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.
In a rare win for the taxpayer, the Administrative Appeals Tribunal (AAT) has set aside the decision of the Australian Taxation Office (ATO) to issue a non-compliance notice to the trustee of a self managed superannuation fund in Pabian Park Pty Ltd Superannuation Benefits Fund v FCT.
A recent Australian Tax Office (ATO) interpretative decision has confirmed that a member can make a contribution to a self-managed super fund (SMSF) prior to 30 June 2012, claim the deduction for the 2012 financial year, and the trustee of the SMSF can allocate the contribution to the member in July 2012 so that it counts toward the contribution caps in the 2012/13 financial year.
On 23 May 2012, the ATO released SMSFR 2012/1 confirming its position on the application of a number of key concepts for limited recourse borrowing arrangements by trustees of self-managed superannuation funds (SMSFs).
The new Personal Property Security Act (PPSA) started on 30 January 2012.
On 6 February 2012 the Administrative Appeals Tribunal (AAT) handed down its decision in Montgomery Wools Pty Ltd as trustee for Montgomery Wools Pty Ltd Super Fund v Commissioner of Taxation [2012] AATA 61.
Individual versus corporate trustee – one of the common questions for SMSF trustees.
On 13 October 2011, amendments were introduced to make directors personally liable for unpaid superannuation contributions where the company does not comply with its superannuation guarantee obligations.
It is easy to forget that income of a superannuation fund can be taxed at the top tax rate, even if the fund is in pension phase.