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]
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]
The recent case of Dessmann [2023] FCA 1019 (Dessmann) provides more clarity regarding a new third option for SMSFs with a bankrupt member. Dessmann [2023] FCA 1019 sheds further light on s 126J. A court application might be a viable option for an SMSF with a bankrupt member. [read more]
Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution. Companies can execute documents using electronic means under s 110A of the Corporations Act 2001 (Cth), which expressly authorises a document (including a deed) to be signed using electronic [read more]
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]
A fundamental duty of all trustees is to administer a trust according to the terms of that trust. Trustees are therefore required to not only know the terms of the trust that they are administering but also must be able to produce those terms for inspection by courts and other interested parties. However, this is [read more]
Should an approved SMSF auditor be conducting a title search for each title for each year? A new page on the ATO website provides an ATO view that might shock many approved SMSF auditors. However, this view does not shock DBA Lawyers. DBA Lawyers has been aware of it for some time. DBA Lawyers has [read more]
DBA Lawyers has significant experience advising and representing approved SMSF auditors who are being audited by the ATO or who have been referred to ASIC. The ATO has an approach of auditing and reviewing approved SMSF auditors. If the ATO is not satisfied, they may refer the approved SMSF auditor to ASIC. ASIC then has [read more]
Overview We have previously issued four prior articles linked to this series focusing on the employee versus contractor distinction. In our article ‘Employee or contractor — Payroll Tax considerations — Part 3’ dated 30 September 2022 (DBA Payroll Tax Article – Part 3) we provided a top-level summary of how the payroll tax regime applies [read more]
A recent AAT decision illustrates the sorts of evidence that might be necessary in order for an SMSF to not have non-arm’s length income (NALI). Accordingly, advisers working with SMSFs should pay close attention to this decision and the evidence that an SMSF should collect and retain. The decision is BPFN and Commissioner of Taxation [read more]
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