Articles by

Garth McNally

Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers. He is a regular contributor to industry publications and to the leading professional bodies including Chartered Accountants Australia & New Zealand (CA ANZ).

Webinar: SuperGuide members Q&A: September 2023

17 August 2023

In this webinar super expert Garth McNally will answer recent questions from SuperGuide members.
Q&A: Can I do contribution splitting if I live overseas?

11 August 2023

What these rules allow us to do is to split, so to take up to 85% of the concessional contributions that were made into our own super fund account last year and then split them or allocate them to our spouse’s super account in either our fund or any other fund in the current year.
Q&A: What is the tax treatment on lump sum withdrawals when 65 and not retired?

8 August 2023

Q: For an over 65, not retired, still working and paying income tax, what is the tax treatment on any lump sum withdrawals from super (where super is still in the accumulation phase) having been built up from employer and salary sacrifice contributions and taxed at 15% on way in.
What advice can your accountant provide for your SMSF?

28 July 2023

While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
Q&A: Can I cancel a reversionary pension within my SMSF and wind up the SMSF?

18 July 2023

I have been receiving a reversionary pension since my husband died but I am finding the paperwork required to maintain my SMSF is a little overwhelming.
Property development in an SMSF: Recent ATO guidance

2 July 2023

If you are thinking about using your SMSF for a property development it pays to understand the ATO rules. Failure to do so could be costly.
Q&A: What happens to my SMSF if I travel or move overseas?

1 July 2023

I would like to know if there are any restrictions or conditions I have to be aware of regarding travelling overseas for extended periods of time in retirement. When I turn 70 next year I will stop working and will open an account-based pension income stream and will set up an SMSF. Then I want…
Webinar: An introduction to SMSFs

16 June 2023

What you need to know about setting up and running a self managed super fund. We take you through the key issues that trustees face when managing their own super fund.
Q&A: What are the pros and cons of starting an account-based pension vs investing outside super?

1 June 2023

Should you put all your super into an account based pension or invest some in a fixed term deposit? What are the pros and cons? If you put some super into a fixed term deposit and then roll it over at the end of the term, will you then start paying tax on returns?
Q&A: I have over $3m in super so should I now consider a recontribution strategy?

1 June 2023

What are the considerations in equalising spouse super balance in light of the proposed additional 15% tax on super balances over $3 million?
Q&A: What are the pros and cons of entering pension phase with accumulated losses for capital gains?

1 June 2023

Given that in pension phase income is exempt from tax, I’m wondering about the pros and cons of entering into pension phase with accumulated losses for capital gains. Does it matter at all?
SMSF property ownership: Trustee requirements and obligations

25 May 2023

The third article in our SMSFs and Property series looks at the all-important compliance requirements and considerations for SMSFs that own direct property.
Q&A: How does proportioning work if I have super in both accumulation and pension phases?

22 May 2023

As my SMSF balance is about double the TBC how does proportioning of the income work in the portions that are separated into Pension phase and Accumulation phase? I am over 60. If I made a lump sum withdrawal from the accumulation portion does re-proportioning take place?
Webinar: SuperGuide members Q&A: June 2023

22 May 2023

In this webinar super expert Garth McNally answers recent questions from SuperGuide members.
Q&A: Do I need to complete a TBAR when commencing a Transition to Retirement (TTR) pension?

22 May 2023

I’m 61 years old and still working. I would like to start a Transition to retirement pension. Do I need to complete a TBAR to notify the ATO and how often does one need to do this after turning 60 years old if the answer is yes?
Q&A: Do we need to use the proportioning rule when rolling over super benefits from an SMSF to an industry super fund?

22 May 2023

Sally manages her own SMSF of which she is the only member. The fund is in accumulation phase and is made up of 1/3 tax-free component and 2/3 taxable component.
Q&A: Can I benefit from the increased transfer balance cap if I’ve already started a pension?

20 May 2023

Q: I started a pension with $1.7 million on 1 July 2022. Can I move a further $200,000 into pension phase from 1 July 2023 post indexation?
Q&A: What happens if I start a pension and gains push the balance over the transfer balance cap?

6 May 2023

Q: If I set up a pension phase with the maximum $1.7 million transfer balance cap, what would happen if one of the investments in that portion made a significant capital gain, pushing the balance over $1.7 million?