SUPERCentral News
The Australian Prudential Regulation Authority ("APRA") has recently released some statistics on MySuper superannuation products.
If an SMSF trustee lends money and security which is taken by the SMSF trustee is not a mortgage over real estate, then the security must be registered in the Personal Property Securities Registrar.
The ATO has confirmed that where salary or wages have accrued but are unpaid to a deceased member (and therefore paid to the estate) the employer will also be required to make SG contributions in respect of the salary or wages.
The ATO has issued a case study in respect of a self managed superannuation fund not being treated as being non-complying merely because the fund became a non-resident superannuation fund.
New Bills have been introduced into Parliament to implement the Government's previously announced social security changes - which, it seems, supersede the Bills previously introduced and which remain in the Senate.
The Government has introduced a new Bill to implement its previously announced means test changes to entitlement to the Commonwealth Senior's Health Card (which is an extremely attractive entitlement to have).
The current duty concession on the transfer or sale of real estate held by an individual to their SMSFs has been increased from $50 to $500. This changes applies from 1 July 2014.
Since 1 July 2014 the ATO has had the power to direct a recalcitrant trustee of a self managed superannuation fund (and also directors of corporate trustees of such funds) to undertake an approved educational course.
Estate planning is so much more than a 'Will'. For example, the most significant asset apart from a home may well be in super. A will cannot deal with super and an estate may be anything but simple.
The Government has announced (Press Release of Senator Cormann dated 24 October 2014) that it will establish a public register of licensed financial advisers.
Transactions in NSW where member-owned business real property is transferred at a concessional rate to an SMSF and LRBA transactions are likely to be impacted with higher duty in the next couple of months. The bill proposing the increase has made it through the lower house and is expected to be on the agenda the next time the upper house sits in October.
The Federal Court has imposed fines and costs of $50,000 on a husband and wife who acted as directors of the corporate trustee of their SMSF. Essentially, the directors of the corporate trustee used their SMSF as a private bank. They accessed their super balances as and when they liked by means of over 80 separate 'loans' and also used a fund asset to provide residential accommodation to their children free of charge.
Since 2002 there have been myriad changes to the law and practice of self managed superannuation in Australia. In fact, SUPERCentral has made 28 major changes that have occurred in the last two years alone, to its Governing Rules.