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March 6, 2024
Overseas property may appear as an attractive investment on the surface. However, when an SMSF is the purchaser there are several compliance traps for trustees to navigate. SMSF trustees can purchase property either outright with SMSF funds or via a limited recourse borrowing arrangement (LRBA). To illustrate the potential risks involved, each of these types [read more]
February 29, 2024
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]
February 21, 2024
ASIC recently took action against a number of approved SMSF auditors. ASIC felt that the approved SMSF auditors’ conduct did not meet the required standards and the action taken by ASIC included: disqualifying some auditors; imposing additional conditions on some approved SMSF auditors ; and cancelling the registration of other approved SMSF auditors. For more [read more]
February 13, 2024
In an urgent matter brought to Shariff J as the vacation duty judge this January, the risks to SMSF compliance, where all members of the fund become disqualified persons, were on full display with orders needing to be granted simply to allow the disqualified members to act to wind up the fund. The case, Barry, in [read more]
February 12, 2024
The ATO has recently released TR 2023/4 – Income tax: pay as you go withholding – who is an employee? (Ruling), as well as Practical Compliance Guideline 2023/2 (PCG) to provide additional guidance in respect of the distinction between an employee and independent contractor. This is part 6 of our series of articles focusing on [read more]
February 5, 2024
Introduction Mr H was an approved SMSF auditor. However, in 2023 ASIC disqualified him from being an approved SMSF auditor. He applied for the AAT to review ASIC’s decision to disqualify him. The AAT recently handed down the outcome of that application. DBA Lawyers do a lot of work with approved SMSF auditors. Accordingly, we [read more]
Balance-Sheet
February 2, 2024
Introduction With the penalty unit increasing from $313 to $330 in proposed legislation, SMSFs need to be extremely careful as this results in most administrative penalties increasing from $16,500 (ie, 60 penalty units x $275) to $19,800 (ie, 60 penalty units x $330). This follows the increase from $275 to $313 that already occurred on [read more]
February 2, 2024
The recent NSW Supreme Court decision of van Camp v Bellahealth Pty Ltd [2024] NSWSC 7 (22 January 2024) (van Camp v Bellahealth) provides important lessons for advisers when considering a person’s capacity to make a BDBN. It also reinforces the value of keeping good records and file notes. Facts Dr Nespolon was the sole [read more]
January 25, 2024
Upon completion of the repayment of a loan utilised for a limited recourse borrowing arrangement (LRBA) within a self managed superannuation fund (SMSF), a key decision faces each SMSF trustee: does the bare trustee transfer the property back to the SMSF trustee; or does the bare-trustee continue to hold the legal title to the property? [read more]
January 17, 2024
For many Australians, superannuation is a significant asset especially if a self managed superannuation fund (SMSF) is involved. However, despite this, many do not plan ahead for what happens to their superannuation upon their loss of capacity or death. We recommend that every SMSF member should develop a succession plan to ensure there is a [read more]