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Author Archive | Gary Chau

About Gary Chau

Here are my most recent posts

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Ways to remove a member from an SMSF

By Gary Chau, Lawyer and Daniel Butler, Director, DBA Lawyers Removing a member from a self managed superannuation fund (‘SMSF’) is not a simple process, particularly where there is a dispute or some animosity among members. Here are some situations that DBA Lawyers has come across: family members have a falling out with a particular [read more]

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SMSFs must tread carefully when dealing with employee share schemes interests

By Gary Chau, Lawyer, and Daniel Butler, Director, DBA Lawyers The idea of acquiring shares from employee share schemes (‘ESS’) in an self managed superannuation fund (‘SMSF’) can be attractive for many reasons, but SMSF trustees have to be mindful of the in‑house asset and the related party acquisition rules. Broadly, a company can via [read more]

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Spousal contributions and contributions split

By Gary Chau, Lawyer, and William Fettes, Senior Associate, DBA Lawyers Introduction There are a few different ways that individuals can contribute money into superannuation for the benefit of their spouse. Taking advantage of these contribution options can help spouses achieve parity in relation to their respective super account balances over time and provide increased [read more]

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Why should you order trusts from DBA Lawyers?

Gary Chau, Lawyer, and Daniel Butler, Director, DBA Lawyers Introduction While DBA is recognised as Australia’s leading SMSF law firm, it is  also well known for it’s great depth of tax and trusts expertise. In particular, DBA Lawyers offers an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects the [read more]

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Limited recourse borrowing arrangements can use one bare trustee for multiple bare trusts

Gary Chau, Lawyer, and David Oon, Senior Associate, DBA Lawyers Introduction A common question we get asked when a client’s self managed superannuation fund (‘SMSF’) is undertaking a limited recourse borrowing arrangements (‘LRBA’) is whether there needs to be a separate bare trustee (usually a company) for each bare trust. The short answer is no. [read more]

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New APRA guidance confirms retirement for members who reach 60 and cease one of two jobs

By Gary Chau, Lawyer, and David Oon, Senior Associate, DBA Lawyers Introduction The Australian Prudential Regulation Authority (‘APRA’) has just updated its Superannuation Prudential Practice Guide SPG 280 — Payment Standards (‘SPG’) in June 2017. Of interest in the SPG are APRA’s comments on the retirement definition in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’), [read more]

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Many strategies are based on the proportioning rule

Co-author by Daniel Butler, Director, DBA Lawyers Introduction We have had numerous queries about the proportioning rule over recent times. A common query is how does the proportioning rule apply and how do you calculate the tax free and taxable components in a superannuation benefit. This article is to assist you understand the fundamentals of [read more]

Death benefits dependant: Can an interdependency relationship exist between deceased child and parent

Death benefits dependant: Can an interdependency relationship exist between deceased child and parent?

This article looks at whether a parent and deceased child can be in an interdependency relationship for the purpose of satisfying the definition of death benefits dependant in the Income Tax Assessment Act 1997 (Cth) (‘ITAA97’). This article follows the AAT decision in TBCL and Commissioner of Taxation (Taxation) [2016] AATA 264 (‘TBCL’). [read more]