On the back of announcing the Low income superannuation contributions (LISC) measures, the (more…)

As previously reported – on 1 July 2011, rules were introduced into the Superannuation Industry (Supervision) Act 1993 (SIS Act) for SMSF investments in collectables and personal use assets.

The ATO have recently released further guidance, in the form of answers to some common asked questions, to assist trustees and their

As announced in the 2011 Federal Budget, the Government will increase the concessional contributions cap by $25,000 to $50,000 for those aged over 50 and with a fund balance below $500,000.  This will apply from 1 July 2012.

** Update – Please note that as announced in the 2012 Federal Budget,

In the 2011 Federal Budget, the Government announced an increase in the annual ATO levy from $150 to $180 per year, starting in the 2011 financial year.  SMSF Trustees will pay this supervisory levy when they lodge their 2011 SMSF Annual Return with the ATO.

In the 2011 Federal Budget, the Government announced a reduction in the minimum annual pension drawdown amounts by 25% for the 2011-2012 financial year.  This applies to account based pensions and transition to retirement pensions.

For breaches of the concessional contributions cap, the Government announced in the 2011 Federal Budget that where the breach is below $20,000, there will be a one-off option to request a refund of the contributions.  This will only apply to breaches from 1 July 2011.  The excess contribution will instead

In the Stronger Super package of proposed changes and also announced in the 2011 Federal Budget was the Government’s intent in tightening the legaslative requirements around SMSFs investing in collectables and personal use assets.  These new standards received royal assent today and apply to all new purchases of such assets

The ATO released a draft Self Managed Supernnuation Funds Ruling – SMSFR 2011/D1.  This ruling discusses the application of two key concepts in relation to LRBAs; what constitutes a “single acquirable asset” and clarification in relation to the distinction between a “repair” and an “improvement” for LRBA purposes.  According to the