Top Menu

Author Archive | Joel

TSA to be

To be, or not to be. Actually, when to TBAR. That is the question.

Alas, after navigating through the June 2017 reforms; transfer balance caps, CGT relief, new contribution caps and total superannuation balances, it is time to take arms against a new sea of troubles… What is a TBAR and why is it needed? “Though this be madness, yet there is method in it” As we are all […]

Continue Reading 0
Pen and Ink

Putting It In Writing: How to ensure SMSF investment strategy compliance

Here is a summary of the requirements for having, enforcing and reviewing an SMSF investment strategy in plain language. What is the operating standard for an SMSF investment strategy? The investment strategy must: • be in writing, signed by members or trustees and kept in hard copy for  10 years; • be reviewed regularly; • […]

Continue Reading 0
laptop-2561221_1280

TRIS in the post July 2017 world… Traps, Tricks and Tips

The July 2017 reforms brought with it significant changes to treatment of Transition to Retirement Income Streams (TRIS) within the SIS and Income Taxation regulations. Pre July 2017 As a background a TRIS traditionally has allowed a member to access their superannuation once they reached preservation age without having to satisfy a full condition of […]

Continue Reading 0
GoGoGadget TSA

Go Go Gadget Arms: keeping SMSF transactions at arm’s length

Making sure there’s no conflict of interest Transactions between parties related to the SMSF trustees or members can be allowed, but there are very strict rules about when and how they can be carried out. The ATO keeps a sharp eye on transactions between related parties. Transactions must be at fair market value and show […]

Continue Reading 0
Man looks through binoculars with arrows on the wall

ATO provides solution for commutation of Death Benefit Pension back to Accumulation Phase.

We recently published a blog highlighting potential problems with members receiving death benefit pensions and the interaction with the transfer balance cap. The problem arises where a member needs to commute a death benefit pension to avoid an excess transfer cap balance.  The ATO interprets the existing law as to require a commuted death benefit […]

Continue Reading 0
Are you excited for the new LRBA Disclosure?

*News Flash* 2017 SMSF Tax Return Released

Are you excited about the New LRBA disclosure? In a move of greater anticipation than a Star Wars trailer teaser, the ATO has released the 2017 SMSF annual return and instructions. Of interest are the new disclosure requirements for LRBA arrangements. In our previous blog we discussed the ATO’s safe harbour guidelines on related party […]

Continue Reading 0
Businessman trying to solve problems

Lies, Damned Lies and Statistics…

The state of play on the world of SMSFs – courtesy of the great collector of SMSF data, the ATO. As at 30 June 2016 there are: 577,000 SMSFs holding $622 billion in assets (29% of all superannuation assets) with more than 1 million members. With average assets per member of $590,000, this dwarfs the […]

Continue Reading 0