Remember the 6 month grace period to get an SMSF in order!
It is important to be aware of the trustee/member rules that apply to self-managed superannuation funds (SMSFs), as set out in S.17A of the Superannuation Industry (Supervision) Act 1993 (“SIS Act”).
Be careful making improvements to SMSF leasehold business premises!
Many SMSFs lease business real property to related parties (since such a lease can be excluded from being an in-house asset of the fund – refer S.71(1)(g) of the Superannuation Industry (Supervision) (SIS) Act 1993).
Binding death benefit nomination extended by attorneys
The Supreme Court of Queensland has ruled that a superannuation binding death benefit nomination (BDBN) executed under an enduring power of attorney (EPOA) was effective to confirm and extend the member's previous BDBN, but would be an invalid "conflict transaction" if the attorneys attempted to vary the BDBN.
First Home Super Saver scheme – ATO guidance
The ATO recently issued Law Companion Ruling LCR 2018/5 to provide guidance on the first home super saver (FHSS) scheme.
Excess super contributions tax upheld despite “special circumstances”
In a recent decision, the AAT has upheld the Commissioner's decision not to disregard or re-allocate a taxpayer's excess non-concessional contributions.
What happens when a member of an SMSF loses capacity?
Unfortunately, there are circumstances whereby a member of an SMSF may lose mental capacity, e.g., as a result of suffering a stroke, or acquiring a brain injury in a car accident.