Author: smsf

In house assets

The links below are directly or indirectly related to in house assets. ATO ID 2008-51 Linked unit trusts ATO ID 2010-172 Joint investors ATO ID 2012-52 Geared trust converting to 13.22C ATO ID 2012-53 Additional related trust investment Case - Allen & Anor v ATO - hybrid trust special income Case - Darrelen Pty Ltd, Henfam Super Fund v ATO Case - Montgomery...

Estate Planning

The links below are directly or indirectly related to estate planning. ATO ID 2008-111 Anti detriment justification ATO ID 2008-112 Anti detriment ignores expenses ATO ID 2010-1 Child definition ATO ID 2010-5 Anti detriment formula ATO ID 2010-76 Insurance deduction & untaxed element ATO ID 2011-77 Meaning of child dependant ATO ID 2011-83 Dependant former spouse, same sex ATO ID 2012-10 Anti detriment payment...

Death & Taxes

The links below are directly or indirectly related to certain tax matters that arise on death including the more exotic issues of anti detriment, future service or future liability deductions and untaxed elements. ATO ID 2008-111 Anti detriment justification ATO ID 2008-112 Anti detriment ignores expenses ATO ID 2010-1 Child definition ATO ID 2010-5 Anti detriment formula ATO ID 2010-76 Insurance...

Borrowing

The links below are directly or indirectly related to borrowing including limited recourse borrowing. ATO ID 2010-162 Limited recourse borrowing from related party ATO ID 2010-169 Limited recourse borrowing refinancing ATO ID 2010-170 Limited recourse borrowing 3rd party guarantee ATO ID 2010-172 Joint investors ATO ID 2010-184 Limited recourse borrowing capitalising interest ATO ID 2010-185 Limited recourse borrowing charge Income Tax Assessment Act...

Pensions

The links below are directly or indirectly related to pensions. ATO ID 2002-731 Same sex partner dependant ATO ID 2010-1 Child definition ATO ID 2011-77 Meaning of child dependant ATO ID 2011-83 Dependant former spouse, same sex ATO ID 2012-84 Allocation from pension reserve account Income Tax Assessment Act 1997 Super Extract NTLG Dec 2007 Super Interests NTLG Dec 2010 Super interests & pension...

Untaxed Element Calculator

An untaxed element may be generated, resulting in an additional 15% tax being applied to taxable death benefits, where non-tax dependants receive a lump sum payment if a deduction for life insurance premiums or future service (future liability) has been taken. A payment to a non-dependant for tax purposes incurs 15% tax plus medicare levy on the...

Future Service Benefit Calculator

Section 295-470 of the ITAA (Future Service Benefit) allows a Fund to claim an income tax deduction on the payment of: a superannuation death benefit; or a terminal illness benefit; or a disability superannuation benefit or a temporary incapacity income stream. The deduction, also known as the Future Liability deduction. It is available irrespective of whether the...

Anti Detriment Calculator

An increased lump sum death benefit, otherwise known as an anti detriment payment, may be made to a spouse, ex spouse (via the estate) or child of any age. The purpose of the payment is to compensate for the effect of contributions tax (the detriment) on the lump sum death benefit paid. There are two calculation...

Investment Strategy Tool

It is a legal requirement for every SMSF to maintain a written investment strategy. The fund auditor must view this document each year and determine that the investments of the fund have been made in accordance with it. A separate strategy is required if the fund is maintaining reserves and a risk management statement is required...