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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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Six simple rules to execute a deed that satisfies ALL Australian jurisdictions

Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution. Companies can execute documents using electronic means under s 110A of the Corporations Act 2001 (Cth), which expressly authorises a document (including a deed) to be signed using electronic [read more]

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New SMSF case demonstrates how not to have non-arm’s length income

A recent AAT decision illustrates the sorts of evidence that might be necessary in order for an SMSF to not have non-arm’s length income (NALI). Accordingly, advisers working with SMSFs should pay close attention to this decision and the evidence that an SMSF should collect and retain. The decision is BPFN and Commissioner of Taxation [read more]

Electronic execution of deeds — is it here to stay?

Can companies sign or execute a deed electronically? — Part 1

Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution, as discussed below. This is ‘Part 1’ of an article that focuses on company execution. We are planning to prepare more articles on individual execution in the coming months. [read more]

The best time for an SMSF to make a voluntary disclosure to the ATO is now

Penalties on SMSF trustees to increase substantially, so definitely time to change to a corporate trustee

Introduction With the penalty unit increasing from $275 to $313 from 1 July 2023, SMSFs need to be extremely careful as this results in most administrative penalties increasing from $16,500 (ie, 60 penalty units x $275) to $18,780 (ie, 60 penalty units x $313). This article discusses administrative penalties under s 166 of the Superannuation Industry [read more]

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SMSFs and voluntary disclosure to the ATO

This article provides important background context on why SMSF trustees may wish to consider using the ATO’s early engagement and voluntary disclosure service to notify the ATO regarding contraventions of the Superannuation Industry (Supervision) Act 1993 (SISA) or Superannuation Industry (Supervision) Regulations 1994 (SISR). There are significant advantages that can result from making a voluntary [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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What is a ‘non-commutable life pension’? Can an SMSF ever pay one? New AAT decision provides critical guidance

There is a provision in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR) that on its face appears to allow a person of any age to receive their preserved benefits. More specifically, item 108 of sch 1 to the SISR appears to provide that even preserved benefits may be paid to a superannuation fund member [read more]