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$('h1.title.entry-title').html('<h1 class="title entry-title">New decision highlights options for disqualified persons: <i>Barry, in the matter of an application by Barry</i> [2024] FCA 13</h1>');
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In this article I am keen to answer key questions regarding the very old-fashioned legal tradition of deeds and how they interact with modern practices such as: Can a deed be executed electronically? If a lawyer drafts a 50 page deed and emails it to a client as a PDF file, if only one page [read more]
The recent Federal Budget promised to simplify and streamline the rules on personal deductible superannuation contributions. This is welcome news and I commend the government for this announced change. However, the change won’t take effect until the 2018 financial year. Further, given the upcoming election, it’s also possible that a new government will be elected [read more]
Australia votes on 2 July 2016 and never before has so much superannuation policy turned on one election. A Liberal victory could mean very different things than a Labor victory. In this article, I explore some of the ins and outs of each party’s announced policies. [read more]
The recent case of Frigger v Computer Accounting & Tax Pty Ltd (in liq) [no 10] [2016] WASC 63 serves as an important reminder to all self managed superannuation fund (‘SMSF’) trustees that assets should be kept separate in their funds. Namely, the message I seek to draw from the case is the importance of [read more]
All SMSF LRBAs where the lender is not a financial institution might need to take urgent action by 30 June 2016 or possibly face significant tax bills. We have previously written about this. We have drafted a free tool for non-arm’s length LRBAs. This tool is designed for advisers to use to contact their clients. [read more]
The ATO have released important information detailing interest rates, loan-to-value ratios (‘LVRs’) and other terms that constitute safe harbours for SMSF limited recourse borrowing arrangements (‘LRBAs’) so that arrangements will be taken to be consistent with an arm’s length dealing. The ATO is officially calling their release a ‘Practical Compliance Guideline’. Broadly speaking, LRBAs consistent [read more]
The following strategy is generating a lot of interest, however, I think — unless and until we receive better clarification from the ATO — advisers should take caution and seek private binding rulings for both the individual and the fund. The strategy is as follows: Step 1 — A person aged between preservation age and [read more]
If someone is between preservation age and 60, generally TRIS payments are taxable. However, reg 995-1.03 suggests that there’s a way for them to be treated as a lump sum … this can make the amounts tax free under the low rate cap amount. A recent article suggests that the ATO have issued a private [read more]
The last 12 months have been a roller coaster ride for SMSF limited recourse borrowing arrangements. I thought I’d take the opportunity to re-cap what’s happened. FSI The biggest change — or more accurately the biggest non-change — is the government’s decision not to action the recommendation coming out of the Financial System Inquiry. The [read more]
The Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 (Cth) received Royal Assent on 16 September 2015. It was designed to provide ‘income tax look-through treatment for instalment warrants, instalment receipts, and other similar arrangements, and for certain limited recourse borrowing arrangements entered into by regulated superannuation funds’. On its face, it [read more]
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