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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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There is a common misconception as to how a total superannuation balance (TSB) is calculated. This misconception can mean that, although an individual’s ‘net’ balance might be well under $3M, they might still be liable to the announced new tax on $3M+ balances! [read more]
The SMSF Association 2023 National Conference was held this week in Melbourne. I commend the SMSF Association for putting on such a great conference, not just this year but every year! I congratulate William Fettes and Daniel Butler. At a special dinner on the night before the conference, Will received a special award for receiving [read more]
On Friday 3 March 2023, Bryce Figot will present our monthly SMSF Online Update. It will contain both a general SMSF update and a spotlight on new ATO material regarding pre-death withdrawals. The ATO have recently stated that where a member requests an amount to be paid from their fund before they died, but died [read more]
Daniel Butler and Bryce Figot of DBA Lawyers are senior fellows at Melbourne Law School and are lecturing a subject titled LAWS90235 Tax of Superannuation A. It is a three day intensive subject and will run in April 2023. Centred around SMSFs, the subject deals with the policies, technical rules, and current practical problems in [read more]
Overview There are many SMSFs with missing or lost deeds. A lost deed can undermine the activities of an SMSF. Being able to trace the fund’s history through the deeds (which govern how the fund is managed) is fundamental to protecting a trustee from challenge and enabling to them to do their job correctly. However, [read more]
Background The foreign purchaser additional duty (FPAD) provisions of the Duties Act 2000 (Vic) (Act) may add an extra 8% land transfer duty on residential property purchases in Victoria if there is a foreign beneficiary of your discretionary trust. This article examines how the Victorian FPAD regime applies with respect to discretionary trusts, as many [read more]
Traditionally there were only two options when a self managed superannuation fund(SMSF) member became an ‘insolvent under administration’ (colloquially referred to as a bankrupt). Those two options are: Option 1 — the member had to roll their benefits to an APRA fund; or Option 2 — the SMSF had to be converted to a small APRA fund. [read more]
Introduction When an SMSF member is in pension phase they have numerous advantages such as the fund obtaining an income tax exemption for exempt current pension income (ECPI) where no tax is payable on income and capital gains to the extent the fund’s assets are funding a pension in retirement phase. However, the relevant rules [read more]
Introduction Unit trusts are a common investment structure and can provide a simple way for parties to co-invest in property or business together. In particular, investing via a unit trust is a popular way for SMSFs to invest in real estate including to develop property. While the terms of a unit trust deed typically cover [read more]
The recent decision of Goulopoulos and Commissioner of Taxation [2022] AATA 2540 (9 August 2022) highlights a number of important warnings for those playing in the SMSF space either as advisers or trustees/directors of trustees. This article summarises the key facts to this case and describes five key warnings. Facts Mr Goulopoulos (Applicant) and his [read more]
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