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The new Division 296 regulations mean that there is a need to reconsider reversionary pensions and their tax implications on the surviving beneficiary, a leading adviser said. David Busoli, principal of SMSF Alliance, said under the new regulations that although the reversionary pensioner’s transfer balance cap is not affected for a year after the reversion, their total super balance is increased immediately. “This means that they will become subject to Div 296 tax if their e

The SMSF Association is “very happy and very relieved” the federal government has decided not to tax unrealised capital gains as part of its proposed Division 296 impost on total super balances above $3 million. Further, the association expressed its pleasure Treasurer Jim Chalmers has now decided to index the $3 million threshold, a move for which the industry body had also been lobbying. “They were the two most egregious elements of this tax we have been fighting hard again

The ATO disqualified more than 140 SMSF trustees in the December quarter 2023, with an overall 374 trustees disqualified during the first...

The age of SMSF investors is continuing to decline as younger members take a more active role in managing their portfolios, says a...

Illegal withdrawals totalling more than half a billion dollars have been made from self-managed super funds (SMSFs). The Australian Tax...

The pivotal role of an Enduring Power of Attorney (EPOA) cannot be overstated, especially within the realm of Self-Managed Superannuation...

A recent court ruling is a reminder to advisers that capacity is determined by whether a person understands a relevant document after it...

There are so many moving parts to making sure your estate planning and wealth protection is taken good care of. You might have found that...

The “worst conversation” of Marisa Broome’s life was when her father, David, a former senior banker, acknowledged his rapidly advancing dementia meant he would have to appoint a guardian to look after his affairs. “We went through a box of tissues as he handed over full control of his life and fortune to make sure there would be no loose ends before he lost his memory,” says financial planner Marisa about her father who would die at 79, two years after being admitted to a car

‘This is big’: The stark difference between APRA funds and SMSFs in retirement Members of SMSFs are significantly more likely than...

...Or does obtaining the desired outcome arise from focused, clear and proper planning regardless of what type and number of structures...

Part 2 - Do you want fries with that?! Consulting with an experienced lawyer is crucial to you ensuring that your Estate Planning and...

Nominating an enduring power of attorney prior to the possibility of incapacity is vital for SMSF trustees. Appointing an enduring power...

We were sent an eye opening press release last week and feel compelled to share it. Unsurprisingly not picked up by the mainstream media, it paints a concerning picture around the accessibility and liquidity of your super in managed funds as opposed to full control in your own Self Managed Super Fund. Are Australian Super Funds going broke? by Mary-Jane Liddicoat In contravention of legislation, several major Australian superannuation funds, such as HostPlus, Russell Investm

Part 1 - A half baked potato is still a half baked potato! I sat there stabbing away with my fork, but there was nothing I could do to...

Advisers need to satisfy all elements involved when looking to comply with the in-house asset rules relating to commercial property. A...

The Quality of Advice Review (QAR) has provided a vehicle for advisers to clearly define the difference between advice as a professional...

The Property Law Bill 2023 (the Bill) heralds the most significant changes to property law in Queensland in 50 years. The Bill, which...

The lead up to 30 June 2023 provides an opportunity to revisit your TSB as at 30 June 2022 to re-evaluate whether you are entitled to...