By Bryce Figot, Special Counsel, DBA Lawyers and Daniel Butler, Director There is a misconception that reversionary pension documentation will always apply before a binding death benefit nomination. If the SMSF deed is silent on the question, it can be entirely possible at times that the binding death benefit nomination (‘BDBN’) will apply before any [read more]
By Kimberley Noah, Lawyer and Daniel Butler, Director, DBA Lawyers Employers are required to make the minimum superannuation guarantee (‘SG’) contribution for each employee to avoid a shortfall under the Superannuation Guarantee (Administration) Act 1992 (Cth) (‘SGAA’). This appears to be a simplistic rule. If an employer does not provide the minimum SG contribution, significant [read more]
Daniel Butler ([email protected]), Director, DBA Lawyers Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty interest payments are deductible, which has been withdrawn. This article highlights the relevance of TR 2019/2 for self managed superannuation [read more]
Shaun Backhaus, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers Many advisers are aware of the potential duty exemption available under s 41A of the Duties Act 2000 (Vic) where dutiable property such as real estate is transferred to a member of an SMSF in respect of their interest in the fund. This potential exemption may also apply [read more]
Shaun Backhaus, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers With the imposition of foreign purchaser duty continuing to be implemented around the country there is a need to determine how this additional tax will apply to SMSFs. Background Most jurisdictions imposing some form of ‘foreign purchaser duty’ include a ‘foreign trust’ or ‘trustee [read more]
