With the significantly reduced contribution caps that apply from 1 July 2017, it is more important than ever to ensure we are using all possible contribution caps. ...
With the significantly reduced contribution caps that apply from 1 July 2017, it is more important than ever to ensure we are using all possible contribution caps.
Contribution rules changed substantially from 1 July 2017.
The ATO has confirmed in Practical Compliance Guideline PCG 2016/16 that, unless unitholders have a ‘fixed entitlement’ to all income and capital of the trust, a unit trust will not qualify as a ‘fixed trust’.
The recent decision in Perry v Nicholson [2017] QSC 163, has stressed the continuing importance of ensuring that all previous trust deed amendments and changes of trustee are properly documented, signed and dated and comply with the terms of the trust deed.
The proposed amendments to the 2016 budget measures for the treatment of transition to retirement income streams and limited recourse borrowing arrangements were passed on 15 June 2017
The proposed amendments to the 2016 Budget measures for the treatment of transition to retirement income streams and limited recourse borrowing arrangements were passed on 15 June 2017
The proposed amendments to the 2016 budget measures for the treatment of transition to retirement income streams and limited recourse borrowing arrangements were passed on 15 June 2017
The ATO has made a significant concession regarding death benefit pensions in Practical Compliance Guideline (PCG) 2017/6, and advisers should be aware – and taking advantage – of it where appropriate, says Cooper Grace Ward partner Scott Hay-Bartlem.
The transfer balance cap rules still apply to a pension that is a death benefit pension.
The 2016 Budget changes include CGT relief that allows SMSFs to reset cost bases of assets to market value before 1 July 2017.
One major consequence of the 2016 Budget changes and the introduction of transfer balance caps is that, by the end of 30 June 2017, the total amount each member has in pension phase must be reduced to $1.6 million.
The government has released an exposure draft of legislation that alters how having a superannuation borrowing arrangement (LRBA) in an SMSF will affect transfer balance account credits and the calculation of total superannuation balances in SMSFs (Treasury Laws Amendment (2017 Measures No. 2) Bill 2017: limited recourse borrowing arrangements).
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.