SUPERCentral News
Superannuation Funds have a number of identifying monikers - what are they and what is their function? In August 2015, SUPERCentral News explained the various monikers. Now, more than five years later, we again unravel the monikers and also unravel some new ones.
Of recent times there has been much controversy in relation to whether one trumps the other or whether one is better than the other. Does a reversionary pension trump a binding death benefit nomination? Is a binding death benefit nomination better than a reversionary pension? This article will consider what they are and will also consider whether one does indeed trump the other.
It seems that the ATO will change the status of SMSFs which fail to lodge their SMSF annual returns by the due date (subject to a 2 week grace period) from "complying" to "regulation details removed". This will effectively be social exclusion (if not death) for SMSFs.
The most common use of a power of attorney is the appointment of a principal's spouse or other close relative to deal with the principal's property if the principal becomes of unsound mind. This is the enduring power of attorney. But powers of attorney have wider uses than this.
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. With all your SMSFs on the one set of Governing Rules, your firm gains major risk, time and opportunity cost savings.
Since its introduction, Limited Recourse Borrowing Arrangement has served many Australians to buy real property in their self managed superannuation fund. Recently, we have seen an increase in the number of SMSFs that have repaid the loans and are unwinding the arrangements.
The story is this. Assume Sacheverell (yes, it is a real name and correctly spelt) has retired and taken his superannuation as a non-reversionary income stream in the form of an account-based pension. Given his attained age and commencement balance, the minimum pension amount for the 2019/20 financial year is $20,000.
The Federal Government has announced that the deeming rates used for the income means test will be reduced given the current very low official interest rate. This reduction in the deeming rates will generally result in an increase in the age pension for individuals currently receiving a part pension, and may allow others who were ineligible for a part pension to now be eligible for a part pension.
The ATO has recently highlighted the consequences of death benefit underpayments and what action must be taken by the trustee.
The process of probate may seem straightforward, but depending on the complexity of a client's estate plan, along with family dynamics, it is not always easy to navigate. Rely on us as experts to provide you (and your client) with the right guidance. Here we cover some of the frequently asked questions about probate.
It is vitally important that individuals receiving retirement phase pensions should ensure that they pay the minimum pension amount in respect of the 2018/19 financial year. The minimum pension amount must be paid on or before 30 June 2019.
Our EPAdvantage Real Life Estate Plans course is specifically developed for financial advisers and accountants who want to grow their estate planning practice.
A pension having Asset Test Exempt (ATE) status is a wonderful thing - whether the exemption is 100% (pension commenced before 20 September 2004) or 50% (pensions commenced 20 September 2004 and before 20 September 2007).
The current version of the SUPERCentral Governing Rules Version 04/19 has now been registered with the Titles Registry Office (a division of the Queensland Department of Natural Resources, Mines and Energy) as a standard terms document. The reference number is 719385084.
The ATO has now established a searchable and internet accessible register of persons disqualified from being SMSF trustees (or directors of corporate SMSF trustees).
With the Coalition returning to the Treasury Benches, the Morrison Government will press ahead with its proposed superannuation changes.
We are often asked to provide a signed copy of a fund's deed, usually at a time when it is of utmost importance, such as the death of a member or being required by a 3rd party for any number of reasons. Original signed documents can become misplaced or hard to track down as funds move advisers. In order to alleviate these issues, an electronic copy should always be stored.
If you have funds that are still in catch-up mode or are on different deeds, talk to us about our bulk SMSF deed 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