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.