TECHNICAL ARTICLES

This article examines the three key concepts relating to SMSF borrowing arrangements as per ruling SMSFR 2012/1. Summary The ATO ruling SMSFR 2012/1 provides a common sense approach to assets held in a SMSF borrowing arrangement. The general outcomes of SMSFR 2012/1 are as follows: The definition of the term…

This technical article reviews the latest limits regarding contributions to a superannuation fund and the applicable tax rates. In the years since the introduction of contributions caps (generally from 1 July 2007), the maximum amount individuals may contribute to their superannuation has changed quite a few times. As the 2013/14…

In this article, we summarise some of the more pertinent rulings and releases from the ATO and the State Revenue Offices to provide you with a general overview of their respective positions. Whilst SMSF Borrowing has been permitted under the superannuation legislation since September 2007, the regulatory interpretations regarding the…

In this article, we summarise a number of SMSF borrowing scenarios that have been brought to our attention – including ones that work and ones that require a little more thought. Scenarios that work Buying Residential Property off the Plan Jack and Jill are trustees of the JackJill Super Fund.…

Self-insurance in general and some specific types of external insurance, such as trauma insurance, are to be outlawed in SMSFs and most other super funds. The Government recently amended the SIS Regulations, with changes to the rules concerning insurance offered by regulated superannuation funds. Previous changes to the rules covering…

Proposed changes to the SIS Act, limiting the transfer of assets from members to their SMSF, did not proceed. When legislation titled the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Bill 2013 was introduced to Parliament, it contained a number of schedules covering a broad range of predominately…

Maximising contributions to superannuation is one of a number of planning strategies implemented throughout a financial year. Care needs to be exercised with the timing of contributions, as potential timing traps can apply. Some of those traps concerning superannuation contributions will be covered in some detail in this paper. Each…

Changing the trustee of your SMSF is more than just preparing a trustee minute. This article outlines 5 key considerations to keep in mind. Changing the trustee of your SMSF is more than just preparing a trustee minute. There may be additional parties required to consent to the trustee change…

It’s important to understand the range of individuals you may be entitled to receive a superannuation death benefit. This paper considers those who would be classified as dependents under superannuation law. When attending to the estate planning requirements of members of a SMSF, or paying superannuation death benefits following the…

This article considers the stages leading to the current position regarding the refund of excess concessional contributions. In the 2011 Federal Budget, the Government announced it would legislate to allow the refund of excess concessional contributions in specific instances. Legislation following the announcement received assent in June 2012. Subsequent legislation…