The Appointor of a discretionary trust is a role created under the terms of the trust that usually provides for that person to have the ultimate control of the trust. For example, the Appointor under the DBA Lawyers’ trust deed: • must consent to any variations to the trust deed; • has power to appoint [read more]
On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]
Overview The taxation and administration of trusts continues to be an area of development. The Commissioner’s application of long forgotten tax provisions (in form of s 100A of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936)), and recent court cases extending the obligations of trustees to consider beneficiaries (in form of Re Owies Family Trust [2020] [read more]
DBA Lawyers latest SMSF governing rules and related documents include many 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 2023-24) comes with the following upgrades: express power for the proposed $3m+ tax on [read more]
There is a common misconception as to how a total superannuation balance (TSB) is calculated. This misconception can mean that, although an individual’s ‘net’ balance might be well under $3M, they might still be liable to the announced new tax on $3M+ balances! [read more]
Small private companies are widely used to manage and control financial affairs. They can be used as companies in their own right, but they are also commonly used as trustees for SMSFs and other trusts. Whether a company acts as trustee or not, the directors have day-to-day control over the company. Despite the importance of [read more]
2022 was a year that saw several changes being made to the contribution rules impacting popular contribution strategies for clients. As we begin a new year, SMSF members and advisers should recap on the recent changes to ensure they incorporate this into their planning and advice. This article summarises the latest developments in the contributions [read more]
Overview With an increasing number of overseas countries opening up and the trends moving towards greater global mobility, it is becoming more common for advisers to be asked ‘Can I transfer my overseas super/pension savings to Australia?’. The answer to this question is complex and unless carefully managed can result in unexpected taxes and penalties. [read more]
Introduction Unit trusts are a common investment structure and can provide a simple way for parties to co-invest in property or business together. In particular, investing via a unit trust is a popular way for SMSFs to invest in real estate including to develop property. While the terms of a unit trust deed typically cover [read more]
Overview Many believe super is tax effective. However, Australia has the highest tax rate in the world on retirement savings in certain situations. This article focuses on the potential impact of the non-arm’s length income (NALI) and non-arm’s length expenditure (NALE) provisions found in s 295-550 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997) [read more]
