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Author Archive | Shaun Backhaus

About Shaun Backhaus

Here are my most recent posts

The best time for an SMSF to make a voluntary disclosure to the ATO is now

The best time for an SMSF to make a voluntary disclosure to the ATO is now

Recently the ATO’s Acting Assistant Commissioner for Superannuation, Steve Keating, outlined the ATO’s current approach to dealing with SMSFs facing compliance issues and making voluntary disclosures. The ATO has recognised that many Australians are experiencing financial hardship as a result of the COVID-19 pandemic and therefore it is not pursuing its usual audit program. For [read more]

Discretionary trusts & the foreign purchaser duty surcharge across Australia

Discretionary trusts & the foreign purchaser duty surcharge across Australia

Broadly, foreign purchaser duty surcharge of 7% to 8% applies on top of the normal duty impost (typically between 5% to 6%) where a discretionary trust acquires relevant real estate and the trust is deemed to be a ‘foreign trust’ in the relevant jurisdiction. For simplicity, we refer to ‘discretionary trusts with foreign beneficiaries’ that [read more]

Discretionary trusts — NSW duty & land tax surcharges — act before 31 December 2020 or incur extra NSW tax

Discretionary trusts — NSW duty & land tax surcharges — act before 31 December 2020 or incur extra NSW tax

The changes In the past few years, various jurisdictions in Australia have introduced legislation to impose duty and land tax surcharges on foreign persons, trusts and companies that purchase or hold certain types of real estate. The State Revenue Legislation Further Amendment Bill 2020 (NSW), which became law on 24 June 2020, contains amendments relating [read more]

Advantages of the DBA Lawyers SMSF deed (2020-21)

Advantages of the DBA Lawyers SMSF deed (2020-21)

DBA Lawyers provides the best SMSF governing rules and related documents, with numerous value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2020/21) comes with the following upgrades: enhanced binding death benefit nomination (‘BDBN’) [read more]

DBA Lawyers - Ensure an SMSF meets the residency tests

Ensure an SMSF meets the residency tests

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]

Should an SMSF have a tenants in common agreement?

Should an SMSF have a tenants in common agreement?

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]

Victoria, NSW and Tasmania foreign purchaser duty update — Discretionary Trusts

Victoria, NSW and Tasmania foreign purchaser duty update — Discretionary Trusts

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]

NSW Duty and Land Tax changes

NSW duty and land tax surcharge changes — action needed before 31 December 2019

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]