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Important lessons from the AAT: Goulopoulos and Commissioner of Taxation

The recent decision of Goulopoulos and Commissioner of Taxation [2022] AATA 2540 (9 August 2022) highlights a number of important warnings for those playing in the SMSF space either as advisers or trustees/directors of trustees. This article summarises the key facts to this case and describes five key warnings. Facts Mr Goulopoulos (Applicant) and his [read more]

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New ATO guidance on restructured market linked pensions

The ATO has recently updated its guidance on how the transfer balance cap (TBC) rules apply where a market linked pension (MLP) that was in place prior to 1 July 2017 has been commuted or restructured on or after that date. We examine below the ATO’s current approach (see CRT Alerts 007/2022 and 010/2022) to [read more]

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SMSFs and contractual tips and traps

SMSF trustees undertake a wide range of investments and activities across many different sectors in many different countries around the world. In so doing, SMSF trustees enter into various contracts, some standard form contracts and others with negotiated or tailor-made provisions. SMSF trustees must act prudently and act in beneficiaries’ best financial interests. To this [read more]

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NALE & NALI = NASTY as a 120% tax rate can apply to contributions

Overview Many believe super is tax effective. However, Australia has the highest tax rate in the world on retirement savings in certain situations. This article focuses on the potential impact of the non-arm’s length income (NALI) and non-arm’s length expenditure (NALE) provisions found in s 295-550 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997) [read more]

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SMSFs doing property development may be hit with GST

The recent case of Ian Mark Collins & Mieneke Mianno Collins ATF The Collins Retirement Fund and Commissioner of Taxation [2022] AATA 628 is an important reminder for advisers about the application of the goods and services tax (GST) laws to self managed superannuation funds. This case also raises previously untested issues concerning the extent [read more]

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How long can an SMSF BDBN last for? The High Court answers in Hill v Zuda

The High Court of Australia has settled the debate on how long an SMSF BDBN can last for. Implicitly this judgement also provides support in answering other critical SMSF succession planning questions, such as: Can a BDBN make a pension reversion mid-stream? Can a BDBN override pension documentation? Do you actually want a BDBN to [read more]

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Advantages of the DBA Lawyers SMSF deed (2022-23)

DBA Lawyers latest SMSF governing rules and related documents include many value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2022-23) comes with the following upgrades: express exclusion of reg 6.17A given the High [read more]

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The latest news on NALI & NALE

As we draw to the end of FY2022 it is important for advisers to be aware of the changes to the Commissioner’s application of the non-arm’s length income (NALI) provisions. PCG 2020/5 In light of the Commissioner’s general expense nexus view causing controversy within the industry (both with large APRA funds and SMSFs), the Commissioner [read more]

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High Court case on BDBNs clarifies 3 year or indefinite and other key aspects

The High Court has just handed down its judgement in Hill v Zuda. This is a significant decision with widespread ramifications that all SMSF practitioners, accountants, financial planners, lawyers and other advisers must be aware of! On Wednesday 22 June (12–1:30 AEST) Bryce Figot from DBA Lawyers will be presenting a webinar discussing: – what [read more]

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Succession Planning Webinar

On Friday 26 August 2022, Bryce Figot, Special Counsel of DBA Lawyers, will be presenting an SMSF Succession Planning webinar. Bryce will present a practical, step-by-step guide on how to ensure that a member’s SMSF benefits are appropriately dealt with upon their incapacity or death. It is designed for financial planners, accountants, auditors, SMSF administrators [read more]