The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a property and a tenant in financial distress, you... read more →
You may be aware that the Government recently announced measures which allow individuals affected by the economic impacts of COVID-19 to access a limited amount of their superannuation early. Making... read more →
Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty... read more →
Reversionary pension vs BDBN: which outcome is preferred? Imagine a conflict between pension documentation and a binding death benefit nomination (‘BDBN’) in a self-managed superannuation fund (‘SMSF’) context. For example,... read more →
Leenane Templeton has been named a finalist in the Australian Accounting Awards for SMSF Firm of the Year. The Australian Accounting Awards, in partnership with Intuit QuickBooks Australia, is the... read more →
The recent case of Burgess v Burgess [2018] WASC 279 (‘Burgess’) continues a line of cases that consider the conflict that arises where a person acts as executor of a... read more →
We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is... read more →
Under certain circumstances, an individual member’s total superannuation balance (‘TSB’) will be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on... read more →
If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes law, an individual member’s total superannuation balance (‘TSB’) may be increased by their share of the... read more →
The new law pertaining to ‘ipso facto’ clauses came into operation on 1 July 2018. This article highlights the relevance of the new law for SMSFs. Note that the law... read more →
This article covers the main ways a person becomes a disqualified person, the consequences of disqualification and the options available to those who are disqualified. (We refer to a trustee... read more →
Significant time has passed since the introduction of the transfer balance cap (‘TBC’). During this period, many have become aware of the potential trap caused by the TBC for SMSF... read more →
When self managed superannuation funds (‘SMSFs’) borrow to acquire real property one of the common mistakes is not having the deposit paid from the bank account of the SMSF trustee.... read more →
Due to the importance of total superannuation balance (‘TSB’) testing under the major superannuation reforms, fund members have a strong incentive to carefully monitor their TSB over time and plan... read more →
An individual’s total superannuation balance (‘TSB’) determines many of their superannuation rights, entitlements and obligations. Accordingly, there is a strong incentive for individuals to carefully monitor their TSB over time,... read more →
An individual’s total superannuation balance (‘TSB’) determines many of their superannuation rights and entitlements, such as eligibility to contribute after-tax amounts into superannuation without an excess arising. Accordingly, there is... read more →
On 24 May 2018, the government announced a 12 month superannuation guarantee (‘SG’) amnesty (‘Amnesty’) that proposes to give employers an opportunity to rectify past SG non-compliance without penalty. If... read more →
Earlier this month, the ATO released Self Managed Superannuation Fund Regulator’s Bulletin SMSFRB 2018/1. It contains some of the most important information available on the use of reserves for SMSFs.... read more →
For those who are interested in purchasing their first residential premises, the First Home Super Saver (‘FHSS’) Scheme may be an option worth exploring. We consider the questions below regarding... read more →
To reduce pressure on housing affordability, downsizer contributions provide an incentive for super fund members aged 65 years or older to sell a main residence. The Treasury Laws Amendment (Reducing... read more →