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Does your trust deed have appropriate income characterisation and streaming powers img

Does your trust deed have appropriate income characterisation and streaming powers?

The streaming of different types of income in a discretionary trust to different beneficiaries is a common strategy to optimise the tax outcome for beneficiaries (eg, to maximise the value of franking credits and the general 50% CGT discount). Many advisers assume that any deed will allow for streaming, however, this is not always the [read more]

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Why seek SMSF, tax or other advice from a lawyer –– are there any benefits?

In light of recent changes to the professional and ethical obligations on tax practitioners, it is important for clients and advisers to consider who to seek guidance from. This article discusses certain advantages of engaging a lawyer for advice or assistance. Background The Tax Agent Services Act 2009 (Cth) (TASA) has recently been amended to [read more]

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Should an SMSF auditor perform a title search for each title each year?

As a lawyer, I do a lot of work advising and representing approved SMSF auditors who are being audited/reviewed by the ATO and/or who have been referred to ASIC. In September, I will present on this topic at the SMSF Association’s ‘SMSF Audit Day’. More specifically, I will present a topic titled ‘Facing the Regulators: [read more]

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Recent AFCA decision protects SMSF interests

A recent Australian Financial Complaints Authority (AFCA) decision highlights the consequences for financial advisers when they fail to meet their service obligations. Under the Corporations Act 2001 (Cth) (CA) financial advisers are required to ‘act in the best interests of the client’ and ‘must only provide advice if it would be reasonable to conclude that [read more]

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Vacant residential land tax — Q&A from recent DBA webinar

This question and answer sheet was prepared following a recent webinar on VRLT presented by DBA Lawyers. A number of queries were raised at this webinar. This Q&A is a summary of the key queries with brief answers. Naturally, we would be pleased to assist with any query. Q-1. Can VRLT be tax deductible? A-1. [read more]

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Family trust subject to surcharge land tax in NSW as deed did not exclude foreign persons

Overview Unless a discretionary trust deed excludes foreign persons, foreign trustees and foreign corporations, significant additional duty and land tax is typically imposed if the trust acquires residential property. The best way to minimise such tax is to make sure you obtain assistance from a quality supplier and obtain advice well in advance. Why did [read more]

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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]