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News

Beware the dastardly Estate Planning Transfer Balance Cap Trap!

07/02/2018

So what is this "estate planning transfer balance cap trap" that can arise from adopting the mirror reversionary pension strategy? And more importantly, is there a way to avoid it?

First Home Super Saver measure - now enacted

20/12/2017

This measure will permit individuals who make voluntary superannuation contributions to withdraw those contributions (and associated earnings) from the superannuation fund for the purpose of purchasing or building their first home. Such withdrawals will be known as first home saver withdrawals.

TBAR form - rebooted

20/12/2017

The ATO has reissued the transfer balance account report (TBAR) form to make it more user friendly. The rebooted form permits up to four TBAR events to be reported. A TBAR event is an event which generates either a transfer balance credit or debit to arise.

Due dates for TBAR reports

20/12/2017

The ATO has also made life easier for SMSF trustees by relaxing the rules relating to the lodgement dates of TBAR reports.

When TBARs need to be reported sooner

20/12/2017

Despite the "standard" reporting due dates for TBARs set out above, if a member has exceeded their transfer balance cap, then the trustee must report the following TBAR events in shorter time periods.