Transitional Provisions for SMSFs

The Government will apply transitional arrangements to SMSFs affected by the retrospective aspects of the Federal Budget’s proposal to limit non-concessional contributions. In the 2016-17 Federal Budget, the introduction of a lifetime cap of $500,000 on non-concessional superannuation contributions, including contributions since 2007, was announced. 

Avoiding SMSF Disputes

Self-managed super funds (SMSFs) can be vulnerable to disputes, especially when family members are involved.
 
If left unresolved, disputes surrounding SMSFs can result in a hefty bill. SMSF disputes may be caused by various relationship breakdowns, for example, those funds with parents and siblings as members and trustees, or in cases where there is simply a clear difference of opinion.

ATO Targeting SMSF Tax Avoidance

The Australian Tax Office has its sight set on an emerging tax avoidance tactic being taken up by a number of self-managed superannuation funds. 

The ATO has warned individuals (at or approaching retirement age) not to use a strategy known as diverting personal services income (PSI) through their SMSF to minimise or avoid their income tax obligations.