1. Is an ASIC fee paid by a member for an SMSF corporate trustee a contribution or NALE?

The NALI/E legislation has been one of the many thorns in the side of SMSFs, and this year it was tweaked even more. The changes implemented by the new government sent the SMSF Adviser site into a tailspin as advisers, educators and trustees tried to navigate how these new regulations would affect the sector.

In July, before the changes were legislated, legal specialist Daniel Butler of DBA Lawyers dug deeper into the complicated legal aspects of the proposed amendments and how they may play out, especially regarding NALE risk arising where a corporate trustee also acts in any other capacity.

Read more here.

2. Consequences when the minimum pension amount is not met

When and how to start a pension or transition from the accumulation phase to the pension phase has always presented challenges and questions for SMSF trustees and their advisers.

Mark Ellem, head of education for Accurium, explored the consequences of what happens when a retirement phase account-based pension does not meet the relevant pension standards.

In this article, Mr Ellem explained what could happen if requirements were not met including reducing the fund’s claim for exempt current pension income and changing the mix of tax components of the pension interest. There will also be transfer balance account implications.

He unpacked all the possible scenarios, challenges and solutions in a comprehensive and detailed account that proved to be a winner with SMSF Adviser readers.

Read more here.

3. Is a delayed payment of a death benefit to a spouse taxable?

Understanding the tax implications of various instruments within an SMSF is always a hot topic and in this article, legal consultant Michael Hallinan from SUPERCentral, looked at what happens when a death benefit is paid after the surviving spouse has passed.

Using a Private Binding Ruling, Mr Hallinan set out the legal implications from both the ATO’s position and the relevant legislation under which it operates.

He illustrates the legal standpoint regarding relevant taxation provisions provided when a super fund pays a death benefit to an estate.

Read more here.

4. Do this after June 30 and you could boost your super by $110,000

Getting the timing right on contributions is just one of the many things SMSF members need to pull together before the end of the tax year.

SMSF Association CEO Peter Burgess explained in this strategy article how critical it is for individuals to review any super contributions – tax-deductible or non-concessional – made in a financial year and to consider whether there is an opportunity to make additional personal contributions to boost retirement savings.

Read more here.

5. Advising on BDBNs? Another warning

Although it’s not a subject most people want to think about, planning what happens to your superannuation after your death is a crucial part of holding an SMSF.

In this piece, legal expert Matthew Burgess, director of View Legal, once again uses his deep knowledge of the law to illustrate the potential difficulties that can arise when SMSF professionals fail to identify issues with trust deeds or BDBNs.

Examining the decisions of recent court rulings, he gives a comprehensive overview of how the legal implications can impact an SMSF trustee’s wishes.

Read more here.