Sole Purpose Test webinar
Professionals / SMSF / SMSF Compliance

Sole Purpose Test webinar

The sole purpose test underpins the super laws to ensure that member benefits are maintained for the provision of retirement, employment termination or death benefits. In our October 2015 webinar, I will be exploring many of the key elements of the sole purpose test and how it applies to investment decisions and activities undertaken by fund trustees.  When we think about … Continue reading »

Related party loans result in trustee penalties
ATO / SMSF / SMSF Compliance

Related party loans result in trustee penalties

Related party transactions are the biggest problem when it comes to SMSFs.  Loans to members/financial assistance and in-house asset breaches account for more than 40% of all contraventions by SMSFs, representing 43.8% of the value of such breaches. It is this continued focus on related party loans and other similar transactions that is seeing the ATO take action through … Continue reading »

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 »

ATO / SMSF / SMSF Compliance

When a family super fund can go horribly wrong

The debate about whether children should be members of their parent’s SMSF is a topic that divides SMSF trustees and professionals. A recent AAT decision has highlighted how the concept of a “Family Super Fund” or “Enduring Family Super Fund” can go horribly wrong. AAT Decision of Triway Superannuation Fund and Commissioner of Taxation [2011] AATA … Continue reading »

Professionals / SMSF / SMSF Compliance / Trustee education

Carrying on a business within a SMSF

The Australian Taxation Office (ATO) has always taken a “very dim view” to a SMSF wanting to carry on a business, but the law does not prevent a fund from doing so. Information contained on the ATO website provides an insight to the determining factors and issues as to whether an SMSF can carry on … Continue reading »