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Can an asset be left in an LRBA bare/holding trust once the loan is paid off? The short answer is probably going to soon become yes. I will explore this fully in this article. In exploring this, a very critical tip for advisers emerges: it is vital that the deposit is paid from a bank [read more]
Australian Taxation Office Interpretative Decision ATO ID 2014/6 provides insights into when a person is financially dependent on someone else. However, it might not provide the ‘full’ picture for many seeking answers about financial dependency. The article seeks to fill in the gaps. Facts of ATO ID 2014/6 The facts of ATO ID 2014/6 are [read more]
I’ve just presented at the SPAA National Conference in Brisbane. It’s been fantastic as usual and SPAA should be congratulated on another job well done in organising such a great conference. I’ve made available the paper that accompanied my presentation. You can download a PDF version here Alternatively, the full text of the paper is [read more]
Since 2010 I’ve been lecturing at Melbourne University, presenting the SMSF component of the Master of Laws subject ‘Superannuation Law‘. Melbourne University is my ‘alma mater’. I fully enjoyed studying there for my undergraduate degrees and masters degree and I’m always very happy to be able to give back to the legal community. I’m lecturing [read more]
Introduction The recent of decision of Gutteridge and Commissioner of Taxation [2013] AATA 947 has huge implications for SMSFs when considering and control of a 50–50 unit trust and the in-house asset rules. The decision was handed down on 24 December 2013. It can be seen as an early Christmas present from the Administrative Appeals [read more]
The decision of Ioppolo v Conti [2013] WASC 389 contains many important implications for SMSF advisers. This article discusses some of the ‘must know’ points. (This case is sometimes referred to as Ioppolo & Hesford v Conti depending on which method of legal citation is being used.) Facts Francesca was married to Augusto and they [read more]
A regulated super fund trustee can borrow, but only subject to very prescriptive rules. One such rule is that each ‘single’ asset must be purchased with a separate limited recourse borrowing arrangement. (See, among other things, SMSFR 2012/1.) Accordingly, if a super fund trustee wants to borrow to buy two assets, this might well be [read more]
Disclaimer: DBA Lawyers advised the plaintiffs during the course of litigation. We only mention facts made publicly available in the judgement. The recent decision of Wooster v Morris [2013] VSC 594 is the most important decision ever regarding SMSF succession planning. All SMSF practitioners must be aware of its facts and its vital lessons. However, [read more]
Meet Graeme Graeme is a 56 years old builder. He has been married and divorced and has adult children from that marriage. He now has a second spouse. Graeme and the second spouse are members of an SMSF together. They are also the trustees of the SMSF. His SMSF has acquired vacant real estate. The [read more]
A question that is periodically posed to advisers is the ability of SMSF trustees to invest using derivatives. There is some uncertainty as to the answer. This article seeks to provide guidance. Need for a derivatives risk statement Firstly, there is a misconception that should be addressed — the misconception that all SMSF trustees holding [read more]
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