Many advisers favour automatically reversionary pensions (ARPs) as a popular strategy for SMSF succession planning. Indeed, in recent times, ARPs have gained prominence and have often been seen as the default choice by many. For instance, some focus on the 12-month deferral of the transfer balance account (TBA) credit for the reversionary beneficiary, with the [read more]
The Corporations Act 2001 (Cth) (CA) contains a number of important requirements in relation to registering new companies with the Australian Securities and Investments Commission (ASIC). These requirements mandate, among other things, that certain written consents and agreements must be in place for all proposed directors, secretaries and shareholders of a new company prior to [read more]
The AAT decision of Came and Commissioner of Taxation [2023] AATA 3951 highlights some complexities related to foreign superannuation fund transfers to Australian superannuation funds under the rules in sub-div 305-B of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997). Facts The taxpayer, Mr James Came, migrated from South Africa to Australia in 2004. [read more]
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]
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 Indeed, in DBA Lawyers’ experience, a considerable proportion of SMSFs have outdated, inappropriate or no succession plans in place.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]
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]
DBA Lawyers is proud to introduce its new streamlined BDBN service that is designed to provide our valued clients with a robust and legally sound solution for their superannuation death benefit planning needs. [read more]
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]
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]
It is not an exaggeration to say that being a member of an SMSF without an appropriately drafted enduring power of attorney (EPoA) is courting with disaster. Indeed, the various potential pitfalls and problems that can arise for SMSFs where the fund member(s) do not have EPoAs mean that a person who is unwilling to [read more]
