The recent case of Ian Mark Collins & Mieneke Mianno Collins ATF The Collins Retirement Fund and Commissioner of Taxation [2022] AATA 628 is an important reminder for advisers about the application of the goods and services tax (GST) laws to self managed superannuation funds. This case also raises previously untested issues concerning the extent [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 2022-23) comes with the following upgrades: express exclusion of reg 6.17A given the High [read more]
As we draw to the end of FY2022 it is important for advisers to be aware of the changes to the Commissioner’s application of the non-arm’s length income (NALI) provisions. PCG 2020/5 In light of the Commissioner’s general expense nexus view causing controversy within the industry (both with large APRA funds and SMSFs), the Commissioner [read more]
If the relationship between SMSF members falls apart, seeking to remove a member from the fund can prove difficult and expensive. Conditional membership can assist with an exit strategy. This is important to consider before admitting a new member especially a child or a second/subsequent spouse. With a DBA Lawyers’ SMSF deed, new members can [read more]
Overview A corporate trustee is strongly recommended compared to individual trustees. However, issues can arise if the company’s compliance slips, and the company is deregistered. We examine a case here to showcase the issues that can arise where the remaining fund member died without a will and without any succession plans in place for the [read more]
In LCR 2021/2 (LCR), the Commissioner outlined his view that while duties carried out in the capacity of a trustee of an SMSF would not give rise to non-arm’s length income (NALI), services carried out other than in the capacity of a trustee could. This raises the question, what level of services are able to [read more]
Non-arm’s length income (NALI) has recently become one of the hottest and most contentious topics in the superannuation industry that impacts both large APRA and self managed superannuation funds (SMSFs). This is largely due to the finalisation of the ATO’s Law Companion Ruling LCR 2021/2, which outlines the ATO’s view of the application of the [read more]
Moss Super Pty Ltd v Hayne [2008] VSC 158 is an important lesson for trustees and advisers to always consider what the governing rules of an SMSF provide before attempting to make changes or exercise powers. Facts The Photography Management Services Pty Ltd Superannuation Fund (Fund) was established by deed dated 31 May 1995. The [read more]
Acquiring shares under an employee share scheme (ESS) via your self managed superannuation fund (SMSF) may appear attractive but greater uncertainty has arisen following the ATO’s recent ruling, LCR 2021/2, on the application of the non-arm’s length income (NALI) rules to such a transaction. This ruling focuses on NALI arising from the non-arm’s length expenditure [read more]
The ATO issued its comprehensive ruling, TR 2010/1, on what constitutes a contribution to a superannuation fund in February 2010. A revised draft for consultation of TR 2010/1-DC (DC) was issued on 28 July 2021 reflecting changes as a consequence of the ATO’s views provided in Law Companion Ruling (LCR) 2021/2. LCR 2021/2 confirmed the [read more]
