Bryce Figot, Special Counsel of DBA Lawyers, is very excited to be presenting an SMSF Succession Planning webinar on Friday 26 August 2022. 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. This webinar is designed for financial planners, [read more]
A binding death benefit nomination (BDBN) is a direction made by a member to the superannuation fund trustee requiring the trustee to pay the member’s superannuation death benefits in a certain way, eg, to the member’s dependant(s) and/or to their legal personal representative(s) (ie, the executor(s) of the member’s will). BDBNs are usually set out [read more]
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]
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]
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]
