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Victoria’s vacant residential land tax – holiday home exemption

The vacant residential land tax (VRLT) applies to all vacant residential land throughout Victoria from 1 January 2025. This tax can also apply to holiday homes unless the holiday home exemption (HH Exemption) or another exemption applies. What is VRLT? VRLT was originally introduced in 2017 to assist with housing affordability as overseas purchasers were [read more]

Arms touching expenses

Status update on the non-arm’s length expense legislation as Senate approves

The non-arm’s length expense (NALE) legislation was approved by the Senate on 27 March 2024. The draft legislation (ie, the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Bill)) that includes a limit on general NALE for SMSFs, now awaits approval from the House of Representatives. Parliament resumes on [read more]


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]

Trader writing increasing graph on coins stacking for investment profit growth and saving concept.

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]


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]


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]

JRP-548 (1)

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]