SUPERCentral Governing Rules – Update The SUPERCentral Governing Rules have been updated. The new updated rules (Version May 2015 or 05/15) will apply to all superannuation funds which are currently on the SUPERCentral system. ATO Issues Taxpayer Alert The ATO has issued a Taxpayer Alert concerning arrangements (which the ATO describes as “dividend stripping”.) Terminal […]
Michael Hallinan
ATO confirms that a rollover/benefit transfer to an SMSF will be treated as a contribution for the purposes of the active member-test
The ATO has confirmed the long held view that a rollover/benefit transfer to an SMSF in respect of a member will be treated as a contribution for the purpose of applying the active member test. This test is one of three tests which is used to determine whether a complying superannuation fund has lost its […]
Can my SMSF enjoy the Land Tax threshold?
What is land tax and how much will it cost me? Land tax is a tax payable by owners of land on the value of all taxable land they own as at midnight on 31 December of each year in NSW. The rate for the 2014 tax year is $100 plus 1.6% of the land […]
Get in specie contributions in on time & don't think EFTs are instantaneous
An in-specie transfer could be delayed for many reasons All cash contributions made by electronic transfer should be made a few days before 30 June — many cases where contribution was debited on 29 June but not credited to the receiving account until after 30 June As a rule of thumb in specie transfers of […]
‘Speeding fines’ return for SMSF trustee breaches
Proposed powers are planned to come into effect on 1 July 2014 Heaviest proposed penalty is $10,700 for breaches of lending or providing financial assistance to members and their relatives, breach of in-house asset etc Expected minimum of $150 million in fines to be collected from SMSF sector First it was in, then it was […]
SMSFs are not fuelling the bull property market
SYDNEY: November 2013 The suggestion that limited recourse borrowing by SMSFs is overheating the property market cannot be taken seriously, a leading lawyer says. ‘The suggestion that limited recourse borrowing by SMSFs can overheat the market cannot be taken seriously,’ says Michael Hallinan special counsel superannuation Townsends Business & Corporate Lawyers. ‘It’s been suggested by […]