If my client receives a lump sum from superannuation, will the lump sum be included in their “income” for Division 293 purposes?
Potentially, but this will depend on why your client is receiving the lump sum, their age, the...
Read More
Quarterly TBAR reporting – does every fund need to lodge? What if I can’t lodge on time?
With the 1 July 2017 introduction of the $1.6m Transfer Balance Cap came a new obligation on...
Read More
Re-think Treatment of Amounts in Excess of Minimum
Prior to 1 July 2017, as a general rule, where an individual was age 60 or over and wanted to draw...
Read More
Three Yearly Audit Proposal
In the May 2018 Federal Budget, the Government proposed that SMSFs with three years of clean audit...
Read More
Event Based Reporting
With the 1 July 2017 introduction of the $1.6m Transfer Balance Cap (or “pension cap” as some...
Read More
Daughter’s rental of residential property connected with SMSF didn’t breach sole purpose test, but that’s not the end of the story!
Last month’s Full Federal Court decision in the Aussiegolfa case [Aussiegolfa Pty Ltd (Trustee) v...
Read More
Eeeek! My client just got an Excess Transfer Balance Determination!
The majority of SMSFs lodged their Transfer Balance Reports to report the 30 June 2017 value of the...
Read More
My client made a $25,000 concessional contribution to his SMSF in June which won’t be allocated to his member account until July.
When will the unallocated amount first count towards his Total Superannuation Balance? ...
Read More
My client’s SMSF has a reserve account and the trustee made an allocation from it on 1 July 2017 to a pension account.
Given such action is now contrary to the ATO’s new position expressed in SMSF Regulator’s Bulletin...
Read More
Adding back LRBA balance to Total Super Balance
In the lead up to 30 June 2017 you may recall the Government announcing that they intended to amend...
Read More
My client’s husband died in March 2018. On his death, his account based pension automatically reverted to her. When will the value of this pension count towards her Total Superannuation Balance?
Your client became the “owner” of the pension on the day of her husband’s passing. This means the...
Read More
My client’s wife died in August 2017. On her death, her acc based pension automatically reverted to him. When do I need to complete a TBAR to report the reversion of the pension and what do I show?
The TBAR system revolves around the reporting of “events”, hence the name “events-based reporting”.
Read More
