Dishonest conduct

November 1, 2013

Many do not realise the extent of the disqualified person provisions in the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). This can result in a person inadvertently acting as trustees of self managed superannuation funds (‘SMSF’) while disqualified. Doing so exposes these trustees to significant penalties. We explore some of the nuances of the disqualified […]

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Debunking hedge fund myths

October 2, 2013

The hedge fund industry is currently worth around $208 billion in Australia alone(1). But while investors are familiar with the concept of traditional managed funds, there is less awareness of how hedge funds operate, which is the root of many misconceptions. Here we debunk some of the common myths surrounding hedge funds. What are hedge […]

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SMSF Property Investments

September 16, 2013

 Recent media has focussed on the risks of investing in geared property by self-managed superannuation funds (SMSFs) and whether it is really the right long-term decision for a member’s retirement.  It can be the right choice for some but it’s not for everyone.  Opportunities come with risks which are the same as any individual’s decision […]

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Can the intended auditor still audit your SMSF?

September 12, 2013

Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge their SMSF annual return. Trustees should check with the auditor they intend to appoint to make sure they are registered with the Australian Securities and […]

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SMSFs and Insurance – Change is on the way

August 1, 2013

Self-insurance in general and some specific types of external insurance, such as trauma insurance, are to be outlawed in SMSFs and most other super funds.   Over the last 12 to 18 months, the Government has made a few changes in regards to insurance in superannuation funds. Until recently, the two main changes were: • a […]

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Can the ATO Access a Taxpayer’s Superannuation When Bankruptcy Looms?

July 25, 2013

The generally accepted notion is that superannuation is protected on bankruptcy due to s 116(2)(d)(iii) of the Bankruptcy Act 1966 (Cth). However, the Commissioner has recently shown a willingness to seize superannuation monies to satisfy personal tax liabilities, even where bankruptcy was looming.   These were the facts in the recent case of Denlay v […]

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SMSF Member Insurance

July 1, 2013

Following changes to the SMSF sector as part of the government’s Stronger Super review measures, SMSF trustees are now required by law to consider the need for insurance cover for members, such as life or disability insurance.   Considering insurance for one or more of its members will come under the SMSFs broader investment strategy, […]

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Borrowing Strategies for a SMSF

June 24, 2013

SMSF members wanting to expand their investment portfolio are able to borrow money through their SMSF to purchase these assets. Assets available to an SMSF include property, as well as shares and managed funds – however the usual superannuation rules continue to apply where the fund is purchasing an asset from a related party. Some […]

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SMSF Pension Changes – Two Scenarios

June 13, 2013

Changes for SMSF pensions – Introduction There have been big changes announced recently for SMSF pensions. This article explores some of the key changes and discovers that those hardest hit by the $100,000 limit on the pension income tax exemption may well be those left behind after the death of an SMSF pensioner, as well […]

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Pension Changes – Practical Implications

June 7, 2013

On 5 April 2013 the Labor Government announced a number changes to superannuation. The main change is the proposed new tax on pension earnings that exceed $100,000 per member per financial year.   Assuming the proposed changes ever become law (and this also assumes the Labor Government is re-elected in September 2013 with the requisite […]

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Investing in an SMSF: When it seems to good to be true

June 2, 2013

Although superannuation remains one of Australia’s most tightly regulated and secure savings environments, a number of pitfalls await unsuspecting SMSF trustees.   Self managed super funds (SMSFs) are designed to be … well, self-managed. Because their structure enables investors to take more control of their retirement savings, SMSFs are increasing in popularity.   The trustees […]

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Has A New Bull Market Begun?

