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DBA Lawyers - Ensure an SMSF meets the residency tests

Ensure an SMSF meets the residency tests

By David Oon ([email protected]), Senior Associate, DBA Lawyers The consequences of an SMSF failing the residency rules can be automatic non-complying status. This will broadly mean the entire amount of the SMSF’s assets, less non-concessional contributions, are taxed at 45% in the year of non-compliance (47% during temporary budget repair levy financial years of 2014-15, [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]

ATO's view on SMSFs and reserves

SMSFRB 2018/1: ATO’s view on SMSFs and reserves

Joseph Cheung, Lawyer and Daniel Butler, Director, DBA Lawyers The Australian Taxation Office (‘ATO’) has issued SMSF Regulator’s Bulletin SMSFRB 2018/1 ‘The use of reserves by self-managed superannuation funds’. This is the most comprehensive material ever released by the ATO on the use of reserves by self managed superannuation funds (‘SMSFs’). This article highlights the [read more]

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Webinar on SMSF reserves

Today the ATO issued SMSF Regulator’s Bulletin SRB 2018/1 ‘The use of reserves by self-managed superannuation funds’, which is the most comprehensive material that the ATO has ever released on the use of reserves in SMSF. In particular, SRB 2018/1 highlights the ATO’s concerns about new and emerging arrangements that pose potential risks to SMSFs [read more]

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Want reversionary pensions up to a beneficiary’s TBC? New offering from DBA Lawyers: Death Benefit Payment Deed

By Christian Pakpahan ([email protected]), Lawyer and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers The new transfer balance cap regime can make succession planning tricky. A member may desire to make their pensions reversionary upon death. However, there may be situations where receiving these reversionary pensions would cause the beneficiary to exceed their transfer balance cap. [read more]

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Financial Ombudsman Service soon to be replaced with the Australian Financial Complaints Authority

By Shaun Backhaus, Lawyer and Daniel Butler, Director DBA Lawyers Financial Ombudsman Service The Financial Ombudsman Service (‘FOS’) is an industry body that resolves disputes between consumers and financial services providers that are members which operate in Australia. FOS is self-regulated by industry members with its costs met by the financial services providers. FOS’s dispute resolution [read more]

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Not all companies are created equal

David Oon, Senior Associate, DBA Lawyers Small private companies frequently act as trustees for SMSFs or trusts, and sometimes in their own right. These companies are governed by their constitution (a set of internal rules). Standard constitutions for a private company are often outdated and contain many pitfalls for the unwary. On the other hand, [read more]

National-SMSF

Presenting at CA ANZ 2017 National SMSF Conference

Dan and I are each presenting sessions at the CA ANZ 2017 National SMSF Conference in Sydney September. I’m presenting ‘Getting to Know Transfer Balance Account’ and Dan is presenting on Exempt Current Pension Income. It should be a great conference. For more information see http://www.cvent.com/events/national-smsf-conference-2017-sydney/event-summary-385c2d0597d142a0aac055b6fc89a426.aspx * * * This article is for general information [read more]

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Understanding exempt current pension income (‘ECPI’) in view of super reforms

Co-authored by Daniel Butler, Director, DBA Lawyers Due to the complexity of the rules and the importance of complying with the law in relation to the pension exemption, we examine the two methods for calculating ECPI in respect of account style pensions (ie, account-based, allocated and market linked pensions) under the Income Tax Assessment Act [read more]