Now that we finally have some legislative certainty around various aspects of paying a Transition to Retirement Income Stream (TRIS), the Australian Taxation Office (ATO) has issued Guidance Note, GN 2019/1 that provides guidance on the changes to transition-to-retirement income streams that commenced from 1 July 2017. How they apply within the APRA-regulated environment as…
Details
Earlier in 2019 against the backdrop of an election, there were a range of measures impacting SMSFs and superannuation more broadly that we on a knife’s edge as to whether they would proceed – refer to our blog post ‘Super measures – what made it and what didn’t’ to read further. With the Coalition re-instated…
Details
The recent case of Dawson v. Dawson once again shed light on the importance of following procedure in the event of a member’s death. Similar to the decision in Ioppolo’s case, we saw that the trustee was able to demonstrate continued compliance with the definition of a SMSF within a six month time period without…
Details
I read with great interest the release by Treasury of a discussion paper regarding a ‘Review of the Tax Practitioner’s Board’ (TPB) which is requesting feedback and comments on the future role of the TPB and the potential reforms to the regulation of Tax Practitioners in Australia. Of most significance was the perceived recognition that…
Details
The Australian Taxation Office (ATO) is about to write to approximately 17,700 SMSFs to highlight their concerns that the fund may hold more than 90% or more of its assets in one asset, or a single asset class. From this evidence, the letter from the Regulator raises the issue that the fund may be at…
Details