SUPERCentral News
Australian residency for a superannuation fund is a precondition for the superannuation fund qualifying as a complying superannuation fund. While the same definition of “Australian superannuation fund” applies to both SMSFs and non-SMSFs, its application to SMSFs can have a disproportionate impact on SMSFs compared to non-SMSF funds.
The ATO has established a Superannuation Technical Committee as a liaison and discussion forum for practitioner bodies and the ATO to raise and discuss technical and administrative issues affecting superannuation (both SMSFs and non-SMSFs.)
The ATO has released its latest SMSF statistics up to March 2012.
A recent amendment to the Land Tax Management Act, 1956 (NSW) has removed any doubt that the entitlement to the zero rate threshold for NSW Land Tax applies to both APRA regulated superannuation funds as well as self managed superannuation funds.
The ATO has announced an initiative to improve the integrity of SMSF trustee and member details.
The NSW Duties Act, 1997 has recently been amended to clarify the operation of the “section 62A” concession. This concession provides that nominal stamp duty (of $50 or $500 depending on the nature of the transaction) applies where real estate owned by a member is transferred to a self managed superannuation fund to provide retirement benefits for that member.
In NSW (but not in other states) the Supreme Court has the power to make notional estate orders in relation to deceased estates. This power can be used to declare all or part of the deceased’s super benefit as notional estate. Such an order overrides any binding death benefit nomination and also overrides any trustee discretion.
It seems that the ATO will soon announce a minor concession in relation to excess contributions.
A recent AAT case has highlighted the fact that internet banking transactions are not necessarily instantaneous and that the excess contributions rules are applied with draconian precision.
This Interpretative Decision confirms the view that concessional contributions are counted for contribution cap purposes when they are allocated to the member and not when they are received by the trustee.
A number of our SMSF clients have told us recently that when arranging a loan from their bank the Bank advised them that it would be cheaper to have the holding trust deed and associated documents prepared by the Bank’s lawyers.
The ATO has released a new ID dealing with anti-detriment top ups of superannuation lump sums.
Can a SMSF engage in limited recourse borrowing while in pension phase?
The ATO has recently published its SMSF statistics as at 31 December 2011.
The Government has wasted little time in introducing the second round of Cooper Changes in Bill form. An exposure draft of the Bill was released in early November 2011.
The Government has implemented its decision, announced in late November 2011, to extend the 25% reduction in the minimum pension limit to the 2012/13 financial year.
For a comfortable lifestyle, a couple will require about $510,000 super balance at the start of retirement.
The PPSA came into operation on 30 January 2012 and ushers in widespread changes and reforms in many types of dealings in personal property.
We are pleased to advise that we have recently upgraded the SUPERCentral website to bring you a number of easily accessible information and cost saving services.
In a recent case, the non-compliance of a self managed superannuation fund was confirmed by the AAT.