Introduction With the penalty unit increasing from $222 to $275 from 1 July 2023 (~24%), and therefore the typical administrative penalty imposed on SMSFs under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) of 60 penalty units increasing to $16,500 (ie, 60 x $275; in increase from $13,320 being 60 x $222), SMSFs [read more]
In this podcast with the SMSFAdviser Show, Daniel Butler, Director of DBA Lawyers, provides tips and insights on guiding SMSF clients through the ATO’s early engagement and voluntary disclosure service. With contraventions on the rise, big penalties that can be imposed and the ATO undertaking more reviews, Dan explains the types of circumstances [read more]
Overview A corporate trustee is strongly recommended compared to individual trustees. However, issues can arise if the company’s compliance slips, and the company is deregistered. We examine a case here to showcase the issues that can arise where the remaining fund member died without a will and without any succession plans in place for the [read more]
Moss Super Pty Ltd v Hayne [2008] VSC 158 is an important lesson for trustees and advisers to always consider what the governing rules of an SMSF provide before attempting to make changes or exercise powers. Facts The Photography Management Services Pty Ltd Superannuation Fund (Fund) was established by deed dated 31 May 1995. The [read more]
Two recent AAT decisions shed important light on what constitutes business real property: Allzams Trust and Commissioner of Taxation [2021] AATA 2767 and Allen and Commissioner of Taxation [2021] AATA 2768. Both cases involved a disappointed taxpayer seeking a review by the Administrative Appeals Tribunal of a decision of the Commissioner of Taxation. These decisions [read more]
