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SMSF Reserves – The Devil is in the Detail

Many practitioners may disagree with much of the ATO’s interpretation of the law and their use of the Sole Purpose Test and Part IVA provisions however, to ignore it, is to place your clients in an invidious position. No one wants to be the test case. So, what is the ATO’s position? Reserves cannot be used to...

March 16, 2018
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ATO View on SMSF Reserves

The ATO has confirmed that they will closely scrutinise SMSF reserves that have been established from 1 July 2017 to determine that their use is not to circumvent the transfer balance cap or total super balance restrictions. Though they acknowledge that there are legitimate uses for reserves, the ATO will be looking at the unexplained creation of...

March 15, 2018
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Enhance Your Current Year NCC Eligibility

The primary relevance of the 30 June 2017 total super balance is its effect on a member’s eligibility to make non-concessional contributions in the current financial year. Where the amount is over, but close to, the trigger points of $1.4m, $1.5m and $1.6m enhanced eligibility will be obtained if the TSB can be reduced below these...

March 14, 2018
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Downsizers Beware

There’s a lot of Downsizing information being distributed at the moment. I am concerned as a major eligibility requirement is often being ignored or incorrectly stated. Not only does the ability to make downsizing contributions commence after 30 June 2018, the contract of sale for the property must be after that date as well. If the sale...

March 5, 2018
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Education Requirements

There continues to be a high degree of confusion surrounding the mandatory education requirements for planners. This is partly because they are still being discussed but also because insufficient detail on the proposals has been released. Neil Kendall, the Chair of the FPA, has released an update which sheds some light on the process as well as...

February 26, 2018
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Important TRIS Changes

Now that the anomaly that would have required a TRIS to be stopped and restarted as a standard pension once a condition of release has been triggered is being removed, we need to consider what this means in the context of the new rules. Assuming that the announcements will be enacted, a TRIS may convert to a...

February 21, 2018
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SMSF due date extension

The ATO Deputy Commissioner has announced that they have extended the lodgement due date for SMSFs to the 2nd of July 2018. This gives advisers more time to consider the changes in the recent Superannuation Reforms, including CGT Transitional Relief, and to discuss these matters with clients. This extension is applicable to all SMSFs except those that were...

January 22, 2018
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SMSF Bitcoins

There's been much discussion regarding SMSFs investing in Bitcoin of late. We don't make a judgement on the suitability of any SMSF investment so long as it's legal. SMSFs are legally able to invest in Bitcoins but there are a few issues. SMSF Adviser published an excellent article on these which is available here....

January 18, 2018
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