My client, who is under age 60, would like to take a lump sum payment from a death benefit pension. Are they allowed and if so, how will the lump sum be taxed?

It is now possible for directors of companies to apply for a “director identification number” (director ID). These will become compulsory over time and we’ve written about them before (see here). But what do we have to do right now?

Partially commuting a pension can be a very useful strategy for SMSF trustees, but there’s plenty to consider first.

I recently talked to a client about taking a large benefit from their SMSF. Believe it or not, there’s a lot to consider in working out how to structure the payment. Just taking a very large pension amount is often the worst possible thing to do.

Our work in administering over 4,000 SMSFs and providing technical support to a multitude of accountants and advisers gives us unique insights into the practicalities of rule changes. The introduction of SuperStream for rollovers is no exception.

Unless a miracle happens today (the last sitting day of Parliament), it seems we will have to wait until the New Year to see whether or not the latest super changes will take effect.

Is it possible for a member of a fund to be regarded as “retired” despite being in receipt of a monthly benefit from an income protection policy? Or will they need to wait until the benefits stop or they reach age 65 before accessing their super?

The ATO has recently flagged that the reporting timelines for SMSFs submitting TBARs (Transfer Balance Account Reports) are being reviewed. What a great time to fix some other things as well.

While Heffron was running its own race during October with Super Intensive Day, it seems there was much movement afoot in businesses in or near the SMSF industry. We’ve seen at least three big announcements in the last few weeks...

There’s been plenty said lately on ensuring SMSFs pay market rates for the services they receive or the fund’s income could be taxed as NALI. But it’s also important to not go the other way and adopt an “if in doubt, pay it from the SMSF” approach.

There were several important superannuation measures announced in the May 2021 Federal Budget, mostly relating to contributions. A new Bill handed to Parliament this week will implement them if passed.

The Australian Taxation Office (ATO) have indicated they will be providing SMSF trustees with COVID-19 relief measures for 2021/22. But are the same “areas of relief” offered in prior financial years available?