If you are a regular reader of this fine publication, you will be well aware our government, like others before it, is once again tinkering with the regulations governing superannuation.

Since 1992, when the compulsory superannuation system was introduced by the Keating government, the debate about the adequacy and operation of retirement savings has continued unabated.

While the past couple of years have been relatively quiet when it comes to changes to superannuation, 2016 has had a busy start with new guidelines on the limited recourse borrowing arrangements (LRBA) held by SMSFs and the government’s release of a discussion paper on the objective of superannuation. 

The recent Queensland Supreme Court decision in Munro v Munro (2015) QSC 61 is the latest blended family dispute over super death benefits involving a failed binding death benefit nomination (BDBN) established by a lawyer, accountant and financial planner. The case has significant implications for all parties.

Following consultation with the industry, the ATO has recently issued two interpretative decisions (ID), ATO ID 2014/39 and ATO ID 2014/40, clarifying its position on zero interest loans issued to SMSFs by related parties.

It’s official. There are now over 1 million members in SMSFs with more than $558 billion in total assets held in over 500,000 funds. There are no signs of this growth slowing down either, with 30,000 new SMSF registrations again noted in 2013/14.

Commencing from 1 July 2014, the Australian Taxation Office (ATO) will have a broad range of graduated penalties and administrative directions at its disposal to address any non-compliance of the superannuation laws, in addition to its existing powers.