Publications and News

SMSF Deeds

31 March 2017

It is strongly advised that SMSF Deeds are reviewed before 1 July 2017 and updated where necessary. We are pleased to advise JMA Legal has reviewed and amended its SMSF Deed to satisfy the upcoming Federal legislative changes. In particular our deed allows for: - Transfer between accounts to ensure the transfer balance caps are not exceeded; Continue Reading..

Don't forget the LRBA deadline

13 December 2016

SMSF trustees have until 31 January 2017 to ensure that any LRBA that their fund has is on terms consistent with an arm's length dealing or, alternatively, is brought to an end by 31 January 2017. In addition, payments of principal and interest must be made under LRBA terms consistent with an arm's length dealing. If you require any assistance with getting any LRBAs on commercial terms prior to the deadline, please contact us. Continue Reading..

Simplifying deeds in the pension phase with your SMSF clients

29 September 2016

This article was published in SMSF Adviser magazine. For members in the pension phase of an SMSF, a lengthy and complex deed is not always necessary. Short, targeted deeds can also achieve the desired estate planning outcomes with just as much certainty. There has been a lot of discussion regarding the effectiveness of death benefit nominations in terms of achieving the desired outcomes of the trustee and whether they have the potential to be challenged in court. Another method that can be used by trustees to create certainty of entitlement of benefits after the death of a member is to draft a special purpose deed.  Continue Reading..

SMSF - Non-bank LRBA - 30 June deadline

14 April 2016

It is strongly recommended that non-bank SMSF limited recourse borrowing arrangements ("LRBAs") be reviewed to ensure compliance with the safe harbour guidelines published by the ATO last week (see PCG 2016/5).  Continue Reading..

Holiday homes and self managed super funds

18 December 2015

Summer holidays are just around the corner and many of us flock to the beach and rent a house on the coast for a week or two. This is often a time when coastal real estate agents bombard holiday makers with property brochures hoping that they might make a sale.  Continue Reading..

Life insurance and buy-sell agreements

16 October 2015

The ATO has recently released ATO ID 2015/10 that clarifies the ATO’s view as to whether a SMSF contravenes super legislation by purchasing a life insurance policy that covers the life of a member where the purchase is dependent on a buy-sell agreement.  Continue Reading..

Periodic lease - a lease that never ends

20 August 2015

One of the expenses involved in transferring business real property to a SMSF is to ensure a lease is in place for market value rent. Continue Reading..

Attention to detail

2 April 2015

You have been asked to see new clients about estate planning from one of your regular accountant referrers. Roger and Jan are high net worth individuals who are close to retirement and have built up, among other things, a substantial self managed super fund (SMSF).  Continue Reading..

Proposed changes to the Duties Act

6 June 2014

A bill has recently been introduced to Parliament (State Revenue Legislation Further Amendment Bill 2014 [2014]) that proposes a number of changes to the Duties Act 1997. If passed, amendments to section 62A are of note regarding property transfers to SMSF.

Firstly, the concessional rate of duty will increase from $50 to $500 on transfers from members to their SMSF but only if:  Continue Reading..

SMSF limited recourse borrowing arrangement

7 May 2013

SMSF limited recourse borrowing arrangements that do not comply with the law can cause considerable problems for SMSFs and some trustees may not be aware of the serious consequences. Some of these arrangements, if structured incorrectly, cannot simply be restructured or rectified and can result in the SMSF needing to sell the property at a substantial loss.
 Continue Reading..

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