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Don’t Fix It Too Quickly

Just be aware that, for unsegregated funds, the CGT reset is only available for adjustments made on 30th June 2017. This means that such funds must have a member with more than $1.6m in pension or with a transition to retirement pension on that date. If members have taken measures to deal with these matters by ceasing a transition...

May 16, 2017
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And the Bad News Is

The assault on limited recourse borrowing arrangements flagged in the draft amendment has been included in the budget but with a little more enthusiasm. The proposal was that the counting of the loan balance against a member’s total super balance would begin from the date of royal assent of the enabling legislation. The budget has moved...

May 9, 2017
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Bureaucracy Wins Out

Somewhere in the bowels of Government the gremlins are hard at work dreaming up new and totally unproductive ways to occupy our time. The latest result, PCG 2017/5, is a requirement for SMSF trustees to enter into a written, irrevocable agreement with a member, by 30th June this year, to commute the member's pension balance over...

May 2, 2017
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Urgent – Proposed SMSF Loan Amendments

Last night Treasury released a rather nasty proposed amendment for hasty public comment. It is a very significant amendment. It was issued on a Thursday night with all submissions required by next Wednesday. Monday is a public holiday in most States. The amendment focuses on limited recourse borrowings in two ways. Transfer Balance Credits Where a fund contains...

April 28, 2017
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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...

April 13, 2017
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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...

April 12, 2017
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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...

April 11, 2017
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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...

April 10, 2017
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