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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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Overview The Financial Ombudsman Service (‘FOS’) is the main external disputes resolution (‘EDR’) for accountants and financial advisers who have an Australian Financial Services Licence (‘AFSL’). Advisers who have an AFSL must be a party to an EDR process. Where an adviser is an authorised representative of another entity’s AFSL, they are subject to the [read more]
A desire for some people who exit large funds and start a new SMSF is to leave a portion of their superannuation in the large fund. This is often because it can be relatively simple to retain life, total and permanent disability (‘TPD’) and income protection insurance cover in a large fund. While the above [read more]
There can be compelling reasons why one might want to share a self managed superannuation fund (SMSF) with others. However sharing an SMSF with a spouse (especially a second or subsequent spouse), children, siblings, in-laws, friends or business associates can involve a risk that at some stage there may be a breakdown in the relationship. [read more]
This article examines some of the key reasons for having a company appointed as an SMSF trustee as compared to having individual trustees. It also examines some issues that can arise when advisers are preparing change of trustee documents. Why do so many SMSFs have individual trustees? SMSFs can have either have a company or [read more]
DBA Lawyers is Australia’s leading SMSF law firm. We have been refining our SMSF deed for well over 20 years, making it the best SMSF deed available. Additionally, our SMSF deed contains numerous ‘value-added’ advantages that set it apart. Accordingly, our SMSF deed offers many benefits that are not found anywhere else. All of the [read more]
There has been recent press publicity regarding SMSF members transferring life estate interests in business real property (‘BRP’) by way of an in kind or ‘in specie’ contributions to self managed superannuation funds (‘SMSF’). This article briefly examines some of the key points relating to these transactions and provides an update on my latest experience [read more]
Determining whether payments to a contractor are covered by the superannuation guarantee (‘SG’) regime can be a vexed and difficult exercise. Of particular interest is whether an incorporated contractor is automatically outside the scope of the SG regime, such that SG contributions are not required to be made on their behalf to avoid a shortfall [read more]
Small private companies are widely used to manage and control financial affairs. At times they are used as companies in their own right, but they are also commonly used as trustees for SMSFs, family trusts and unit trusts. Regardless of whether a company acts as trustee or not, the directors hold day-to-day control over the [read more]
This article provides a brief overview of the main rules on transferring lump sum amounts from foreign superannuation funds (‘FSFs’) to an Australian resident or to an Australian superannuation fund in respect of an Australian resident. BACKGROUND Broadly, an Australian resident taxpayer is assessable on the applicable fund earnings (‘AFE’) in respect of payments and [read more]
Through ATO ID 2015/27 and ATO ID 2015/28 the ATO seem to have cemented their position in relation to the application of s 295-550 of the Income Tax Assessment Act 1997 (Cth) to related party limited recourse borrowing arrangements (‘LRBAs’). Importantly, the ATO has since confirmed that their approach to this issue in future private [read more]
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