December 31 deadline looms for removing excess super balances

The deadline is fast approaching for super fund members with excess transfer balances to remove the excess without incurring a tax liability. The Australian Taxation Office guidance of excess transfer balances says that if, on July 1 this year, a…

Q&A 22 October 2017

Q: I have been advised that since the introduction of the $1.6 million transfer balance cap, the Australian Taxation Office is cracking down on SMSF valuations, looking for more timely valuation updates from more reliable sources. What is the ATO…

The hidden trap in the new super rules: death benefits

One of the most significant impacts of the superannuation transfer balance cap rules is the effect on the payment of death benefits, and many retirees are being caught unaware. Since July 1, there has been a cap of $1.6 million…

LRBA rule change still on the cards

The status of limited recourse borrowing arrangements in the new superannuation balance cap regime is at the top of the list of queries financial advisers have for the technical experts at wealth management companies. BT Financial Group technical consultant, Tim…

Q&A – 19 June 2018

Q: How do I know if I have done everything I need to do ahead of the introduction of the new superannuation rules on July 1? A: Here is your checklist for June 30: Where a member is at risk…

Divorce and the transfer balance cap

Superannuation may not be top of mind for couples going through a divorce but the Australian Taxation Office has issued a reminder that special rules apply for payment splits arising from divorce or relationship breakdown. From July 1 there is…

Graeme Colley Blog

The treatment of death benefits rollovers under the new transfer balance cap has been a sleeper, with most people thinking about the $1.6 million transfer balance cap. The issue is that if their partner dies the death benefit will be…

Gresham offers finance for super top-ups

Fund manager Gresham Partners has launched a loan product, the Gresham Superannuation Solution, offering finance to superannuation fund members who want to make a significant contribution to their fund ahead of rule changes that take effect on July 1. Gresham…

Government softens stance on SMSF borrowing

The Government has moderated its approach to the treatment of limited recourse borrowing arrangements under the new superannuation balance cap regime, introducing a bill last week that makes no reference to including outstanding LRBA balances in a member’s total super…