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Legal industry latest news and insights
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Sladen snippet - ATO releases PSLA on how it will administer SIS Act penalties
From 1 July 2014, the ATO was granted power to issue administrative penalties to self managed superannuation fund SMSF) trustees for breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
SMSF Update – Your Ultimate 2020 Review and Forecast
Event Based Reporting Obligations for the transfer balance cap using TBAR
Succession planning – recent cases on BDBNs
SMSF Update – Your Ultimate 2020 Review And Forecast
SMSF Update – Your Ultimate 2020 Review and Forecast Slide Overview
ATO provides clarity on obligations of SMSF auditors in respect of NALE and NALI
The ATO has provided some welcome clarification for auditors regarding their obligations to report on non-arm’s length expenditure (NALE) incurred by a super fund of a general nature.
The end of the superannuation guarantee amnesty – so what now for employers?
As discussed here and here, the superannuation guarantee (SG) amnesty allowed employers to disclose and pay previously unpaid SG charge, including nominal interest, for the quarters between 1 July 1992 to 31 March 2018 without incurring the administration component ($20 per employee per quarter) or Part 7 penalties. In addition, payments of SG charge made to the ATO under the amnesty were tax deductible.
Sladen Snippet - ATO confirms that auditors must report COVID-19 contraventions
In June 2020, the ATO updated the independent auditor's report instructions (IAR) so that auditors would not need to modify their opinion in Part B of the IAR with respect to certain contraventions arising from the impacts of COVID-19 for the 2019-20 and 2020-2021 financial years.
SMSFRB 2020/1– where are we now with SMSFs and property development?
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.
Court confirms administrator can make BDBN on behalf of member
In the recent decision of Re SB; Ex Parte AC [2020] QSC 139, the Supreme Court of Queensland confirmed that the decision to make a binding death benefit nomination (‘BDBN’) is a financial matter and can therefore be made for a person by their administrator.
Business in an SMSF: Is it Ever a Good Idea?
SMSFs (self managed superannuation funds) have been carrying on business and business like 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 are prohibited.
SMSFs and the use of bare trusts
Self-managed superannuation funds and bare trusts — investment in the underlying asset or in-house asset issue?
Resolving and avoiding internal disputes in SMSFs
Members and trustees of self managed superannuation funds (SMSFs) will sometimes become estranged because of disputes involving their family or business relationships.
Sladen Snippet - ATO releases PSLA in relation to when it will remit super guarantee penalties once the amnesty period ends
In anticipation of the conclusion of the superannuation guarantee (SG) amnesty (discussed here) on 7 September 2020, the Australian Taxation Office (ATO) has released a draft Law Administration Practice Statement PS LA 2020/D1 (PSLA 2020/D1) in relation to how, post amnesty, the ATO officers may exercise their discretion to remit Part 7 penalties.
Sladen Snippet - ATO releases draft legislative instrument to deal with in-house asset issues for SMSFs offering rent deferrals to related party tenants
The Australian Taxation Office (ATO) has released a welcome draft legislative instrument, Self Managed Superannuation Funds (COVID-19 Rental income deferrals - In-house Asset Exclusion) Determination 2020 (SPR 2020/D2), that will exclude COVID-19 related rental deferrals from being ‘loans’ under the in-house asset rules.
Sladen snippet - dentist found to be “employee” for the purposes of superannuation guarantee
In the recent decision of Dental Corporation Pty Ltd v Moffet [2020] FCAFC 118 (16 June 2020) , the Full Federal Court found that a dentist fell within the extended definition of ‘employee’ under s12(3) of the Superannuation Guarantee (Administration) Act 1992 (Cth) (SG Act). Section 12(3) broadly provides that an employee is a person who is working ‘under a contract that is wholly or principally for the labour of the person.’
Judge sets aside contributions to SMSF as part of family law proceedings
In the recent decision of R -v- T [2020] WASCA 109, the Western Australia (WA) Court of Appeal has upheld interim property orders of the WA Family Court to set aside contributions made by a de facto husband to an SMSF.
Sladen Snippet - ATO rules that super benefit called before, but paid after, death is a member benefit
If a member calls for a super benefit before they die but pass away before it is paid, when it is subsequently paid to the deceased member’s account, is the payment a (tax free) member benefit or a (taxable) death benefit?
Sladen snippet - Certain JobKeeper payments don’t trigger superannuation guarantee – regulations made
As part of the broader framework of the JobKeeper scheme (discussed here) established by the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020, the Superannuation Guarantee (Administration) Amendment (Jobkeeper Payment) Regulations 2020 (Amending Regulations) have now been made.
COVID-19 - SMSF landlords and offering rent relief
A hot topic for SMSF trustees during the COVID-19 crises is whether SMSF trustees that hold land can offer rent relief to their tenants, in particular to related tenants, without breaching the superannuation laws.
Sladen snippet - Legislative Instrument permits LRBA borrowings by the bare trustee
As previously discussed here, the ATO has now finalized the Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020 (Determination).
Sladen Snippet: legislation introduced to increase the age at which work test applies from 65 to 67
As part of the 2019-20 Budget and as previous discussed here, the Australian Government announced that Australians over age 65 would have greater flexibility in making voluntary concessional and non-concessional superannuation contributions from 1 July 2020.