SUPERCentral News
The ATO has recently highlighted the consequences of death benefit underpayments and what action must be taken by the trustee.
The process of probate may seem straightforward, but depending on the complexity of a client's estate plan, along with family dynamics, it is not always easy to navigate. Rely on us as experts to provide you (and your client) with the right guidance. Here we cover some of the frequently asked questions about probate.
It is vitally important that individuals receiving retirement phase pensions should ensure that they pay the minimum pension amount in respect of the 2018/19 financial year. The minimum pension amount must be paid on or before 30 June 2019.
Our EPAdvantage Real Life Estate Plans course is specifically developed for financial advisers and accountants who want to grow their estate planning practice.
A pension having Asset Test Exempt (ATE) status is a wonderful thing - whether the exemption is 100% (pension commenced before 20 September 2004) or 50% (pensions commenced 20 September 2004 and before 20 September 2007).
The current version of the SUPERCentral Governing Rules Version 04/19 has now been registered with the Titles Registry Office (a division of the Queensland Department of Natural Resources, Mines and Energy) as a standard terms document. The reference number is 719385084.
The ATO has now established a searchable and internet accessible register of persons disqualified from being SMSF trustees (or directors of corporate SMSF trustees).
With the Coalition returning to the Treasury Benches, the Morrison Government will press ahead with its proposed superannuation changes.
We are often asked to provide a signed copy of a fund's deed, usually at a time when it is of utmost importance, such as the death of a member or being required by a 3rd party for any number of reasons. Original signed documents can become misplaced or hard to track down as funds move advisers. In order to alleviate these issues, an electronic copy should always be stored.
If you have funds that are still in catch-up mode or are on different deeds, talk to us about our bulk SMSF deed conversion program. This will ensure that your trustees have all the necessary powers to comprehensively and legally administer their funds and remain SIS compliant into the future - safeguarding them against potential legal, tax problems and associated penalties
In the case of Estate of Helen Marsella (aka the "Swanson Superannuation Fund Case") [2019] VSC 65, the Victorian Supreme Court has overturned the trustees' death benefit allocation decision. The Court found that the decision of the SMSF trustees was defective and the Court removed the trustees from their office. Undoubtedly, this decision will be closely read by SMSF advisers and is likely to be a leading case on death benefit allocation decisions.
In this case, the Supreme Court of Queensland was asked to authorise the making of a statutory will for a severely injured child. The child, who is aged 30, has no capacity to make a will due to severe brain injuries arising from medical negligence occurring during birth.
If you have funds that are still in catch-up mode or are on different deeds, talk to us about our bulk SMSF deed conversion program. This will ensure that your trustees have all the necessary powers to comprehensively and legally administer their funds and remain SIS compliant into the future - safeguarding them against potential legal, tax problems and associated penalties.
We are often asked to provide a signed copy of a fund's deed, usually at a time when it is of utmost importance, such as the death of a member or being required by a 3rd party for any number of reasons. Original signed documents can become misplaced or hard to track down as funds move advisers. In order to alleviate these issues, an electronic copy should always be stored.
The inherent conflict between the roles of administrator of a deceased estate and a potential beneficiary of a death benefit has been highlighted again in a recent WA case.
A NSW taxpayer has obtained a remarkable victory over the NSW Office of State Revenue (OSR) in a land transfer duty case.
How can Ask.Will help you as an adviser not just build an estate planning offering into your practice as an additional profit centre (well, that's certainly a worthy cause in itself!) but to also get to know your client and their family better - and thereby help you to service your client better as well?
The ATO has just published its quarterly statistical report for self managed superannuation funds. The report is based upon the December 2018 financial quarter.
While the Morrison Government is proceeding with its proposal to permit Jumbo SMSFs with 5 or 6 members, will Jumbo SMSFs have to have a company as trustee? This answer is determined by the legislation of the state or territory which applies to the SMSF.