The removal of the RBL caps coupled with cashings from super funds being tax free after age 60 gives rise to different dynamics for SMSF trustees in their investment decision making. This can be expected to bring a fresh focus to the threshold issue of the functions to be performed by SMSF trustees. Is their function to make passive income producing investments on a risk adverse basis? Alternatively is it open to trustees with real property and entrepreneurial capabilities to utilise those capabilities in the discharge of their trustee duties? This also gives rise to a demarcation issue as to what is properly the trustee function and what is more appropriate by way of third party service provision. These are important technical and practical issues which trustees, their advisers and the Regulator will need to be focusing on in the near future. Topics covered in this paper include:
Stephen Heath CTA
Steve is a Partner in the Taxation & Revenue section of Wallmans Lawyers with his principal practice areas being superannuation and tax. He also works on general commercial matters with a focus on tax planning, business structuring and insurance. Steve is a member of The Tax Institute’s State Council and National Council. Current at 09 June 2015
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