Legal news
The case of Re Marsella; Marsella v Wareham [2018] VSC 312 (13 June 2018) concerned a claim by the widower of the willmaker for further provision from the estate of the deceased pursuant to Part IV of the Administration and Probate Act 1958.
What is “better” for paying out death benefits in a self managed superannuation fund (SMSF) - a binding death benefit nomination (BDBN) or trustee discretion? As a result of a number of cases, where BDBNs were found to be defective, trustee discretion was becoming a favoured method for some advisors.
In a recent case of Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue [2019] NSWCATOD 3, the NSW Civil and Administrative Tribunal (NCAT) considered the application of an available duty concession for the transfer of property in connection with persons changing superannuation funds, including self-managed superannuation funds (SMSFs).
A technical defect in the operation of reversionary transition to retirement income streams (TRIS) has been fixed by the passing of the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018.
Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 has now passed both houses of parliament. The Bill includes the following measures to increase the ability of the ATO to enforce the super guarantee laws.
The ATO has released a decision impact statement in relation to the Aussiegolfa Full Federal Court decision.
The decision of Burgess v Burgess is another case which considers conflicts of interest in the context of paying super death benefits. It follows a number of recent similar cases, including Re Narumon Pty Ltd, Brine v Carter and McIntosh v McIntosh. The strong consistent theme across all of these cases is that the Courts will strictly uphold fiduciary duties (even if they have “unfair” outcomes).
The Victorian Supreme Court in the decision of MD Commercial Pty Ltd & AJ Commercial Pty Ltd v Commissioner of State Revenue [2018] VSC 560 confirmed that certain transfers of land to trustees were not exempt from duty under section 35 of the Duties Act 2000.
SMSFs (self managed superannuation funds) have been carrying on property development activities ever since SMSFs came into existence. Yet despite that there is still a common concern that such activities will cause the SMSF to become non-compliant, or subject to penalties, on the basis that such activities, and in particular undertaking a property development business, are prohibited.
In a recent speech James O’Halloran, Deputy Commissioner, Superannuation, outlined the ATO’s current areas of focus in the SMSF sector. They include:
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds,
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds
We previously reported on the Federal Court decision of Aussiegolfa v FTC here and here. The Full Federal Court has now handed down its appeal decision. This case is an important because it considers two key planks of the superannuation prudential standards, the in-house asset rules and the sole purpose test. This snippet looks at the latter, another snippet looks at the former.
We previously reported on the Federal Court decision of Aussiegolfa v FTC here and here. The Full Federal Court has now handed down its appeal decision. This case is an important because it considers two key planks of the superannuation prudential standards, the in-house asset rules and the sole purpose test. This snippet looks at the former, another snippet looks at the latter.
The legislation to pass the government’s proposed amnesty for super guarantee has failed to pass the senate in the June 2018 sittings.
The ATO has released SMSF News Alert 2018/3 under which it acknowledges a defect in the transfer balance cap regime which can cause the debit on the commutation of a market linked pension (or life expectancy pension) to equal nil.
The Government has released a bill that provides a “one off” 12 month amnesty to encourage employers to self-correct historical super guarantee non-compliance.
The Government has released a bill to “add back” limited recourse borrowing arrangement (LRBA) loans in the calculation of a member’s total superannuation balance (TSB).
