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Investment segregation in an SMSF explained

Investment segregation in an SMSF explained

When advisers hear the word ‘segregation’ in an SMSF context, they typically think of segregation for tax purposes. Broadly, this type of segregation involves calculating a fund’s exempt current pension income exemption for a financial year under the segregated method, with any capital gains (or losses) in respect of ‘segregated current pension assets’ being disregarded. [read more]

dishonesty disqualifies

What type of dishonesty disqualifies a person from having an SMSF?

Introduction This article examines the nature of disqualification and what convictions can preclude a person from forever being an SMSF trustee/director. Given the serious consequences of disqualification, it is important to consider the circumstances in which a person may have been automatically, and even unknowingly, disqualified. SMSF members should also consider their children as a [read more]

What limits SMSF advisers should be aware of when providing advice

What limits SMSF advisers should be aware of when providing advice

Overview This articles examine what advice SMSF advisers can and cannot provide without ‘stepping over the line’ especially in providing taxation, financial product or legal advice which they may not be permitted to provide. For example, an adviser providing legal advice or services (eg, preparing an SMSF deed update, binding death benefit nomination (‘BDBN’) or [read more]

SMSF investment strategies –– are they a financial product?

SMSF investment strategies –– are they a financial product?

Daniel Butler, Director ([email protected]), and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers Many advisers do not foresee the potential flow-on legal consequences from merely providing an investment strategy template to an SMSF client. Indeed, many believe they are merely assisting their client particularly to ensure the SMSF will have the necessary paperwork to survive an [read more]

Investment strategies –– what SMSF trustees must do

Investment strategies –– what SMSF trustees must do

Daniel Butler, Director ([email protected]), and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers This article provides some background and some key points to SMSF investment strategies. What is an investment strategy? An investment strategy is a plan for making, holding and realising assets consistent with the investment objectives adopted by an SMSF trustee. An investment strategy [read more]

Who-can-provide-taxation-advice

Who can provide taxation advice?

Daniel Butler ([email protected]), Director, DBA Lawyers This article examines who is authorised to provide taxation advice in view of the limitations in the Corporations Act 2001 (Cth) (‘CA’) on advisers relating to who can provide financial product advice. Broadly, there are a number of exemptions in the CA and Corporations Regulations 2001 (Cth) (‘CA Regs’) [read more]

Top view of Highway road junctions. The Intersecting freeway road overpass the eastern outer ring road of Bangkok, Thailand.

The many roads that lead to meeting FASEA’s education standards

Daniel Butler ([email protected]), Director, DBA Lawyers The Financial Adviser Standards and Ethics Authority (‘FASEA’) has finalised the acceptable pathways that advisers can take to meet FASEA’s education standards. We outline below how existing and prospective advisers can meet FASEA’s education standards under the Australian financial services licence (‘AFSL’) regime. Each adviser should consider their own [read more]

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Update on the Australian Financial Complaints Authority(AFCA)

By Shaun Backhaus ([email protected]), Lawyer and Daniel Butler([email protected]), Director DBA Lawyers In our previous article on AFCA we explained the background to AFCA’s establishment, what disputes it would apply to and how it would differ from the external dispute resolution schemes it replaced, such as the Financial Ombudsman Service. For further information please refer to [read more]

SMSF compliance

SMSFs and transfer balance account reporting

William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers This article summarises the transfer balance account report (‘TBAR’) reporting regime for SMSFs and offers some traps and tips. Overview Under TBAR, any transaction involving a retirement phase pension (ie, tax free pension interest such as an account-based pension or a transition to [read more]