The Administrative Appeals Tribunal (AAT) has upheld an ATO decision to impose an excess contributions penalty and rejected a taxpayer’s claim a divorce-related superannuation split constituted special circumstances under taxation law.
Part 1 examines the key characteristics of a sound SMSF succession plan including planning for control of the fund to pass into trusted hands in the event of a member’s death or loss of capacity.
The ATO said it is reviewing and assessing all new SMSFs before they can receive a registered or complying status on Super Fund Lookup (SFLU) as part of a program to stop illegal early access schemes.
The different operations of pensions passed onto a beneficiary can be confusing and SMSF members must understand how the will impact their transfer balance account.