SUPERCentral News
The next start date for our online 'scenario based' course, EPAdvantage 'Real Life Estate Plans', is 8 February 2018.
If you have funds that are still in catch-up mode or are on different deeds, talk to us about our bulk SMSF conversion program. This will ensure that your trustees have all the necessary powers to comprehensively and legally administer their funds and remain SIS compliant into the future - safeguarding them against potential legal, tax problems and associated penalties.
The ATO had originally required TBARs (transfer balance account reports) to be submitted to the ATO within 10 business days of the end of the month in which the relevant transaction occurred. For example if a new pension commenced on 2 January 2018 then the TBAR report for this transaction must be lodged by 14 February 2018.
While the concession is generous and will reduce administrative burdens on SMSFs (and thereby costs), it may be better not to apply the concession but to lodge TBARs soon as possible after the event has occurred.
As always, the latest superannuation statistics from the Australian Prudential Regulation Authority ("APRA") - being for the 12 months ending 30 September 2017, makes interesting reading. Set out below are some key observations in relation to the continued growth of industry funds (compared to retail funds) and self managed superannuation funds.
A critical element of the new superannuation system is the transfer balance account. The ATO will establish and maintain a transfer balance account for each taxpayer who has one or more superannuation interests in retirement phase (or, in other words, for each taxpayer who has one or more superannuation interests which are currently enjoying the earnings tax exemption).
In the case of Re Nichol; Nichol v Nichol & Anor [2017] QSC 220, the court was asked to consider an application for a declaration that an unsent text message on the mobile phone of Mark Nichol, the deceased, be treated as a Will pursuant to s 18 of the Succession Act 1981 (Qld) and the usual Will execution requirements be dispensed with.
The sale of a professional practice is not the same as the sale of just any small business.
The SUPERCentral Governing Rules will be updating in the near future. The principal reason for the update is to allow the trustee to issue new retirement income stream products called deferred superannuation income streams.
The main attraction of deferred superannuation income streams is that they can manage longevity risk - that is the risk that the superannuation capital supporting an account-based pension may run out during the member's lifetime.
Nothing is for nothing. The cost of the lifetime guarantee is the restricted commutation amount which can be paid in respect of the deferred superannuation income stream. This restriction on commutation amount applies once the deferred superannuation income stream is in retirement phase.
When a corporate trustee is de-registered - the corporate entity ceases to exist. However, this does not mean that the trust is also "de-registered" or ceases to exist.
How do you deal with documents that are wrong? It is not possible at law to simply tear them up and start again... nor should you ignore them.
We've now entered the new world of superannuation! So if you have funds that are still in catch-up mode or are on different deeds, talk to us about our bulk SMSF conversion program.
The Centrelink treatment of superannuation pensions materially changed from 1 January 2015. Before that date superannuation pensions were assessed for the Centrelink income test on the "deductible amount" basis.
A pension with asset test exempt (ATE) status is a very valuable thing. If a pension has ATE status, then for assets test purposes, the capital value of the pension is either not counted at all (full ATE) or counted only as to 50% (partial ATE).
A court has upheld an informal removal and appointment of SMSF trustees. The background is about the control of a death benefit of a father. It seems that as the father did not have a binding death benefit nomination, the allocation of the death benefit was to be determined by the trustee of the self managed superannuation fund exercising a power of selection.
A significant decision has been handed down by the South Australian Full Court. The critical issue was whether a binding death benefit nomination (BDBN) was valid. If valid, then the death benefit was payable to the estate of the deceased member.
A number of interesting issues arise from this case. The first is that the Court agreed with the decision of Munro v Munro - which held that SIS regulation 6.17A does not apply to SMSFs (unless the trust deed of the SMSF explicitly or implicitly incorporates the regulation).
Downsizer contributions are superannuation contributions which have been sourced from the sale proceeds of the current or former principal place of residence of a taxpayer (or their spouse).