Financial Tools
  Client Portfolio Access
  New Client Kit
  Enquiry / Seminar Registration
Hot Issues
We wish all our clients a Merry Christmas,a Happy New Year and a restive holiday
A great overview of investing and good Holiday reading.
The final nail in the coffin for LRBAs?
Market Update – November 2014
Online financial tools your family and friends can use.
Overcoming our behavioural barriers to saving
Good financial planning finally has a value: 23% more in retirement
‘Unintended consequences’ threaten SMSF tax reform
Retirement income: every bit counts
ASFA continues to sound warnings on retirement savings
Market Update - October 2014
The little-known rule with huge implications for self-managed super funds
Grappling with the uncertainties of retirement
Change to ATO decision relevant to SMSF in-house assets
Taking a personal perspective on the global super challenge
Some terms defined - Super & Investment
The perils of market-timing and over-confidence
Market Update – 30th September 2014
Hardly a do-it-yourself job
Super insurance: wide coverage, limited understanding
ASIC eyes SMSF loan sign-off
Redesigning retirement incomes policy - from the ground up
Industry terms
Articles archive
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 3 July - September 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 4 October - December 2006
Quarter 3 July - September 2006
Quarter 2 April - June 2006
SPAA sounds warning on tax backdating
The Australian Tax Office needs to clarify the tax issues on when a superannuation income stream starts and ends, ....

..... says the
SMSF Professionals' Association of Australia (SPAA).

Graeme Colley, SPAA Director - Educational and Professional Standards, who will address this
issue at the organisation's technical conference in Sydney on July 24, believes it is vital the
ATO finalises its draft ruling - sent out for public comment last year - as it
has the potential to impact significantly on members' benefits.

"Certainly there is the potential for significant additional income tax to be paid if the
trustees get it wrong," he says.

"The link between the income tax law and the SIS legislation has always technically been
a tenuous one as the fit has some uneasy aspects at best, and the delay in
finalising draft ruling (TR 2011/D3) has not helped matters."

The ruling revolves around what constitutes the provision of a pension in a fund and
whether the income of the fund supporting that pension is taxed at 15% or tax

Colley says there is also uncertainty around the date from which the ruling would take
effect, with the draft ruling stipulating 1 July 2007.

"Backdating to 1 July 2007 may be fine for funds that have happened to have done it right,
according to the Commissioner's ruling," he says.

"However, for those who have not met the requirements of the ruling due to other quite valid
interpretations of the law, the result could be a very expensive exercise.

"Larger public offer funds that are in this boat may end up with a larger tax bill to pay.
They may need to amend their systems and reduce the balances of members to pay
the additional tax.

"This may impact unfairly on members who are new to the fund or those who have been in
pension phase for a shorter period than the backdating requires."


By:  Andrew Starke
16 July, 2012
Professional Planner


  Financial Advisor | Financial Planner | Financial Adviser | Financial Planning | Financial Planner Sydney