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SMSF Q&A: LRBAs & ATO Safe Harbour
Facebook SMSF Q&A / Limited Recourse Borrowing Arrangements / Professionals / SMSF / SMSF Compliance

SMSF Q&A: LRBAs & ATO Safe Harbour

  Last week saw the ATO provide an extension of time through to 31 January 2017 for SMSF trustees to have their existing related-party LRBA loans comply with terms that would demonstrate an arm’s length dealing for income tax purposes.  This may be demonstrated by falling into line with the safe harbour guidance provided within Practical … Continue reading »

Extension of time for arm’s length borrowings to comply
Limited Recourse Borrowing Arrangements

Extension of time for arm’s length borrowings to comply

The ATO has announced that it is allowing SMSF trustees additional time until 31 January 2017 to ensure that any limited recourse borrowing arrangements currently in existence are operating on terms consistent with an arm’s length dealing, or alternatively are brought to an end.  The Regulator had previously indicated that these non-commercial arrangements needed to demonstrate arm’s … Continue reading »

Early engagement with fund compliance breaches
ATO / Professionals / SMSF / SMSF Compliance

Early engagement with fund compliance breaches

The ATO has introduced a new service to centralise the way a fund trustee and professionals can notify the ATO of any unrectified fund compliance breaches. Where a fund has a contravention, it is has always been the case to encourage fund trustees to work with appointed professionals, including the SMSF auditor to rectify any issue … Continue reading »

SMSF Q&A: Federal Budget and proposed changes to contributions
Contributions / Federal Budget / SMSF

SMSF Q&A: Federal Budget and proposed changes to contributions

  Much of the focus from the Federal Budget has been on the Government’s announcement to introduce a lifetime cap on non-concessional contributions, back-dated to take effect from 1 July 2007.  Whilst this decision has delivered a lot of angst, some of the more positive changes to contributions have been lost in all the ‘noise’ … Continue reading »

Which proposed super policy is better for pensions?
Federal Budget / Pensions / SMSF

Which proposed super policy is better for pensions?

With the battle lines being clearly drawn of superannuation policy in the upcoming July 2 election, I wanted to get a better understanding of the policies of both parties when it came to post-retirement. I read with interest an article in the Australia Financial Review regarding modelling completed by Wills Towers Watson that outlined Labor’s super … Continue reading »

SMSF Q&A: Federal Budget and $1.6m pension transfer cap amount
Facebook SMSF Q&A / Federal Budget / Pensions / SMSF

SMSF Q&A: Federal Budget and $1.6m pension transfer cap amount

  My focus has been to make a positive impact when it comes to self-managed super funds.  Through professionals and trustees, I use my blog and regular training to reach a goal of having a positive impact on the retirement savings of more than 200,000 SMSFs.  It’s a big number, but in my view reachable given the breadth … Continue reading »

Issues with diverting PSI income to an SMSF
Investments / non-arm's length income / Professionals / SMSF

Issues with diverting PSI income to an SMSF

The ATO has recently issued Taxpayer Alert, TA 2016/6 that highlights their concerns with individuals looking to divert personal services income (PSI) to a self-managed super fund.  The taxpayer alert describes the following type of arrangement below where individuals, who are also members of a SMSF purport to divert income from their personal services to … Continue reading »

Where to now for budget super changes?
Federal Budget / SMSF

Where to now for budget super changes?

The activity surrounding the superannuation changes announced on budget night went into overdrive last week as people digested the measures that the Coalition looks to introduce. Typically we see a process following Budget night whereby these measures are introduced as Bills into Parliament to enact these as laws – this requires the Bills having to successfully pass through … Continue reading »

About turn of proposed budget changes to super?
Announcements / Contributions / Federal Budget / SMSF

About turn of proposed budget changes to super?

#Budget2016 will ensure our superannuation system provides greater choice & flexibility for hard working Australianshttps://t.co/2Q94OY2evk — Scott Morrison (@ScottMorrisonMP) April 27, 2016 Over the past few weeks we have seen the Government appear to have settled on changes to superannuation contributions, with a likely reduction to the concessional contribution cap and lowering the threshold for … Continue reading »

Changes to superannuation contributions ahead
Contributions / Federal Budget / SMSF

Changes to superannuation contributions ahead

So changes to superannuation contributions caps and taxation of concessional contributions is on the agenda for the upcoming Federal Budget to be delivered on May 3 – this was confirmed as such through a leaked post-budget advertising script obtained by Sky News that promotes how the Government is looking to save $16 billion over four … Continue reading »