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Business And New Year Concept Of Budget Planning 2021. Fliped Wo
May 14, 2021
The 2021–22 Federal Budget (released on 11 May 2021) announced changes for some — but not all — legacy pensions. In this article, we examine the strategic implications, remaining questions and what advisers should do for clients with certain legacy pensions. Background — pre 2007 Originally SMSFs were able to commence paying members ‘defined benefit pensions’. [read more]
NALI –– unit trusts and draft LCR 2019/D3
May 11, 2021
Introduction There are a considerable number of SMSFs that invest in private unit trusts. These unit trusts may include pre-99 unit trusts, unrelated unit trusts and non-geared unit trusts (under div 13.3A of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR)). The ATO’s draft Law Companion Ruling 2019/D3 (Draft LCR) outlines, among other things, the [read more]
April 30, 2021
The Western Australian Court of Appeal recently handed down its decision in Hill v Zuda Pty Ltd [2021] WASCA 59. It provides a strong answer to the question of how long a binding death benefit nomination can last for in ALL Australian jurisdictions. Facts Ms Hill was the only child of Alec Kumar Sodhy (Deceased). [read more]
SMSFs and rent relief due to COVID-19 and how to make a BDBN without witnessing
April 30, 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Shaun Backhaus, Lawyer, discuss SMSFs investing in unit trusts including 50-50 unit trusts and non-geared unit trusts (NGUT). Unit trusts are a popular investment vehicle for SMSFs as it allows for SMSFs to enter into investments with both related and unrelated parties. There [read more]
April 28, 2021
Key facts The case of Re Owies Family Trust [2020] VSC 716 (Owies) provides many lessons for trustees and advisers dealing with discretionary trusts. This article focuses on one key issue raised in Owies, being the limited variation power that did not allow for a number of purported variations. Owies involved a dispute between the [read more]
April 26, 2021
The AAT yesterday handed down a decision regarding the disqualification of trustees or responsible officers of corporate trustees of superannuation entities. See Merchant and Commissioner of Taxation [2021] AATA 915. The decision involves Gordon Merchant, who appears to be the same Gordon Merchant as the founder of the famous Australian surf company Billabong. Facts The [read more]
NALI –– unit trusts and draft LCR 2019/D3
April 12, 2021
Overview Broadly, SMSF trustees may assume that, in any related party dealing, NALI will apply unless they can prove otherwise given the ATO may issue an assessment and place the burden on the SMSF trustee to prove that it is excessive. One key criticism of the draft Law Companion Ruling 2019/D3 (the draft LCR) is [read more]
April 9, 2021
Earlier today the Administrative Appeals Tribunal (Tribunal) handed its decision in Coronica and Commissioner of Taxation (Taxation) [2021] AATA 745. It resulted in the Commissioner’s decision to make an SMSF non-complying being affirmed. The decision is lengthy (103 pages) and covers many interesting issues. In this article, we focus on one particular issue: valuation of [read more]
March 31, 2021
Overview SMSFs appear to have a great appetite for investing in real estate and becoming involved with making improvements to property and, in some cases, property development. However, while SMSFs frequently invest in property, many do not carefully review and negotiate their building and similar contracts to delete or exclude provisions which may result in [read more]
SMSFs and rent relief due to COVID-19 and how to make a BDBN without witnessing
March 29, 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and William Fettes, Senior Associate, discuss family law superannuation splitting in respect of SMSFs. Where a relationship breakdown occurs, special attention must be given to the splitting of the superannuation benefits as there are quite a number issues to consider. In this episode, William [read more]