or pension document before 1 July 2017?
With the new super laws due to commence on 1 July 2017, now is the time to consider whether your SMSF trust deed or pension document needs to be updated.
Deadline looming for rectification of non-commercial LRBA loans - get in quick!
As set out in our previous article, the deadline for ensuring non-commercial related party limited recourse borrowing arrangement (LRBA) loans are rectified to reflect commercial terms is 31 January 2017. This date is fast approaching and SMSF trustees must take immediate action to ensure compliance with the ATO’s guidelines set out in PCG 2016/5.
Draft laws for the introduction of the 5 year concessional contributions catch-up measure
The Government has released the second round of draft rules for the implementation of the superannuation reform package announced in the 2016-2017 budget, which includes draft legislation for the 5 year concessional contributions catch-up measure.
Proposed draft laws for the introduction of the $1.6 million super pension cap
The Government has released the second round of draft rules for the implementation of the superannuation reform package announced in the 2016-2017 budget. This tranche includes the draft legislation for the proposed $1.6 million super pension cap, which essentially limits the amount that a member can hold in a pension account to $1.6 million from 1 July 2017.
Proposed superannuation budget changes released
The Government has released its second tranche of draft legislation to implement the proposed superannuation budget measures.
Controversial $500,000 lifetime non-concessional contributions cap scrapped
The announcement of the $500,000 lifetime non-concessional contributions cap in the 2016-2017 budget was not only controversial, especially given what was widely perceived as its retrospective operation, but raised many questions as to how it would be applied. The Government has announced that the proposed lifetime cap will not proceed but will be replaced by a new measure.
Extension of time to rectify non-commercial LRBA loans – deadline now 31 January 2017
In our previous Time For Action article the deadline for ensuring existing non-commercial limited recourse borrowing arrangement (LRBA) loans were put on commercial terms was 30 June 2016.
Time for action: safe harbour guidelines issued by the ATO for related party LRBA loans
On 6 April 2016, the ATO issued Practical Compliance Guidelines PCG 2016/5 Income tax - arm's length terms for Limited Recourse Borrowing Arrangements established by self managed superannuation funds (Guideline)
Non-commercial LRBA loans must be put on commercial terms for the entire 2016 income year
In December 2015 The Australian Taxation Office (ATO) stated that it would not take active steps to review non-commercial limited recourse borrowing arrangement (LRBA) loans prior to 30 June 2016. It was recommended that LRBA loans should be put on arm’s length terms by 30 June 2016. If that occurred then the ATO had stated that it would not actively review such non-commercial LRBAs for prior years.
ATO announces 2015/16 superannuation rates and thresholds
The ATO have announced the caps on the amount you can contribute to your superannuation for the 2015/16 financial year.
Has new SMSF penalty regime allowed the Courts to adopt a lenient approach to serious breaches of SIS?
The new penalty regime for self-managed superannuation funds (SMSFs) may allow a relatively lenient approach where cases involve a number of serious breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) , if the two recent Federal Court decisions of DCT v Lyons and DCT v Graham Family Superannuation Pty Ltd are any guide to how the regime will be applied by the Courts.