Articles by Gary Chau

ATO

Tax and the proportioning rule

A common query we receive is: How does the proportioning rule apply and how do you calculate the tax-free and taxable components in a superannuation benefit? This article aims to assist you in understanding the fundamentals of this rule.

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ATO

Is SMSF property development good or too good to be true?

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The ATO has released material saying SMSF property developments can be considered tax avoidance schemes that are “too good to be true”. Within the program called Super Scheme Smart, the tax office aims to educate the public about SMSF strategies that concern it.

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ATO

ATO compliance action penalties for SMSFs

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This article looks at the actions and penalties the ATO can impose on trustees of SMSFs. In 2014, a new regime added the following compliance powers to the ATO’s arsenal.

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Practice Management

Ways to remove a member from an SMSF

Removing a member from an SMSF is not a simple process, particularly where there is a dispute or some animosity among members.

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Compliance

SMSFs must tread carefully on ESS interests

Acquiring shares from employee share schemes (ESS) in an SMSF can be attractive for many reasons, but SMSF trustees have to be mindful of the in-house asset and the related-party acquisition rules.

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Superannuation

The SG you receive has a cap

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The superannuation guarantee (SG) regime was established under the Superannuation Guarantee (Administration) Act 1992 (SGAA).

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Superannuation

Using spousal contributions and contribution splitting

There are a few different ways individuals can contribute money into superannuation for the benefit of their spouse. Taking advantage of these contribution options can help spouses achieve parity in relation to their respective super account balances over time and provide increased flexibility in relation to managing the transfer balance cap.

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Documentation

Dealing with a lost SMSF trust deed

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An SMSF is a type of trust that, like all trusts, is ‘run’ by its trustee. Case law tells us that one of the most fundamental duties of a trustee is that they obey the rules of that trust. The rules of the trust (sometimes referred to as the governing rules) are usually found in or annexed to the trust deed.

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Strategy

What’s in a TRIS

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The effect of the new superannuation legislation on transition-to-retirement income streams is more significant than first thought. Daniel Butler and Gary Chau analyse what the framework changes mean for these strategies.

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