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..
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..
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..
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..
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..
A bill has recently been introduced to Parliament (State Revenue Legislation Further Amendment Bill 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 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.