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Recent AFCA decision protects SMSF interests

By , on 02/04/2024 in ATO, Audit, Investments, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation

A recent Australian Financial Complaints Authority (AFCA) decision highlights the consequences for financial advisers when they fail to meet their service obligations. Under the Corporations Act 2001 (Cth) (CA) financial advisers are required to ‘act in the best interests of the client’ and ‘must only provide advice if it would be reasonable to conclude that [read more]

Trader writing increasing graph on coins stacking for investment profit growth and saving concept.

Vacant residential land tax — Q&A from recent DBA webinar

By , on 27/03/2024 in ATO, Audit, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation

This question and answer sheet was prepared following a recent webinar on VRLT presented by DBA Lawyers. A number of queries were raised at this webinar. This Q&A is a summary of the key queries with brief answers. Naturally, we would be pleased to assist with any query. Q-1. Can VRLT be tax deductible? A-1. [read more]

Trader writing increasing graph on coins stacking for investment profit growth and saving concept.

Family trust subject to surcharge land tax in NSW as deed did not exclude foreign persons

By , on 22/03/2024 in ATO, Audit, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation

Overview Unless a discretionary trust deed excludes foreign persons, foreign trustees and foreign corporations, significant additional duty and land tax is typically imposed if the trust acquires residential property. The best way to minimise such tax is to make sure you obtain assistance from a quality supplier and obtain advice well in advance. Why did [read more]

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SMSF Staff Discount Policy –– do you have one?

By on 29/02/2024 in Announcements, ATO, Audit, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation

DBA Lawyers is pleased to announce our SMSF Staff Discount Policy. We have been assisting many firms in relation to documenting an appropriate SMSF staff discount policy and providing training in relation to managing non-arm’s length income (NALI) and non-arm’s length expenditure (NALE) issues. For a recent webinar outlining the issues relating to SMSF discount [read more]

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Six simple rules to execute a deed that satisfies ALL Australian jurisdictions

By on 26/09/2023 in Audit, SMSF compliance, SMSF deeds, Trustee education

Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution. Companies can execute documents using electronic means under s 110A of the Corporations Act 2001 (Cth), which expressly authorises a document (including a deed) to be signed using electronic [read more]

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New SMSF case demonstrates how not to have non-arm’s length income

By on 16/08/2023 in ATO, Audit, Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

A recent AAT decision illustrates the sorts of evidence that might be necessary in order for an SMSF to not have non-arm’s length income (NALI). Accordingly, advisers working with SMSFs should pay close attention to this decision and the evidence that an SMSF should collect and retain. The decision is BPFN and Commissioner of Taxation [read more]

Electronic execution of deeds — is it here to stay?

Can companies sign or execute a deed electronically? — Part 1

By on 21/07/2023 in Audit, SMSF compliance, SMSF deeds, Trustee education

Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution, as discussed below. This is ‘Part 1’ of an article that focuses on company execution. We are planning to prepare more articles on individual execution in the coming months. [read more]