Smsf

More super reform changes being made on the fly

Further rumoured amendments to the superannuation reforms taking effect on July 1, 2017, just over two months away, are seeding further panic among the superannuation industry. The document circulated by the ATO lists seven areas where further amendments, termed “minor and technical”, are being sought. It is proposed that the government intends to enact these

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Super’s new $1.6m transfer balance cap — what counts towards it?

The transfer balance cap applies to the total amount of superannuation that has been transferred into retirement phase. The balance of assets in pension phase can be held across several accounts, so the number of accounts is immaterial. The amount of the lifetime cap will start at $1.6 million, and will be indexed periodically in $100,000

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The super issues that matter most to Tax & Super Australia members

A poll of SMSF and superannuation professionals has revealed the most important issues facing clients in the face of recent reforms. The super issues that matter most From the second week of January until the end of February, Tax & Super Australia ran a poll on this website that asked the question: “Which of the

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SMSFs: The upward march continues

The ATO has just released the latest of what has become a series of annual publications. The report, Self-managed superannuation funds: A statistical overview, started being published in late 2011 and has become an anticipated event for many in the SMSF arena — containing as it usually does some good news. The statistical report is

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SMSF trustees are getting more used to outsourcing

Applying psychological “types” to professional cohorts is nothing new, and has even been used in the SMSF arena to classify trustees. About five years ago, independent research group CoreData identified three key types of SMSF trustee — “controllers”, “coach-seekers”, and “outsourcers”. The controllers were initially considered the biggest representative group, and typically represented the traditional

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SMSFs: Voluntary disclosure deadline for PSI payments extended

The ATO has announced that it is extending the deadline it had set for SMSF trustees to disclose any personal services income that has been diverted to their fund. The concern for the ATO, as outlined in a taxpayer alert (TA2016/6) it issued last year, is the minimising or avoidance of tax obligations that can

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Related-party LRBAs: Deadline is less than a week away

SMSF trustees and their advisers have less than a week left to re-arrange their LRBAs if they want to utilise the safe harbour LRBA terms contained in PCG 2016/5. According to PCG 2016/5, the terms of the fund’s LRBAs will not be subject to any further compliance action by the ATO for the 2014-15 income

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Super changes you need to be prepared for

The government has released exposure draft regulations aimed to complement the recently enacted reforms Superannuation reform package – regulations. The submissions are open until February 10. Super changes you need to be prepared for  Super changes you need to be prepared for prepared for for The exposure drafts also include regulations in respect of the

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SMSF trustee disputes: The need for a resolution plan

Disagreements between the trustees of a self managed superannuation fund (SMSF) may not be a common occurrence, but it would be a safe bet to say they do crop up now and then. SMSFs that use a corporate trustee may have mechanisms to deal with dispute resolution through the Corporations Act or guidance gleaned from

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