Best-laid plans can go terribly wrong if the trustees of an SMSF do not put in place and then review regularly a succession plan for their fund.

Based on my own observations and recent statistics, more and more trustees do not have a decent understanding of their roles and responsibilities as trustees.

In March, the federal government released the “2015 Intergenerational Report”. The purpose of this report, released every five years, is to determine the long-term economic feasibility and sustainability of current economic policies over the next 40 years.

The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014, which received royal assent on 19 March, provides long-awaited relief and clarity to the previous punitive and potential double taxation treatment of excess non-concessional contributions. 

Exposure draft legislation was issued on 19 January in relation to proposed new rules around the look-through treatment for instalment warrants and instalment receipts. This exposure draft is titled Tax and Superannuation Laws Amendment (2015 Measures No 2) Bill 2015: Instalment Warrants. 

Julie Dolan analyses how the ATO’s treatment of TRIS and pension commutations can benefit certain SMSF trustees.

Property development via an SMSF can be a viable strategy if done properly. Complexities can arise, which need to be thought out properly at the outset so not only is the development compliant with the underlying rules and regulations, but that there are no nasty or expensive surprises down the track.

One of the main aims of estate planning is to deliver on the promise of looking after a client’s family, while minimising any future legal dispute.

Q: What is the tax impact of a life insurance benefit paid out upon the death of an SMSF trustee?