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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]

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Watch out for extra transfer duty on property investments via a company or unit trust

Overview Structuring property investments via a company or unit trust may give rise to landholder duty for non-related investors as highlighted in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue (Review and Regulation) [2023] VCAT 634. This decision resulted in an additional $151,235 of duty plus interest [read more]

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Federal Court confirms AFCA award of $270,000 against a financial adviser for investment loss is a debt due and payable

The Federal Court of Australia held that a self managed superannuation fund (SMSF) could recover the amount of an Australian Financial Complains Authority (AFCA) determination relating to a compensation claim against a financial adviser for an investment loss. This article focuses on SMSF trustees rights to complain and seek compensation via AFCA for inappropriate financial [read more]

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Your discretionary trust may unwittingly be subject to extra duty

Background The foreign purchaser additional duty (FPAD) provisions of the Duties Act 2000 (Vic) (Act) may add an extra 8% land transfer duty on residential property purchases in Victoria if there is a foreign beneficiary of your discretionary trust. This article examines how the Victorian FPAD regime applies with respect to discretionary trusts, as many [read more]

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Transferring overseas super/pension savings to Australia

Overview With an increasing number of overseas countries opening up and the trends moving towards greater global mobility, it is becoming more common for advisers to be asked ‘Can I transfer my overseas super/pension savings to Australia?’. The answer to this question is complex and unless carefully managed can result in unexpected taxes and penalties. [read more]

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Many unit trust deeds need varying especially if an SMSF is involved

Introduction Unit trusts are a common investment structure and can provide a simple way for parties to co-invest in property or business together. In particular, investing via a unit trust is a popular way for SMSFs to invest in real estate including to develop property. While the terms of a unit trust deed typically cover [read more]

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SMSFs doing property development may be hit with GST

The recent case of Ian Mark Collins & Mieneke Mianno Collins ATF The Collins Retirement Fund and Commissioner of Taxation [2022] AATA 628 is an important reminder for advisers about the application of the goods and services tax (GST) laws to self managed superannuation funds. This case also raises previously untested issues concerning the extent [read more]