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End of Year Checklist

As we approach the end of this very eventful financial year we have, once again, prepared a list of items that may not only be used to ensure your clients satisfy their compliance obligations but may also prompt you to consider other useful items as well. We suspect that our 21 point checklist is probably the...

May 27, 2016
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25th May 2016

In light of the Budget announcements we have had numerous enquiries regarding the level of non concessional contributions made by fund members since 1 July 2007. The ATO have advised that they can provide this information for the period ending 30 June 2015 provided that individuals and funds have met their lodgement obligations to date. They have...

May 25, 2016
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5th May 2016

Most of the budget measures will not take effect until 1 July 2017. A marked exception is the change to non-concessional contribution caps. This will take effect, subject to the successful passage of the relevant legislation, from 7.30 pm on 3 May 2016. The new lifetime limit of $500,000, reduced by any such contributions made from 1...

May 5, 2016
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3rd May 2016

This budget has significant superannuation ramifications that will be canvassed over the coming days, weeks and months. It represents numerous planning opportunities. These will not be discussed here. What follows is a summary of the budget super measures taken, largely verbatim, from the budget papers. Utilising Unused Concessional Contribution Caps in Later Years From 1 July 2017, the...

May 3, 2016
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28th April 2016

As you are no doubt aware the only UK pension fund transfers that can currently be accepted are those to HMRC approved super funds. As each fund must contain a minimum 55 year age restriction, only SMSFs are currently capable of gaining the requisite approval. We have processed quite a number to date. Unfortunately the process...

April 28, 2016
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27th April 2016

There has been the usual intense pre budget speculation on superannuation changes clogging the media. I do not generally comment until after the budget however we have been receiving a spike in transition to retirement pension applications from concerned trustees so I thought it best to consider this topic. There have been suggestions that the Government will...

April 27, 2016
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12th April 2016

Following our advice last week we am pleased to announce the release of our Analysis Tool. The tool provides an accurate assessment of what is required for an existing loan to satisfy the Practice Compliance Guideline for related party limited recourse loans. As an indication of the potential problems and solutions available we have applied the...

April 12, 2016
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7th April 2016

The ATO has just released their much anticipated Practice for related party limited recourse loans. As previously established, the ATO have determined that all income and realised capital gains from non-commercial related party loans will be taxed as non arm’s length income. Such income may only be reduced by expenses relating directly to the asset. The tax,...

April 7, 2016
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