Introduction A superannuation interest is considered ‘property’ for the purposes of the Family Law Act 1975 (Cth) (‘FLA’). Thus, it may be split in a similar manner as the parties’ other assets in response to a relationship breakdown. Indeed, the superannuation splitting laws extend to all de facto relationships in all states and territories, except [read more]
Introduction This article examines the nature of disqualification and what convictions can preclude a person from forever being an SMSF trustee/director. Given the serious consequences of disqualification, it is important to consider the circumstances in which a person may have been automatically, and even unknowingly, disqualified. SMSF members should also consider their children as a [read more]
Overview This articles examine what advice SMSF advisers can and cannot provide without ‘stepping over the line’ especially in providing taxation, financial product or legal advice which they may not be permitted to provide. For example, an adviser providing legal advice or services (eg, preparing an SMSF deed update, binding death benefit nomination (‘BDBN’) or [read more]
Overview Draft Law Companion Ruling LCR 2019/D3 (‘LCR’) covers the ATO views on how the amendments to s 295-550 (of the Income Tax Assessment Act 1997 (Cth)) operate where parties to a scheme do not deal with each other at arm’s length and an SMSF incurs non-arm’s length expenditure in gaining or producing assessable income. Broadly, [read more]
Overview Recently the ATO released draft Law Companion Ruling 2019/D3 (‘LCR’) on the newly passed non-arm’s length income (‘NALI’) amendments to s 295-550 of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’). One key criticism of the draft LCR is the breadth of the ATO’s view in relation to the ‘nexus’ that is required between [read more]
Overview Draft Law Companion Ruling LCR 2019/D3 contains a very draconic application of the newly amended non-arm’s length income (‘NALI’) and expenditure (‘NALE’) provisions in ss 295-550(1)(b) and 295-550(1)(c) of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’). Advisers must be aware of this application. However, it should be noted that there is considerable opposition [read more]
By Daniel Butler, Director ([email protected]), DBA Lawyers Overview The ATO has recently updated its approved SMSF auditor checklist. This checklist sets certain minimum expectations of auditors and is used by the ATO when reviewing an auditor’s competency. This checklist can be found at https://www.ato.gov.au/assets/0/104/2244/2335/9c29ecc7-c31a-4253-b1ae-9fecbb45d252.pdf. The professional obligations of SMSF auditors are contained in Part 16 [read more]
By Daniel Butler, Director ([email protected]), DBA Lawyers Introduction The GST withholding regime (‘Withholding Regime’) was introduced on 1 July 2018 to collect GST from foreign vendors, but has much broader application. GST is typically a vendor responsibility. However, under the Withholding Regime, purchasers of certain residential property must withhold GST from the amount payable to a vendor [read more]
By Bryce Figot, Special Counsel ([email protected]), and Daniel Butler, Director ([email protected]), DBA Lawyers Introduction There has been a number of commentators suggesting that if a pension reversion nomination conflicts with a binding death benefit nomination (‘BDBN’), the pension reversion nomination prevails. While we acknowledge the answer is not necessarily black and white; as it depends [read more]
Daniel Butler, Director ([email protected]), and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers Many advisers do not foresee the potential flow-on legal consequences from merely providing an investment strategy template to an SMSF client. Indeed, many believe they are merely assisting their client particularly to ensure the SMSF will have the necessary paperwork to survive an [read more]
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