During the life cycle of a limited recourse borrowing arrangement (LRBA) held by an SMSF, there will be events that will require consideration of how they will affect superannuation compliance and income tax issues. In this article we consider these events and their consequences. Year end LRBA asset value less...
Brought to you by Challenger Tech Accommodation is usually the largest cost associated with residential aged care, often requiring the sale of assets. A person may have to pay an accommodation contribution or payment when they enter residential aged care depending on their means. In this article the technical team...
The ATO has recently provided an update on their view of whether a payment will be treated as a superannuation member benefit or as a superannuation death benefit where a member dies after they have requested a benefit, but before the actual benefit payment by the superannuation fund¹. Whether a...
The ATO has provided clarification concerning an SMSF that entered into a limited recourse borrowing arrangement (LRBA) prior to 31 January 2017 and the application of the 1 July 2018 non-arm’s length expenditure (NALE) legislative amendments. The clarification has removed a conflict between PCG 2016/5 and LCR 2021/2. A little...
On Tuesday 29 March, Treasurer Josh Frydenberg handed down the 2022 Federal Budget, which was eagerly awaited given the impact it could have on the forthcoming election outcome. The Treasurer detailed the current state of the economy, a plan to help Australia move past a difficult two-year period following the...
Brought to you by Challenger Tech A key consideration for many individuals when moving into residential aged care is the decision around the former home. The technical team from Challenger provide a recap of the general rules for the social security and aged care assessment of the former home as...
With the introduction of the transfer balance cap (TBC) regime from 1 July 2017, nearly five years ago (doesn’t time fly!), SMSFs are required to report certain transfer balance account (TBA) events that occur in relation to a member’s retirement phase pension. An APRA regulated fund is required to report...
In a previous technical article, we considered who could be paid a superannuation death benefit. This is determined under the superannuation law. We now turn to the income tax treatment of a superannuation death benefit.A superannuation death benefit could be received by a person either: Regardless of the superannuation death...
Brought to you by ChallengerTech Means-tested care fee (MTCF) is a component of periodical aged care fees. It is usually a calculated amount and is a co-contribution towards cost of care for those who have the means. It is calculated based on assets and income of an aged care resident...
This page provides a collection of the Accurium’s SMSF retirement insights reports over the years. Our actuaries have analysed the data of over 60,000 self-managed superannuation funds (SMSFs) across Australia to prepare these retirement insights reports. Volume 9: The retirement phase tax exemption, 2021 Volume 8: SMSFs on track for...
Brought to you by Challenger Tech In this article, we look at the benefits of the HEAS for Centrelink clients and use a case study to explain how it works. The HEAS is also available to veterans who qualify for the Service Pension and war widows who qualify for the...
