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High Court to decide how long can a BDBN last for!

For many years there was debate in the SMSF industry as to whether an SMSF binding death benefit nomination (BDBN) could last indefinitely. A number of supreme court cases from several different Australian states have held that an SMSF BDBN can last indefinitely, so long as the deed is written to provide for this. Then, [read more]

compliance

Moss Super Pty Ltd v Hayne [2008] VSC 158: why SMSF structures are important

Moss Super Pty Ltd v Hayne [2008] VSC 158 is an important lesson for trustees and advisers to always consider what the governing rules of an SMSF provide before attempting to make changes or exercise powers. Facts The Photography Management Services Pty Ltd Superannuation Fund (Fund) was established by deed dated 31 May 1995. The [read more]

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SMSF denied complying status – recent AAT decision

The recent AAT decision in Driscoll and Commissioner of Taxation [2021] AATA 3892 has important implications that all SMSF professionals (and trustees) should be aware of. We explore the facts, the implications and the lessons learnt from this case in this article. Facts On 23 January 2009, the Driscoll Superannuation Fund (Fund) was established. Mr Driscoll [read more]

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Director identification numbers needed soon

Background On 22 June 2020, the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth)) received royal assent, which introduced the requirement for all directors of a company in Australia to have a director identification number (DIN). The purpose of introducing DINs is to prevent the use of fictitious director identities, assist regulators [read more]

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Law Institute Victoria SMSF Specialist The Tax Institute