Current day benefits have no place in retirement
SMSF / SMSF Compliance / Trustee education

Current day benefits have no place in retirement

A recent Federal Court decision of the Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA 1101 is a timely reminder for SMSF trustees to understand the importance of their trustee responsibilities, in particular the sole purpose test. In this case, the Graham Family Superannuation Fund (‘SMSF’) made 80 loans to members totaling … Continue reading »

The end of the road for leverage inside super?
Government / Limited Recourse Borrowing Arrangements / SMSF

The end of the road for leverage inside super?

It appears abundantly clear from the FSI panel and a range of submissions including the Reserve Bank and Big 4 banks that the days are coming to a close for the use of leverage inside super.  You only need to look at the default position of the panel into the FSI interim report to understand that they … Continue reading »

Is leverage a good thing within superannuation?
Limited Recourse Borrowing Arrangements / Opinion / SMSF

Is leverage a good thing within superannuation?

One of the most vocal aspects of the FSI interim report has been the use of leverage within superannuation.  It is a debate that has raged since the recommendation from the Super System Review (Cooper Review) to review leverage inside superannuation approximately two years following the final report.  Earlier this year at the SPAA National conference, … Continue reading »

Must be time for mud-slinging about SMSF fees and minimum balances
Government / Opinion / SMSF

Must be time for mud-slinging about SMSF fees and minimum balances

You can always tell when a Government inquiry is occurring because ‘mud-slinging’ becomes the national pastime for many pockets of the financial services industry. Self-managed super funds (SMSFs) become a key target for many at these times given its continued growth, with rhetoric about minimum balances again for SMSFs, the ATO’s ability to regulate the sector and more…  I am … Continue reading »

An open letter to the SMSF profession
Licensing / Professionals / SMSF / Technology

An open letter to the SMSF profession

Dear Professional, I am writing to you at a time when issues relating to the self-managed super fund (SMSF) industry are once again part of a Government review.  The Financial Systems Inquiry’s (FSI) interim report is posing questions of the SMSF sector’s rise and potential issues with its continued growth. It wasn’t that long ago … Continue reading »

Future of SMSF report is coming…
Announcements / SMSF

Future of SMSF report is coming…

Yes, my blogging has been fairly quiet over the past couple of months… With good reason too! After gaining some fantastic insights from more than 430 respondents, the Future of SMSF report shares key insights into the SMSF sector like nothing ever seen before.  A report that looks at financial services businesses and how they: service the needs of SMSF trustees … Continue reading »

What’s currently on the ATO radar?
ATO / SMSF / SMSF Compliance

What’s currently on the ATO radar?

The ATO’s recent release of its corporate plan for 2014-18 provides some important insights into the Commissioner’s approach towards regulation of the SMSF sector and superannuation more broadly.  Built around six key strategy areas, the ATO’s intentions are clear: To build a culture that embodies the ATO’s values and transforms the client experience; To simply interactions, … Continue reading »

How does the Budget repair levy affect super?
Contributions / Federal Budget / Professionals / SMSF

How does the Budget repair levy affect super?

As the pain of the Federal Budget starts to set in, the Budget Repair Levy looms large not just for individuals on the top marginal tax rate, but it will also have an impact on superannuation rates that are linked to this highest tax rate. With the Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair … Continue reading »

How will refunding of excess non-concessional contributions work?
ATO / Contributions / SMSF / SMSF Compliance

How will refunding of excess non-concessional contributions work?

Whilst the issues of excess non-concessional contributions have not been anywhere near as extensive as concessional contributions, regular problems have existed for individuals who were subject to a punitive tax at the top marginal tax rate for breaches of this post-tax contributions cap. In the Federal Budget, the Government announced that it will allow for … Continue reading »

Changes for the 2014 SMSF Annual Return
Professionals / SMSF / SMSF Compliance

Changes for the 2014 SMSF Annual Return

The Australian Taxation Office (ATO) has released the 2014 SMSF Annual Return, which include some important changes for trustees and professionals to note from the previous income year. SMSF Supervisory levy For the first time we will see trustees pay a supervisory levy within the SMSF Annual Return based on the year of operation, rather than in … Continue reading »