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SMSF Staff Discount Policy –– do you have one?

DBA Lawyers is pleased to announce our SMSF Staff Discount Policy. We have been assisting many firms in relation to documenting an appropriate SMSF staff discount policy and providing training in relation to managing non-arm’s length income (NALI) and non-arm’s length expenditure (NALE) issues. For a recent webinar outlining the issues relating to SMSF discount [read more]

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Vacant Residential Land Tax in Victoria soon to be extended

The Appointor of a discretionary trust is a role created under the terms of the trust that usually provides for that person to have the ultimate control of the trust. For example, the Appointor under the DBA Lawyers’ trust deed: • must consent to any variations to the trust deed; • has power to appoint [read more]

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Choice, default and stapled funds — what’s this all about?

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]

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Does your SMSF or trust deed unnecessarily require general purpose, more costly, financial statements?

From July 2021 changes to the Australian Accounting Standards (AAS) have meant that many SMSFs and trusts (including discretionary and unit trusts) are required to prepare general purpose financial statements that comply with AAS. Importantly, SMSFs and trusts are impacted by the changed standards where: The SMSF or trust deed or other document requires the [read more]

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SMSF Association 2023 Technical Summit

The SMSF Association 2023 Technical Summit was held two weeks ago in Queensland. I commend the SMSF Association for organising such a great event. During the event, I presented a session focused on the transfer balance cap and misconceptions as to how a TSB is calculated: ‘Do you know your ABCs as well as your [read more]

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Advantages of the DBA Lawyers SMSF deed (2023-24)

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 2023-24) comes with the following upgrades: express power for the proposed $3m+ tax on [read more]

Taxpayer-Alert

Webinar on SMSFs and property development … What to know about the ATO’s new Taxpayer Alert

On Friday 23 June 2023, DBA Lawyers is presenting a webinar on the recently issued ATO Taxpayer Alert TA 2023/2 discussing diverting profits of a property development project to a self managed superannuation fund, through the use of a special purpose vehicle. The ATO set out various concerns. This Taxpayer Alert is relevant for ALL [read more]

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How to deal with lost trust deeds – Upcoming webinar

The issue of a lost deed can create uncertainty and complications within a trust, including a superannuation fund. When critical documents are lost, the effects can be far-reaching and cause legal and administrative complexities. Over the past four months, six important judgements have significantly evolved the law on lost deeds, providing greater certainty for trustees. [read more]