LRBA amounts to be included in Total Superannuation Balance
Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2019 has received Royal Assent and in relation to the TSB changes is effective from 1 July 2018.
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My client has an SMSF which owns property via an LRBA. The debt has now been paid back. Is it compulsory to transfer title to the property from the LRBA bare trust to the fund?
No, but it may still be appropriate to do so depending on the fund’s future intentions.
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Parliament resumes – Superannuation measures introduced
The Government has introduced two bills to the House of Representatives; one that had previously lapsed when the Federal Election was called, and one containing a long overdue improvement to salary sacrificing.
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Parliament has now retired for the 2018 year. Did they leave any unfinished “superannuation business”?
In the final week of Parliament, there were a number of superannuation related measures still to be passed into law.
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Adding back LRBA balance to Total Super Balance
You may recall the Government announcing that they intended to amend the Total Superannuation Balance provisions in situations where an individual was a member of an SMSF with a LRBA in place.
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Government reaffirms commitment to ensure LRBAs aren’t used to circumvent contribution caps
Draft legislation has been released for comment aimed at closing off two avenues in which the Government considers LRBAs could be used to circumvent contribution caps.
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