One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF trustee incurs an expense in the usual...

The death of a parent is hard on all those involved, however once the grieving  has eased, a time comes to address financial matters.  One of these issues can be what happens to any superannuation they have left. Making things harder is the fact that the new transfer balance cap (TBC) brought in as of...

Transitional CGT relief is temporary relief available to all complying super funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income streams (TRIS). Upon...

Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case. What is the total balance relevant for? The total superannuation balance is relevant in determining a super...