SMSF

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30/05/2017

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method Introduction Under the reforms to superannuation that come into effect from 1 July 2017 anyone that has an amount exceeding $1.6 million of superannuation in pension phase will need to […]
19/05/2017

Stamp Duty when Transfer property from Unit Trust to SMSF?

Stamp Duty when Transfer property from Unit Trust to SMSF? What happens when you transfer your property from your Unit Trust to your Self-Managed Superannuation Fund? Surely there is no stamp duty. After all, it is just you transferring the property from you to another you? Sadly, the Court said […]
10/04/2017

Does your SMSF allow election to treat pension as lump sum? ATO is trying to stop you

Treat pension as lump sum? ATO says yes, but only if Deed allows it Treat pension as lump sum? The ATO has reluctantly confirmed that a Self-Managed Superannuation Fund's exempt pension income is reduced when an election is made. This is to treat a pension payment as a lump sum. […]
09/01/2017

99.6% of Super Funds in Australia are SMSFs – SMSF statistics

2014-15 SMSF statistics - 1/3rd of Australia's Super is in SMSF Legal Consolidated Barristers & Solicitors and the ATO releases this year's SMSF Statistics. 1. What is the percentage of SMSF accounts of all Super Funds? 99.6% of funds in Australia are SMSF funds 2. Of the $2.1 trillion in […]
09/12/2016

Reversionary Pensions

Reversionary Pensions from dead husband - do they count towards your $1.6m pension? Reversionary pensions allow your spouse's super to remain in super after they die - but there are problems. You can have more than $1.6m in your Superannuation fund. However, your pension is limited to $1.6M: Division 294 ITAA 97 […]
17/11/2016

Can you abandon a gift in a Will to keep the pension?

Can you abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and Concession Card. Mary has […]
15/11/2016

SMSF Commercial Lease fails ATO scrutiny

SMSF Commercial Lease fails ATO scrutiny An accountant shows me a non-complying self-managed super fund. It owns commercial property. Its blemish? It does not have a correctly drafted SMSF commercial lease. It was a good lease. But it did not address the requirements of the SIS legislation. It failed the […]
14/10/2016

Reserves in a SMSF – How to complete annual return

  The wealth in a superannuation fund belongs to a member. You can't have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. 'Reserve accounts' are assets in  your SMSF that is not part of any member’s account. No one has any entitlement to […]