ATO to provide super details in family law property matters

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An amendment bill has now been introduced into Parliament to permit the Australian Taxation Office (ATO) to provide details about the superannuation accounts of a party to a Family Law property proceeding. Given that superannuation accounts are, after the matrimonial home, likely to be the most significant financial assets of a married couple, it is

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Best interest now best financial interests

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Previously, trustees of self managed superannuation funds were required to perform their duties and exercise their powers in the best interests of the beneficiaries of the fund. This requirement was imposed by s52B(2)(c) of the Superannuation Industry (Supervision) Act 1993. Now, because of a recent amendment to that provision, the requirement is for trustees to perform

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Michael Hallinan reviews recent superannuation changes

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Six member SMSFs finally arrive Why have a 6 member SMSF? A 6 member SMSF may be relevant to situations where a parent or a couple have children who are working part time and wish to accept their children’s SG contributions Another situation where a 6 member SMSF may be relevant is where business principles

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SMSFs transacting with former spouse, cousins or friends

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A question we get from time to time is whether the trustee(s) of an SMSF can enter into transactions with a fund member’s former spouse whether the transaction is a loan, lease or another type. In this article, we will consider a number of compliance issues with SMSF transactions involving a former spouse. You will

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Pension asset CGT exemption from NALI ends 30 June 2021

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From 1 July 2021, if a non-arm’s-length capital gain is made by a segregated current pension asset on or after 1 July 2021, it will be treated as non-arm’s length income (“NALI”), meaning that it will be taxed at the highest marginal rate of 45% under section 295-550 of the Income Tax Assessment Act 1997 (“ITAA97”). This

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When you have seen one blended family – you’ve seen one blended family

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Many lawyers talk about ‘blended families’ as if they are all pretty much the same. Like, if you’ve seen one, you’ve seen them all.  But that is not the case at all. There’s the classic style of blended family where two persons (who may be widows/widowers and/or divorcees) come together bringing with them one or

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Controlling commutation of a child pension

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Husband (H) and wife (W) are members of a self-managed superannuation fund, and as part of their estate planning, they want to direct the trustee of the fund to set up child pensions for their eligible children if either of H or W die early. As their children are likely to qualify for the child

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The retrospective effect of The State Revenue Legislation Further Amendment Act 2020 (NSW) on discretionary trusts 

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An important reminder that discretionary trusts that have already sold all residential properties before the deadline of 31 December 2020 could still be assessed for foreign surcharge purposes under the new NSW laws even if the trusts have already been wound up. The retrospective effect of The State Revenue Legislation Further Amendment Act 2020 (NSW) means the surcharge

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Reversionary pensions that don’t revert

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What happens where, at the time of death of the pensioner, a reversionary pension fails to revert because the nominated reversionary pensioner (an SIS Act dependant) is not eligible to receive income stream death benefits, for example where the nominated reversionary pensioner is an adult child of the deceased member. SIS sub-regulation 6.21(2)(b)(ii) and (2A)

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Local Government Super invests in mental health through partnership with SuperFriend

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NSW based Local Government Super (LGS) has announced its partnership with national workplace mental health organisation SuperFriend, effective 1 October. LGS was first established in 1997 to serve the superannuation and retirement needs of those working in NSW Local Government occupations. However, it is now open to any working Australian and manages approximately $12 billion

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