The consequences of an SMSF failing the residency rules can be automatic non-complying status. This will broadly mean the entire amount of the SMSF’s assets, less non-concessional contributions, are taxed at 45% in the year of non-compliance (47% during temporary budget repair levy financial years of 2014-15, 2015-16 and 2016-17). The result of this is [read more]
Introduction Real estate is a common and popular investment for SMSFs. Indeed, the ATO’s SMSF statistical report for the quarter ended 30 September 2019 shows that SMSFs held around $35 billion in residential real property and around $64.6 billion in non-residential property, ie, around $99.6 billion worth of real property. It is also reasonably popular [read more]
Since the foreign purchaser duty surcharge was first introduced in Victoria in 2015, it has been introduced in NSW, Tasmania, WA and SA (and only in respect of land tax in the ACT). The various changes in law and administrative practice in these jurisdictions, has made this a challenging area of law. In particular, the [read more]
Introduction Unit trusts are a common investment structure in Australia and can provide a simple way for parties to invest in an investment or business together. In particular, investing via a unit trust is a popular way for SMSFs to gain real estate exposure and is often used where real estate is being developed. While [read more]
By Daniel Butler ([email protected]), Director and Shaun Backhaus, ([email protected]), Lawyer, DBA Lawyers Upcoming changes There are currently changes before the NSW Parliament which, if passed into law, will have an impact for any discretionary trust that holds residential property in NSW. To minimise any risk, trustees and advisers should take action to be ready for [read more]
Shaun Backhaus, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers Many advisers are aware of the potential duty exemption available under s 41A of the Duties Act 2000 (Vic) where dutiable property such as real estate is transferred to a member of an SMSF in respect of their interest in the fund. This potential exemption may also apply [read more]
Shaun Backhaus, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers With the imposition of foreign purchaser duty continuing to be implemented around the country there is a need to determine how this additional tax will apply to SMSFs. Background Most jurisdictions imposing some form of ‘foreign purchaser duty’ include a ‘foreign trust’ or ‘trustee [read more]
Shaun Backhaus), Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers The recent case of Gonciarz v Bienias [2019] WASC 104 (‘Gonciarz’) continues a line of cases that consider the conflict that arises where a person acts as executor or administrator of a deceased estate while also applying to receive superannuation death benefits in their [read more]
Shaun Backhaus, Lawyer ([email protected]) and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers The DBA Network SMSF Podcast is now in full swing with our third episode being released in the first week of June. Below we give an overview of what is discussed in the May and June podcasts. June 2019 – Election results and [read more]
DBA Network Pty Ltd is proud to present its latest offering: The DBA Network SMSF Podcast. DBA Network Pty Ltd will be releasing a Podcast each month where at least one key issue facing the SMSF industry will be discussed. This includes things such as: Legislative and regulatory developments Latest SMSF cases Analysing SMSF strategies [read more]
