The recent decision of Aussiegolfa v FCT is an important decision for considering two aspects of the superannuation laws that are not often considered by the Courts, the in-house asset rules and the sole purpose test. This snippet looks at the latter, another snippet looks at the former.

The Australian Securities & Investments Commission (ASIC) has released a media release putting the financial advice sector on notice about ensuring that binding death benefit nominations (BDBNs) are signed and witnessed correctly.

The ATO has announced the extension of the lodgment date for self managed superannuation (SMSF) annual returns for the 2016/17 year to 30 June 2018. Because 30 June 2018 falls on a Saturday, the ATO has confirmed the lodgment can occur on Monday 2 July 2018 without penalties.  

The ATO has released a media release confirming its final position on its new event based reporting regime to be known as the transfer balance account report or “TBAR”.

This month Phil Broderick of Sladen Legal presented at The Second Annual Property Taxation Symposium Television Education Network on New Issues with Owning Real Property in an SMSF.

Further to our previous snippets on the ATO’s new transfer balance report (TBAR) regime (see here and here), the ATO has announced that it will consult on two alternative options for the TBAR regime.

As reported in our previous Sladen Snippet, the Australian Taxation Office (ATO) is currently developing a new self managed superannuation fund (SMSF) event based reporting regime to be called the Transfer Balance Account Report or TBAR.

Self managed superannuation funds (SMSFs) are not required to obtain an actuarial certificate if 100% of the SMSF is in “pension phase” for 100% of the year. That is, the SMSF uses the segregated method for the whole year. But what happens for SMSFs that use the segregated method for the 2017 year but, because of the transfer balance cap measure, have to commute back their pensions to $1.6 million by 30 June 2017?

The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 has been tabled in Parliament. The Bill proposes to make two important changes to transition to retirement income streams (TRISs). Firstly, to allow certain TRISs to qualify for “retirement phase” and, secondly, to ensure TRISs qualify for the cost base reset.

As part of administering the new transfer balance cap measure, the Australian Taxation Office (ATO) is currently developing a new self managed superannuation fund (SMSF) event based reporting regime. This regime is likely to be in the form of a report to be called the Transfer Balance Account Report or TBAR. At this stage, the reporting regime is expected to be as follows:

There is some good news and some bad news with the ATO’s release of Practical Compliance Guide PCG 2017/6. The good news is that spouses in receipt of death benefit pensions may commute their death benefit pensions in excess of the transfer balance cap back into accumulation before 1 July 2017. The bad news is that this concession does not apply to non-spouses and won’t apply after 30 June 2017.

In a welcome move, the ATO has announced that it will extend the lodgement date for 2015/16 SMSF annual tax returns to 30 June 2017

Well maybe not no news, but it will certainly be a relief to the super industry that the 2017 Federal Budget has largely left super untouched.

In April 2017, Sladen Legal’s Phil Broderick presented - Super reforms: What you need to do before 30 June 2017 for the Television Education Network.

In March 2017, Sladen Legal’s Phil Broderick presented - An overview of the super reforms – for the Television Education Network.

The Australian Taxation Office (ATO) has released Practical Compliance Guideline PCG 2017/5 which gives guidance as to how trustees of self managed superannuation funds (SMSFs) can commute pensions by 30 June 2017 in order to comply with the new transfer balance cap measure.

As a result of the commencement of the new super laws on 1 July 2017, Sladen Legal has prepared a number of document packages.

On 28 February 2017, Sladen Legal’s Phil Broderick, Melissa Colaluca and Rob Jeremiah gave presentations on the new super laws.

In February 2017, Phil Broderick of Sladen legal article was published “Units trusts and cost base resets under the TBC” in the Tax Institute’s Journal, Taxation in Australia.

With the new super laws commencing from 1 July 2017, advisors and trustees of self managed superannuation funds (SMSFs) are starting to consider whether they need to update their SMSF trust deed or their pension documents.