Author: smsf

Mandatory Reform Action

Due to the impact of the super reforms there are many additional items that need to be considered prior to the end of this financial year. One of the biggest items is the CGT reset. If your client is eligible, irrespective of whether you think they can use the the segregated or the proportional approach, they should have maximised the time...

ATO Mailout

Over the next month the ATO plan to send letters, emails, SMSs and carrier pigeons to individual members who they believe may be affected by the super reforms. This will include those with balances over $1m, any TRIS recipients, defined benefit pensioners and anyone who made a concessional contribution last year. That's a lot of people. The communications will...

TRIS Noise

A number of articles have appeared in the financial press concerning the ATO's view that a transition to retirement income stream does not convert to a standard pension once the necessary triggers of release have occurred. This is contrary to long standing practice. An obvious consequence is that all pensions that commenced as TRISs, but have now become...

More SMSF Stupidity

Kelly O’Dwyer has described the inclusion of limited recourse borrowing within the total super balance and the transfer balance cap as a minor and technical change to the super reform measures. This is a ridiculous statement. There is nothing minor in this measure. As the total super balance is applied to a member’s eligibility to make non-concessional...

Reform Regs Finalised

The reform Regulations have now been finalised. They are largely unchanged form what was initially proposed. A couple of subsequent discussion topics have been abandoned. Notably the notion that actuarial certificates will no longer be required and that complying pensions could be commuted where they contributed to a transfer balance cap issue. Neither of these will proceed...