The new superannuation laws have recently been passed by the federal government.1 The new laws include the introduction of the transfer balance cap (TBC). The TBC limits the amount a member can transfer into a pension account in a super fund. The initial cap will be $1.6m.
All references in this paper are to the Superannuation Industry (Supervision) Act 1993 (SIS Act), the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) and the Income Tax Assessment Act 1997 (ITAA97) and the Income Tax Assessment Act 1936 (ITAA36) unless otherwise stated.
When most people think of self managed superannuation funds (SMSFs) they mostly think of a vehicle to provide retirement benefits and their concessional tax treatment. In contrast, the asset protection benefit provided by SMSFs is often not considered.
This paper examines how to incorporate super into the succession process. In particular, the use of BDBNs and reversionary pensions and the interaction between the two and the succession of the super fund trustee is examined.
Real property is a popular investment for SMSFs (self managed superannuation funds). However, there are a number of unique issues that come with SMSFs receiving, holding and disposing of real estate. In this paper I have examined a number of those issues in great detail.