Articles by Todd Wills

AAT, Contributions, Tax

AAT rules unused super caps must apply

AAT Administrative Appeals Tribunal ATO Unused concessional contributions Carry-forward concessional contributions WTBW and Commissioner of Taxation [2024] Income Tax Assessment Act 1997 Division 293 tax

The AAT has upheld the ATO’s rejection of a taxpayer’s claim they can choose whether to apply the unused concessional contributions cap carried forward from previous years.

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Retirement

Retirement funding sources to evolve

2024 Super Members Engagement Report Investment Trends Retirement Superannuation savings Irene Guiamatsia Age pension

Australians expect to rely less on the age pension and more on their own superannuation savings, investments and their partner’s savings as income to support their retirements.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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Estate Planning

Strategy key to post-death control

SMSF Self-managed superannuation Smarter SMSF Tim Miller legal personal representative appointment

Careful planning is essential to maintain control of an SMSF after a member’s death as appointing a legal personal representative can be complex.

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Property

Fit-outs could raise SIS issues

Heffron Lyn Formica Annie Dawson commercial property SMSF Self-managed superannuation fit-out

Trustees have been urged to tread carefully when undertaking work on SMSF-held commercial properties as charging the fund for such services can lead to compliance breaches.

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Death benefits

Benefits can extend beyond dependants

Knowledge Shop Jason Hurst death benefits estate planning SIS dependants tax dependants superannuation

Individuals not classified as dependants under the SIS Act can still receive SMSF death benefits, but specific estate planning steps are required to make this possible.

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Documentation

Secure all deeds to protect estate

SMSF trust deed Estate planning Accurium Anthony Cullen

Maintaining a complete history of SMSF deeds is essential to defend against potential estate challenges and ensure all legal amendments to the document are valid.

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Pensions, Retirement

Age pension falling short

age pension guaranteed income Allianz Retire+ Allianz Australia Adrian Stewart

The age pension is regarded as insufficient by most retirees, leading to a growing interest in working longer and securing guaranteed retirement income streams.

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LRBA, Property

No LRBA changes for property upgrades

Limited recourse borrowing arrangements LRBA Self-managed superannuation SMSF capital improvements rental properties petition Jim Chalmers

The government will not change the existing rules on using limited recourse borrowing arrangements to allow for energy-efficient improvements on rental properties.

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ASIC, financial advice

Ex-adviser guilty of $6m fraud

ASIC Ben Jayaweera Growth Plus Financial Group SMSF fraud

A former Brisbane-based financial adviser has been convicted of defrauding investors out of nearly $6 million after convincing them to withdraw money from their SMSFs.

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