Regulations have commenced that will continue the tax exemption on earnings of a Self-Managed Superannuation Fund (SMSF) where a pensioner has died. ...
Regulations have commenced that will continue the tax exemption on earnings of a Self-Managed Superannuation Fund (SMSF) where a pensioner has died.
Self-managed superannuation fund (SMSF) trustees and their advisers should be aware that there is a new duty exemption in Queensland for property transfers from a custodian (bare trustee) to the SMSF trustee. While the amendment is recent, it applies retrospectively from 26 October 2011.
In light of the substantial changes within the superannuation sector, self-managed superannuation fund (SMSF) trustees should review their existing arrangements to ensure they fully comply with existing and proposed amendments to the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994 (SIS legislation) from 1 July 2013.
Every person should consider an enduring power of attorney. As well as the ‘usual’ risks of who looks after your affairs, members of SMSFs also risk compliance issues for their fund if they do not have a valid enduring power of attorney in place.
The government has announced reforms to superannuation, including changes to the taxation of fund income, concession contributions caps and rules regarding excess concessional contributions. However, it is highly unlikely that these amendments will be legislated before the election later this year.
From 1 July 2013, accountants, other advisers, companies and partnerships can apply for a limited financial services licence that will allow them, their employees and representatives to provide advice in a range of situations when dealing with self-managed superannuation funds (SMSFs), without holding a ‘full’ AFSL.
Draft legislation designed to give the ATO more flexibility in dealing with breaches of the Superannuation Industry (Supervision) Act or Regulations by SMSF trustees has been released. The changes are intended to take effect from 1 July 2013.
From 1 July 2013, any auditor who wishes to sign off on audit reports for self-managed superannuation funds (SMSFs) must be an ‘approved SMSF auditor’, and SMSF trustees who engage an auditor who is not an ‘approved SMSF auditor’ will breach the Superannuation Industry (Superannuation) Act 1993
All entities risk losing assets to third party creditors under the Personal Properties Securities Act unless they take steps to protect their title through appropriate documents and action (typically registration on the PPSR).
From August 2012 a failure by the trustee of a self-managed superannuation fund (SMSF) to keep its assets separate from assets held by the trustee personally or from those of a standard-employer sponsor (and their associates) is an offence punishable by a fine of up to $17,000.
Due to some uncertainty over the effect of draft ruling TR 2011/D3, the ATO has clarified in a SMSF News Alert when a pension ceases and the consequences if minimum payments are not made.
The Government has announced it will pass legislation to extend the tax-free status of income supporting a superannuation pension until a deceased member’s benefit has been paid from the fund. This will be effective from 1 July 2012 and will also apply for self-managed superannuation funds.
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.