Advanced search

Top Navigation

Author Archive | William Fettes

About William Fettes

Here are my most recent posts

DBA Lawyers –– the best BDBN is now even better

SMSF Wills versus BDBNs — what is best?

Overview SMSF Wills have become a topical issue in recent times as some claim they have certain advantages over binding death benefit nominations (BDBNs). This article briefly examines SMSF Wills and compares them to BDBNs. In broad terms, it is DBA Lawyers’ view that SMSF Wills are subject to significant legal risk, and therefore, we [read more]

DBA Lawyers’ Annual Update Service for SMSF deeds

DBA Lawyers’ Annual Update Service for keeping SMSF deeds up to date

Ongoing changes are constantly made to superannuation and tax laws, which demonstrates the importance and benefits of having an up to date SMSF deed. Each year on 1 July, our Annual Update Service subscribers are provided with the latest version of DBA Lawyers governing rules which incorporates all relevant legal changes including superannuation law, case [read more]

percentage

Proposed ECPI changes have some advantages

On 21 May 2021, Treasury released exposure draft legislation to implement previously announced measures in the May 2019 Federal Budget to streamline how superannuation funds claim exempt current pension income (ECPI) in respect of pensions. This article examines the proposed changes in the draft legislation using case studies to illustrate how ECPI would be claimed. [read more]

Law Concept - Open Law Book With A Wooden Judges Gavel On Table

G v G (No. 2) [2020] NSWSC 818 — implications for fiduciaries dealing with super

The recent New South Wales Supreme Court decision of G v G (No. 2) [2020] NSWSC 818 (G v G) provides important guidance on the limitations that apply to trustees and managers of protected estates in dealing with superannuation investments, including in relation to making super contributions and binding death benefit nominations (‘BDBNs’). In this [read more]

Investment segregation in an SMSF explained

Investment segregation in an SMSF explained

When advisers hear the word ‘segregation’ in an SMSF context, they typically think of segregation for tax purposes. Broadly, this type of segregation involves calculating a fund’s exempt current pension income exemption for a financial year under the segregated method, with any capital gains (or losses) in respect of ‘segregated current pension assets’ being disregarded. [read more]

Draft determination provides in-house asset exclusion for SMSFs providing rent deferrals

Draft determination provides in-house asset exclusion for SMSFs providing rent deferrals

On 3 August 2020 the ATO released draft legislative instrument Self Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 for industry consultation. The determination is intended to protect SMSF trustees from adverse compliance problems under the in-house asset rules where, due to COVID-19, a rent deferral arrangement has been put [read more]

sds

Market linked pensions –– timely action may be needed to avoid a hefty excess transfer balance tax assessment

SMSFs paying market linked pensions (‘MLPs’) should carefully review the potential impact of recent changes to the transfer balance cap (‘TBC’) rules where an MLP that commenced prior to 1 July 2017 was commuted or restructured on or after that date. The Treasury Laws Amendment (2019 Measures No. 3) Act 2019 (Cth) received royal assent [read more]

Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for managing lost trust deeds

Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for managing lost trust deeds

The recent decision of Sutton v NRS(J) Pty Ltd [2020] NSWSC 826 highlights the importance of having original executed copies of all constituent trust documents. It has tremendous relevance for SMSFs. Facts The facts of the case were as follows: In 17 August 1972, a discretionary trust (‘Trust’) was established for the benefit of the [read more]

Recent change to the tax treatment of income from super in a testamentary trust

Recent change to the tax treatment of income from super in a testamentary trust

Overview The article focuses on the tax treatment of superannuation proceeds that are paid to a testamentary trusts and the interaction of div 6AA of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936’) which covers excepted trust income (‘ETI’). This is an important topic because unless a minor beneficiary is an excepted person or [read more]