May 31, 2013

The Australian market – has a new bull market begun?   The Australian equity market rally accelerated in February as the ‘great rotation’ out of bonds continued. The Australian market has put together nine consecutive months of gains with the S&P/ASX-100 Accumulation Index up 26.1% over the year to 28 February 2013.   The bullish […]

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Australian Federal Budget 2013

May 15, 2013

We have pleasure in enclosing a summary of the significant announcements from the Federal Government's 2013 Budget. There are some key changes that may require some immediate action so please call us to discuss how these changes impact upon, you, your business and your superannuation. Highlights 2013/14 Federal Budget highlights The Federal Treasurer, Mr Wayne Swan, […]

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Got a non-geared unit trust? Critical Action Needed

May 7, 2013

Critical action by 30 June   There is critical action that all SMSFs with non-geared unit trusts must consider by 30 June … come 1 July it may be too late! Background Generally speaking, an SMSF can’t invest in a related unit trust. However, a number of exceptions exist. One key exception is:   upon […]

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End Of Year Looms For Superannuation Tax Planning

May 6, 2013

With the end of the financial year looming, now is a good time to be thinking about your end of year superannuation strategies. It may also help you to avoid some common traps and tax penalties. Off-market transfers Of particular interest this year is the Government’s proposed banning of off-market transfers which is due to […]

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Seeking compensation for defective ATO administration

April 12, 2013

Applications are regularly made to the ATO, often at a significant cost to taxpayers. The associated professional fees alone can run into the thousands of dollars. Therefore, even if an application is successful, the associated costs can significantly reduce the net proceeds the taxpayer receives. This can lead to unfairness.   In certain circumstances, however, […]

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Government Announces Superannuation Changes

April 5, 2013

On Friday 5 April 2013 the Minister for Financial Services and Superannuation, the Hon Bill Shorten MP, and the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP, announced the Government’s proposed changes to the superannuation laws.  The Government have aimed the changes at creating what they believe will be a more equitable and […]

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Winner of 2012 Australian SMSF Best Practice Awards

March 11, 2013

Leenane Templeton's' Andrew Frith has won the 'Australian SMSF Best Practice Award'.  This prestigious self-managed super fund award was attended by over 900 professionals at the 10th anniversary of the SPAA SMSF National Conference gala dinner in Melbourne. The SMSF Sector is the largest superannuation sector by number of funds and asset size in Australia.  […]

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A bright future and a bold ambition need the backing of a brilliant plan

February 15, 2013

Building a free and independent lifestyle needs more than just a drive to succeed and the skill to make it happen. It takes one of two other ingredients; good luck or good planning. The dream to be rich, free and happy We all have different definitions of success. For most of us it is the […]

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When SMSF Trustees Disagree

February 6, 2013

What happens when SMSF trustees don’t agree?   Abstract:  A recent NSW Supreme Court case highlights the importance of appropriate trustee combinations as well as strategic mechanisms that assist when trustees don’t agree   The last thing on the mind of most new SMSF trustees is what might happen years down the track when they […]

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SMSF & Property

January 28, 2013

The popularity of Self Managed Super Funds (SMSFs) has increased substantially over the past few years. In fact, SMSFs now account for about one third of total superannuation savings. One of their major drawcards is the broad level of investment freedom they offer. This includes the ability to invest in residential and business property, an option […]

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Related Party Lending and SMSFs

November 16, 2012

Related party lending and SMSFs — have the ATO really given a ‘carte blanche’? Introduction Comments by the ATO in the June NTLG Superannuation Technical Sub-group suggest that below market value interest rates do not constitute a contribution. This has caused much ‘interest’ (pun intended) in the SMSF community. This article explores what constraints still […]

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Property Investment?

October 8, 2012

SMSF Property Rules by Andrew Frith Considered in isolation, the tax advantages of holding property inside a self-managed superannuation fund (SMSF) seem to make this a no-brainer. Rental income taxed at no more than 15 per cent? Low or no capital gains tax when you sell? Where do I sign? What’s more, there’s a view […]

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SMSF excess contributions tax crisis

August 1, 2012

Sheltering in Bornstein’s ‘perfect storm’ — excess contributions tax crisis averted Abstract: the successful outcome in the excess contributions tax matter of Bornstein has allowed comparisons to failed attempts in order to better understand when the discretion to disregard or reallocate contributions might be exercised.   Bornstein v Commissioner of Taxation [2012] AATA 424 represents […]

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A blow for superannuation

July 5, 2012

Changes to superannuation laws in the 2012 Federal Budget may cause some Baby Boomers to rethink their retirement plans as increased contributions may now lead to cap breaches. Individuals with an income exceeding $300,000 will have a tax concession on their contributions raised from 15% to 30% as of 1 July 2012. The tax includes […]

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