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Should I update my SMSF Deed?

Why do I need to update my SMSF Deed?

The purpose of a Self Managed Superannuation Deed (Deed) is to provide retirement benefits to its members. It is a legal document that sets out the rules for establishing and operating a Self Managed Superannuation Fund (SMSF). The SMSF is governed by the Deed and superannuation laws. The Deed is not a “sign and forget” document, therefore if the Deed is not up to date, it may be restricted on executing your specific requests or transactions while the SMSF is in operation.

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Do I need a SMSF Investment Strategy?

An investment strategy sets out the investment objectives and types of investments the trustees plan to invest in a Self Managed Superannuation Fund (SMSF). It is required by law to have a documented investment strategy and regularly review it.

An investment strategy can be prepared by the trustees or they can seek professional advice from a Financial Planner. The Auditor of the SMSF will request a copy to ensure the trustee’s are meeting their obligations.

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GST on Settlement

If you are thinking of buying or selling a property or land here is an update of the GST rules that were introduced to combat phoenixing.

Property purchase contracts that include GST in the purchase price that are signed on or after 1 July 2018 are affected by the new notification and payment obligations expected by the Australian Taxation Office (ATO).

Property affected by this new regime includes:

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Key super changes effective 1 July 2017

Here is a snap shot of some of the key superannuation changes that are to come into effect from 1 July 2017.

Spouse Tax Offset
The spouse tax offset entitles an individual who makes non concessional contributions on behalf of their spouse, married or defacto to claim a tax offset of up to $540.

The spouse’s income* threshold has increased from $10,800 to $37,000. The tax offset gradually reduces above this threshold and completely phases out at an income above $40,000.

The tax offset is not available when the spouse has exceeded their non concessional contributions cap or when their total superannuation balance is $1.6 million or more.

*Definition of income for spouse tax offset = assessable income + reportable fringe benefits + reportable employer superannuation contributions

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Implications of the proposed $100,000 non concessional contribution cap

The Federal Government recently reversed its budget proposal of limiting non concessional contributions to a lifetime cap of $500,000.  In its place, the Government has proposed to lower the non concessional contributions cap from its current level of $180,000 to $100,000 a year from 1 July 2017.

In doing so, it has provided some certainty as to the level of non concessional contributions that can be made for the 2016/2017 and future years notwithstanding some conditions.

Members under the age of 65 will still be able to access the 3 year bring forward rule, the equivalent of 3 years non concessional contributions.  However, the amount will be reduced from $540,000 to $300,000 from 1 July 2017.  Members over the age of 65 are not able to access the bring forward rule.

For the 2016/2017 financial year members under the age of 65 who have not activated the bring forward rule in the prior year(s) will be able to make a non concessional contribution of $540,000 for that year.

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Guideline on LRBA – Related Party Loans

In early April of this year, the ATO issued a Practical Compliance Guideline, PCG 2016/5.  The guideline deals with related party loans under a limited recourse borrowing arrangement (LRBA).  The guideline outlines the “safe harbour” terms that SMSF Trustees may follow in structuring an arm’s length related party loan under a LRBA before 30 June 2016.

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General Advice Disclaimer: The information on this website and the links provided are for general information only and does not constitute financial advice or take into account your personal needs, objectives and financial situation. Before making any decisions, we recommend you seek professional advice.