Super

SMSF trustees have an option at the moment to contribute personal injury claim payments to their fund without it being counted towards the non-concessional cap. Now it looks like the personal injury payment parameters may be grandfathered in super reforms. There is, under present rules, a 90-day window to treat such payments in this way.

• 6 June, 2016

SMSFs, tempted by higher yields, should read this report first. Trustees, in the scramble for yield in a lower interest rate environment, would be well advised to read the Australian Competition and Consumer Commission’s (ACCC) seventh annual report on scams activity. By far the most concerning trend in the ACCC’s data related to investment scams,

• 3 June, 2016

Non-arm’s length LRBA grace period is to be extended. Continuing from the ATO’s determinations that limited recourse borrowing arrangements (LRBA) maintained not on arm’s length terms give rise to non-arm’s length income (NALI), the ATO’s deadline for fixing the terms of existing LRBAs was 30 June 2016. However, additional time has been granted and now

• 30 May, 2016

When trustees have made the decision that an SMSF is no longer appropriate for their circumstances, it’s important to ensure the fund is wound up correctly. A successful SMSF wind up depends on having the right documents. Winding up an SMSF can be a complex process, with all the paperwork and administration involved. Having the

• 7 May, 2016

ATO warns against diverting personal services income to SMSFs. It is reviewing arrangements where individuals divert their personal services income to a self-managed superannuation fund (SMSF) to minimise or avoid tax.   It has recently issued a taxpayer alert on this matter (read it here). Deputy Commissioner James O’Halloran said these types of arrangements are

• 5 May, 2016