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December 4, 2023
Ms Janette Townshend was an approved SMSF auditor. However, in 2022 ASIC disqualified her. She applied for the AAT to review ASIC’s decision to disqualify her. The AAT recently handed down the outcome of that application. I do a lot of work with approved SMSF auditors. Accordingly, I read the decision with great interest. Here [read more]
December 1, 2023
Many SMSF members do not plan ahead in relation to what is to happen with their superannuation upon loss of capacity, death or other relevant life events. Indeed, in DBA Lawyers’ experience, a considerable proportion of SMSFs have outdated, inappropriate or no succession plans in place. Unfortunately, such lack of planning can give rise to [read more]
Changing SMSF trustees — why advisers should be more alert to the tips and traps
November 29, 2023
This article examines some of the key issues that can arise when change of trustee documents are not properly completed, and by the right people using quality document suppliers. What happens if a change of trustee is not properly completed? A change of trustee requires compliance with the provisions in the fund’s governing rules and [read more]
Deed of Trust
November 21, 2023
The case of Northgate Park v Floyd [2022] VSC 783 (Northgate Park) provides an interesting development in how courts may approach the issue of a lost trust deed. Northgate Park represents a less strict approach to determining the terms of a trust where a deed is lost. Facts Northgate Park resulted out of other litigation [read more]
November 20, 2023
The case of Re Rentis Pty Ltd [2023] QSC 252 (Re Rentis) provides a helpful interpretation of an attorney’s powers to make a binding death benefit nomination (BDBN). This case examines the meaning of a term often found in enduring powers of attorney (EPA) and provides an expansive view of an attorney’s powers to make [read more]
November 10, 2023
A recent report by University of Adelaide’s International Centre for Financial Services (Report), issued in October 2023, has raised numerous concerns on the proposed new Division 296 tax. The proposed 15% tax on taxable superannuation earnings on superannuation fund member’s with more than $3 million in total superannuation balance (TSB) is set to commence from [read more]
November 8, 2023
For most Australians, superannuation is their largest asset except for the family home, so it is important to consider how it should be dealt with upon death. In contrast to personally held assets that will generally form part of a person’s deceased estate and be subject to distribution under the terms of their will, the [read more]
October 31, 2023
Bryce Figot, Special Counsel of DBA Lawyers, is very excited to be presenting an SMSF Succession Planning webinar on Friday 24 November 2023. 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, [read more]
October 31, 2023
The Appointor of a discretionary trust is a role created under the terms of the trust that usually provides for that person to have the ultimate control of the trust. For example, the Appointor under the DBA Lawyers’ trust deed: • must consent to any variations to the trust deed; • has power to appoint [read more]
October 30, 2023
On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]