It seems (based upon a response to a question posed during the course of the campaign) that the Government will introduce transitional measures in relation to this $500,000 cap. The transitional measures will apply in two situations. The first situation is where a super trustee had entered into a contract of sale before 3 May […]
SUPERCentral
Witnessing of binding death benefit nominations: One, two or none?
Will all nominations lapse after 3 years? Must all nominations be witnessed by 2 independent witnesses (in the manner of a will)?
Family trust as the new SMSF?
Have the ‘ScoMo’ changes (which now seem likely to be implemented – subject to one or two minor changes) amounted to the demise of SMSFs as the preferred private wealth investment vehicle? Possibly this view is overstating the situation. Tax deductible contributions can only be made to superannuation funds: they cannot be made to family […]
What is the essence of the interdependency relationship?
The essence is the relationship is the concept of a “close and personal relationship” which relationship would normally involve “living together” and the provision of “support” by one to the other (whether financial, domestic or personal care).
Three questions commonly asked when establishing an SMSF corporate trustee
We are regularly asked these three questions by clients either setting up a new fund with a new corporate trustee or wanting to change their trustees from individuals to a company. Do I need a company secretary for my proprietary company? There is no obligation on a company to appoint a company secretary however, if […]
What is an interdependency relationship?
This is a concept introduced into the SIS and tax legislation in 2005. It seems to have been introduced as a means of providing tax free payment of super benefits to an individual who was in a marriage like relationship with a deceased member but which did not satisfy the traditional definition of marriage. However […]
Two recent cases on parent-child interdependency
While a child is necessarily a dependant (for the purposes of the SIS Act) of their parent, a parent is not necessarily a SIS Act dependant of their child. A parent could be a dependant of their child if the parent is either financially dependent on the child or if they have an interdependency relationship […]
SUPERCentral News – Issue 141 April 2016 – SPECIAL EDITION
LRBAs at Sea and in the (safe) Harbour The ATO issued on 6 April 2016 what it termed “practical compliance guidelines” in relation to limited recourse borrowing arrangements (LRBAs). These guidelines are referred to as “safe harbour” guidelines. Six Important Points Six important points need to be made in relation to the guidelines. What are […]