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The recent Victorian Supreme Court decision of Wilstead No. 5 Pty Ltd v Smyth [2020] VSC 651 serves as an important reminder when drafting SMSF deeds. These days many non-lawyers — such as accountants and financial planners — draft deeds by populating websites that instantly generate deeds with no lawyer review or sign off. We [read more]
This article considers a number of civil penalty orders that have been imposed by the courts on trustees of SMSFs that contravened the civil penalty provisions under s 193 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). Background Substantial penalties can be imposed for contravening the following: the sole purpose test; lending or providing financial [read more]
Introduction The ATO recently published Law Administration Practice Statement PS LA 2020/3 to guide ATO staff on how to apply administrative penalties. This provides the methodology on how ATO case officers make determinations on imposing and remitting penalties for contraventions under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). The ATO’s view is [read more]
The DBA Lawyers’ Trustee Compliance Kit (‘TC Kit’) provides practical guidance for SMSF trustees on the procedural requirements of decision recording. The TC Kit provides excellent guidance on how SMSF trustees should comply with their decision making and recording of trustee decisions under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) [read more]
Overview The prospect of six member SMSFs has moved a step further when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 (‘Bill’) was recently introduced into Parliament. If the Bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 [read more]
Overview This article focuses on managing a member’s transfer balance cap (‘TBC’) with a view to minimising excess transfer balance tax (‘ETB Tax’). We provide a brief background to assist members and SMSF trustees to better monitor transfer balance caps (‘TBC’) so they can avoid or minimise ETB Tax. This article covers account-style pensions such [read more]
Background The Superannuation Guarantee (‘SG’) amnesty was introduced as law on 6 March 2020 by the Treasury Laws Amendment (Recovering Unpaid Superannuation) Act 2020 (Cth) and the deadline of 7 September 2020 is near. The amnesty enables ‘employers’ to rectify any shortfall and related amounts under the Superannuation Guarantee (Administration) Act 1992 (Cth) (‘SGAA’) for [read more]
I examine yet another benefit of having an SMSF corporate trustee in addition to the many other compelling reasons why each SMSF should have a corporate trustee. (Click here for my article on Changing SMSF Trustees.) In particular, I outline below how to save significant time and money where an SMSF has a ‘special purpose [read more]
1 INTRODUCTION This guide can assist in the electronic execution of documents. It is general information only and does not take into account the situation in jurisdictions outside New South Wales (‘NSW’), Victoria and Queensland (‘QLD’) or the facts of each case and is no substitute for expert advice. This is a moving area of [read more]
Many SMSF advisers approach capital gains tax (‘CGT’) questions that arise for SMSFs with a simple rule of thumb in mind: namely, capital gains made by a fund in connection with a CGT event happening are subject to an effective 10% rate of tax (ie, where the asset has been held for more than 12 [read more]
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![An important reminder when drafting deeds: Wilstead No. 5 Pty Ltd v Smyth [2020] VSC 651](https://www.dbalawyers.com.au/wp-content/uploads/2020/11/An-important-reminder-when-drafting-deeds-Wilstead-No-5-Pty-Ltd-v-Smyth-2020-VSC-651-200x200.jpg "An important reminder when drafting deeds: Wilstead No. 5 Pty Ltd v Smyth [2020] VSC 651")
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