New super laws – planning for 1 July 2017
New super laws – transfer balance cap – how the cap affects death benefits
New super laws – how they affect market linked pensions
New super laws – the transfer balance cap
The transfer balance cap is the new limit on how much a member can have in their pension account and accordingly is a limit on how much a super fund can have in “pension phase”. Income and capital gains are tax free to the extent they are in pension phase. To the extent that a super fund is in “accumulation phase” its income is taxed at 15% and capital gains, on assets held for more than 12 months, are taxed at 10%.
New super laws – non-concessional contributions cap
The headline items to this measure is that the non-concessional contributions cap will be reduced from $180K to $100K, the “bring forward rule” will be reduced from $540K to $300K and that members with account balances over $1.6 million will not be able to make non-concessional contributions. But like most of the new measures there are additional complexities to the new non-concessional cap measures.
New super laws - transfer balance cap – transitional CGT relief – cost base reset
The transfer balance cap measure includes a transitional CCT relief via a cost base reset. This relief is designed to ensure that only capital growth post the introduction of all of transfer balance cap (ie from 1 July 2017) is taxed. However, like all of the new measures the relief is complicated and requires careful consideration prior to 1 July 2017.
Sladen Snippet – superannuation changes passed by parliament
The legislation for the Government’s changes to the superannuation system has been passed by parliament.
Structuring Real Estate within an SMSF
Sladen Snippet – draft laws for the 5 year concessional contributions cap catch up measure released
Sladen Snippet - second tranche of super changes released
Sladen Snippet – complicated draft laws for the $1.6 million super pension cap released
Sladen Snippet – ATO releases further determination on the application of NALI to non-commercial related party LRBA loans
The Australian Taxation Office (ATO) has released Taxation Determination TD 2016/16 which provides further guidance on its view as to the application of the non-arm’s length income (NALI) rules to the non-commercial limited recourse borrowing arrangement (LRBA) loans from related parties to the trustees of self managed superannuation funds (SMSF).
Sladen Snippet – Government dumps lifetime $500K NCC cap – alternative measures announced
Sladen Snippet - First tranche of budget super changes released for consultation
Complex estate planning in a complex world.
SMSFs and Dividend Stripping and Dividend Washing Arrangements
Sladen Snippet – ATO gives further guidance on its 2016/17 priorities for SMSFs.
Sladen Snippet – Court confirms judicial advice not always needed for SMSFs
The Supreme Court of New South Wales, in the decision of Bideena Pty Ltd as trustee for the Bideena Pty Ltd Superannuation Fund, has confirmed that the trustee of a SMSF does not always require judicial advice as to whether the trustee will have a right to indemnify itself out of the SMSF assets for legal costs in pursuing litigation.
Sladen Snippet – ATO announces SMSF areas of focus for 2016/17
In a recent speech, James O’Halloran, Deputy Commissioner of Superannuation, Australian Taxation Office (ATO), announced that the ATO will focus on the following self managed superannuation fund (SMSF) issues during 2016/17: