The Government announced further policy design details on the Payday Super measures scheduled to be effective from 1 July 2026 (see our earlier article) contained in a four page fact sheet.
Sladen Snippet - Payday super - proposed model released
Sladen Snippet – Gainer Part 6 – SMSF trustee indemnity
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice that the self managed superannuation fund (SMSF) corporate trustee (Gainer Associates Pty Ltd – referred to as Gainer) could be indemnified from the assets of the SMSF in relation to all issues disclosed to the Court in that application for judicial advice.
Sladen Snippet – Gainer Part 5 – SMSF trustee director remuneration
In this fifth part of our series on the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, we examine Gainer’s request for the Court’s advice as to whether it would be justified to remunerate Mr Heesh for his time and efforts in acting as sole director of Gainer in its role as the corporate trustee for a self managed superannuation fund (SMSF) and, if so, at which rate and whether the remuneration could be for some or all of the work completed by Mr Heesh.
Sladen Snippet – Gainer Part 4 – advice on varying the fund trust deed
In this six part series on the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, we’ll examine various aspects of this case.
Sladen Snippet – Gainer Part 3 – seeking advice to defend trustee removal proceedings
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice that the self managed superannuation fund (SMSF) trustee would be justified in defending the removal proceedings to be brought against it by Mr Bone, the partner of the deceased member of the SMSF.
SMSFs and NALE That Triggers NALI Let's Get Specific
Non-arm’s length income (NALI) has been a hot topic of discussion and debate in the SMSF industry in recent years, in particular since the ATO first released their draft ruling on non-arm’s length expenditure (NALE) in 2018 (and its subsequent iterations). Recently, the long debated amendments to NALE provisions were passed in Parliament and received Royal Assent in June 2024.
Sladen Snippet – Gainer Part 2 – The death benefit decision
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice to uphold the decision of the self managed superannuation fund (SMSF) trustee to distribute 1/3rd of the death benefits in the SMSF to a partner of the sole surviving SMSF member and 2/3rd to her estate.
Sladen Snippet - ATO attempts to read down loss in Merchant disqualification decision
The Australian Taxation Office (ATO) has issued a draft Decision Impact Statement (DIS) on the Administrative Appeals Tribunal (AAT) decision of Merchant and Commissioner of Taxation [2024] AATA 1102 (which was decided on 16 May 2024) (Merchant).
Sladen Snippet: Armidale Jockey Club - Racing clubs “clearance house” liable to pay superannuation guarantee to jockeys
This Decision of the Administrative Appeals Tribunal (AAT) is a series of decisions against five jockey racing clubs brought by the Australian Taxation Office (ATO) regarding whether the racing clubs must pay super contributions on behalf of jockeys under the Superannuation Guarantee (Administration) Act 1992 (SG Act).
Sladen Snippet - Neal v Brown – Super benefits withdrawn before death result in unintended consequence under deceased’s will
Sladen Snippet – NALE changes pass parliament
Sladen snippet - S&H Investments - Company cannot contract out of super guarantee
In the decision of S&H Investments Pty Ltd and Commissioner of Taxation [2024] AATA 893, the Administrative Appeals Tribunal (AAT), the Tribunal affirmed the decision of the Commissioner of Taxation to assess the taxpayer for the superannuation guarantee charge for failing to pay superannuation for their employee/contractor referred to as “TW”.
Sladen Snippet - Kirk - superannuation removed no longer protected from creditors
In the decision of Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] FCA 240 (15 March 2024) the Federal Court held, among other things, that a transfer of superannuation from the husband to his wife’s superannuation was no longer protected as an interest of the bankrupt in a regulated super fund under section 116(2)(d)(iii)(A) of the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).
Stern – Transfer Balance Account calculated to include Defined Benefit Pension – in accordance with the operative provisions, not the guide
In the decision of Stern v Commissioner of Taxation [2024] FCAFC 21 the Full Federal Court found against the taxpayer, who raised an argument that Division 294 of the Income Tax Assessment Act 1997 (ITAA 97) should not be interpreted such that both his pension was to be commuted under a commutation authority issued by the Australian Taxation Office (ATO) due to his pensions exceeding his transfer balance cap, and that he also must pay excess transfer balance tax for exceeding his transfer balance cap.
Sladen Snippet - Cihan - Transfer of land to an SMSF reversed for unconscionable dealing
The NSW Supreme Court decision of Cihan Family Trust v Cihan Family Superannuation Fund [2023] NSWSC 1289 found that a transfer of land from a family trust to a SMSF should be reversed on the basis of unconscionable conduct of a son against his father.
Sladen Snippet – Corbisieri – BDBN invalid due to relationship breakdown
The case of Corbisieri v NM Superannuation Proprietary Limited [2023] FCA 1319 involved an appeal by the mother of a deceased against the decision of the Australian Financial Complaints Authority (AFCA) to uphold a BDBN to benefit the de facto spouse of her late son, which was to be funded out of life insurance proceeds in AMP Superannuation.
Sladen Snippet – van Camp – deathbed BDBN found to be valid
In this Judgment of the NSW Supreme Court, a binding death benefit nomination (BDBN) signed on the date of death of the sole member of a self managed superannuation fund (SMSF) was upheld. Challenges to the BDBN’s validity, by the SMSF trustee and two of the deceased’s executors, based on lack of capacity and unconscionability both failed.
Draft legislation released for “Div 296 tax” – an additional 15% tax on $3M+ super balances (including unrealised gains)
Further to previous announcements, Treasury has released draft legislation for the additional 15% tax on $3M+ balances. While the measure is called the “Better Targeted Superannuation Concessions”, the tax itself is destined to be known as the (uninspiring name of) “Div 296 tax”.
Sladen Snippet – Loans in breach of SIS Act unenforceable – End of the world or confined to its facts?
In Colaciello Super Pty Ltd v Christensen [2023] VSC 568 the Supreme Court of Victoria held that a loan in breach of sections 62 and 65 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) was unenforceable under the defence of illegality.
Protecting Worker Entitlements – What Do the Changes Mean for Your Business?
The second tranche of workplace relations reforms have now received Royal Assent, bringing into force the Fair Work Legislation Amendment (Protecting Worker Entitlements) Act 2023 (Cth) (Entitlements Act) on 1 July 2023. It is important that employers are aware of the changes and how these changes will impact the workplace.