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SMSF succession strategies

SMSF succession strategies

Daniel Butler, Director There are many strategies put forward on how to provide smooth and effective succession for self managed superannuation funds (‘SMSFs’). Fortunately, while there is no ‘one size fits all’ solution, there are a number of strategies that are simple and cost effective that can substantially bolster your position and set the ‘foundations’ [read more]

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Superannuation Complaints Tribunal orders fund trustee to refund fees to member for services ‘provided’ by financial adviser

By: Daniel Butler, Director ([email protected]), DBA Lawyers The decision of D18-19\002 is what we understand to be the first decision of a court or tribunal requiring a trustee of a superannuation fund to refund fees debited to a member and paid to financial advisers who did not provide any services to the member. Background The [read more]

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Important Supreme Court decision provides further guidance on binding death benefit nominations

By: Daniel Butler, Director ([email protected]) and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers The recent decision by the Supreme Court of Queensland in the case of Re Narumon Pty Ltd [2018] QSC 185 (‘Narumon’) again confirms the importance of having a quality SMSF document supplier. More specifically, it shows how poorly drafted binding death benefit nomination [read more]

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The sole purpose test substantially clarified by the Full Federal Court in Aussiegolfa Pty Ltd v Commissioner of Taxation.

Daniel Butler ([email protected]), Director, and William Fettes ([email protected]) Senior Associate, DBA Lawyers A recent unanimous decision of the Full Federal Court represents a major win for SMSFs and taxpayers on the topic of the sole purpose test. This decision overturns the primary judge’s decision at first instance in Aussiegolfa Pty Ltd v Commissioner of Taxation [read more]

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SMSFs –– the CGT withholding regime on property transfers is far broader than many think

By: Daniel Butler, Director ([email protected]), DBA Lawyers Most people by now may be aware of the non-resident capital gains tax withholding (‘Withholding Regime’), which applies to vendors disposing of certain taxable property. Broadly, the Withholding Regime was introduced to allow the Australian government to obtain tax in respect of foreign vendors. However, the Withholding Regime [read more]

SMSF deeds – which supplier should you use: a law firm or a non-qualified supplier?

1. Introduction There are numerous suppliers of self managed superannuation funds (‘SMSFs’) deeds apart from law firms with SMSF expertise. These days, for instance, there are a range of other (non-qualified) suppliers who supply SMSF deeds. These suppliers may deliver complex documents without any qualifications or expertise. This article seeks to explain the main differences [read more]

Stocktake on recent superannuation changes – when will the Government give us a long-term vision?

Daniel Butler, Director ([email protected]) We have recently experienced substantial superannuation changes during the period of 1 July 2017 to 30 June 2018. I therefore provide a brief ‘stocktake’ of the changes introduced by the current Coalition Government. A number of these policies were adverse to many members. Prime Minister Malcolm Turnbull has said that the [read more]

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Contribution Reserving Strategy

Joseph Cheung ([email protected]), Lawyer and Daniel Butler ([email protected]), Director, DBA Lawyers This article highlights some reasons why a contribution reserving strategy may be used by an SMSF, and also briefly discusses the risks and some of the associated compliance issues. Reasons for engaging in contribution reserving There are a range of reasons why SMSF trustees [read more]

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Proposed SG amnesty raises opportunities and risks

By Christian Pakpahan, Lawyer and Daniel Butler, Director, DBA Lawyers On 24 May 2018, the government announced a 12 month superannuation guarantee (‘SG’) amnesty (‘Amnesty’) that proposes to give employers an opportunity to rectify past SG non-compliance without penalty. If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘SG Bill’) is ever [read more]

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The SMSF death tax and what it means for you

By Daniel Butler, Director, DBA Lawyers  In Australia, death duties (broadly inheritance taxes) were abolished in 1979. In the realm of superannuation, however, when a member dies, recipients of superannuation death benefits are sometimes liable to pay tax. Who doesn’t have to pay the super death tax? Superannuation death benefits are received tax free by [read more]