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Author Archive | William Fettes

About William Fettes

Here are my most recent posts

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SMSF succession

For many Australians, superannuation is a significant asset especially if a self managed superannuation fund (SMSF) is involved. However, despite this, many do not plan ahead for what happens to their superannuation upon their loss of capacity or death. We recommend that every SMSF member should develop a succession plan to ensure there is a [read more]

Idea, plan, action, success. List with the check marks. Business strategy: idea, plan, action, success. Red pencil and a checklist with red marks. 3D Illustration

SMSF Succession Diagnostic Service

Many SMSF members do not plan ahead in relation to what is to happen with their superannuation upon loss of capacity, death or other relevant life events. Indeed, in DBA Lawyers’ experience, a considerable proportion of SMSFs have outdated, inappropriate or no succession plans in place. Unfortunately, such lack of planning can give rise to [read more]

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Family law super splitting notices are a compliance requirement and can impact CGT roll-over relief

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]

Street Sign the Direction Way to Pleasant versus Nasty

Firms providing discounted SMSF services to staff need an appropriate discount policy ASAP

It is critical that firms providing discounted SMSF services to staff, including partners, shareholders and office holders, take action as soon as practicable to ensure they have an appropriate discount policy in place. If a firm’s discount policy is not in line with the ATO’s position in Law Companion Ruling LCR 2021/2, this is likely [read more]

correcting-misconception

The new 15% tax on $3M+ member total super balances from 1 July 2025 –– a tax analysis

Overview Broadly, from 1 July 2025, where a member’s total superannuation balance (TSB) exceeds $3 million, an increase in their TSB at the end of the relevant financial year (as adjusted for withdrawals and contributions) will be assessed to them personally as ordinary income. The increased amount of TSB will be subject to a maximum 15% tax, [read more]

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Can an attorney (via an EPoA) make or revoke a BDBN?

The precise role of a person acting as an attorney under an enduring power of attorney (EPoA) in relation to dealing with a member’s binding death benefit nomination (BDBN) is an issue that has attracted increased attention in recent years. Accordingly, SMSF trustees, members, advisers and beneficiaries need to be aware of the law and [read more]

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New ATO guidance on restructured market linked pensions

The ATO has recently updated its guidance on how the transfer balance cap (TBC) rules apply where a market linked pension (MLP) that was in place prior to 1 July 2017 has been commuted or restructured on or after that date. We examine below the ATO’s current approach (see CRT Alerts 007/2022 and 010/2022) to [read more]