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Author Archive | William Fettes

About William Fettes

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Puzzled businessman and a split blackboard with arrows going in two different ways red and blue side. Correct choice between left and right, failure or success. Difficult decision and doubt concept.

Reconciling inconsistencies between reversionary pension nominations and BDBNs

By William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers Under the ATO view set out in TR 2013/5, a member’s pension ceases for tax law purposes on their death unless an eligible dependant is automatically entitled to receive the pension as a reversionary beneficiary. A nomination will broadly fail to satisfy [read more]

DBA Lawyers’ Annual Update Service for SMSF deeds

By William Fettes,Senior Associate,([email protected]), DBA Lawyers The website for DBA Lawyers’ Annual Update Service has been updated with a number of improvements for subscribers, including a fully integrated user experience for those clients who are registered with DBA Online— our online ordering platform. This article sets out the numerous benefits and features of the service [read more]

Beautiful senior woman doing stretching exercise while sitting on yoga mat at home. Mature woman exercising in sportswear by stretching forward to touch toes. Healthy active lady doing yoga.

Work test exemption passes without bring-forward rule complications

By William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers The work test exemption (‘WTE’) allows individuals aged 65 to 74 to make voluntary contributions to superannuation for an additional 12-month period from the end of the financial year in which they last met the work test, subject to their total superannuation [read more]

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Bare trust documents are required where fund trustees are practically unable to hold legal title to fund assets

By William Fettes ([email protected]), Senior Associate, DBA Lawyers The starting point at general law is that legal title to fund assets must generally be held in name of the current trustees of the fund. However, this is not always possible, eg, where an SMSF trustee is unable to hold legal title, and title is instead [read more]

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Custodian appointment documents are required where fund trustees are practically unable to hold legal title to fund assets

By William Fettes ([email protected]), Senior Associate, DBA Lawyers The starting point at general law is that legal title to fund assets must generally be held in name of the current trustees of the fund. However, this is not always possible, eg, where an SMSF trustee is unable to hold legal title, and title is instead [read more]

SMSF compliance

SMSFs and transfer balance account reporting

William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers This article summarises the transfer balance account report (‘TBAR’) reporting regime for SMSFs and offers some traps and tips. Overview Under TBAR, any transaction involving a retirement phase pension (ie, tax free pension interest such as an account-based pension or a transition to [read more]

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The latest on TRISs: are you in retirement phase?

By William Fettes, Senior Associate, Daniel Butler, Director, DBA Lawyers The rules that govern when exempt income arises in relation to the earnings on assets supporting transition to retirement income streams (‘TRISs’) were substantially changed with effect from 1 July 2017. Advisers and SMSF trustees should be aware that there are now two types of [read more]

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Reversionary transition to retirement income streams

William Fettes, Senior Associate, Daniel Butler, Director, DBA Lawyers The new rules that govern when a transition to retirement income stream (‘TRIS’) enters retirement phase give rise to a number of complex issues in the context of reversionary nominations and death. This article examines the retirement phase rules and reversionary TRISs in detail, based on [read more]

shakehands

2017 Supreme Court challenge to BDBN fails due to valid service on corporate trustee

William Fettes, Senior Associate, Bryce Figot, Special Counsel, DBA Lawyers Disclaimer: DBA Lawyers provided advice to one of the parties in Cantor Management Services Pty Ltd v Booth. We only mention facts made publicly available in the judgement. The recent decision of Cantor Management Services Pty Ltd v Booth [2017] SASCFC 122 provides important guidance [read more]

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PCG 2017/6 — roll back relief for certain pre-1 July 2017 death benefit pensions

By William Fettes, Senior Associate and Daniel Butler, Director, DBA Lawyers On 22 May 2017, the ATO released a new practical compliance guideline PCG 2017/6 regarding commutation of pre-1 July 2017 death benefit pensions that are currently being paid to a surviving spouse where the spouse would like to retain commuted amounts of pension capital [read more]