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LRBA Wind Up Documentation

LRBA Wind Up Documentation

By Kimberley Noah ([email protected]), Lawyer When winding up a limited recourse borrowing arrangement (‘LRBA’), appropriate documentation is required. Broadly, an SMSF trustee has the right to acquire legal ownership of an LRBA asset (ie, from the relevant custodian/bare trustee) after the loan is fully repaid. Refer to s 67A(1)(c) of the Superannuation Industry (Supervision) Act [read more]

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Penalty interest and TR 2019/2 in the context of SMSFs with LRBAs

Daniel Butler ([email protected]), Director, DBA Lawyers Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty interest payments are deductible, which has been withdrawn. This article highlights the relevance of TR 2019/2 for self managed superannuation [read more]

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Labor’s superannuation and related proposals

Daniel Butler, Director ([email protected]) and Shaun Backhaus, Lawyer ([email protected]) The next Federal election, according to our current Prime Minister Mr Scott Morrison, will be held in May 2019 and, if the Labor Government is elected, significant change is likely. Thus, a brief ‘stock take’ of what the superannuation landscape will look like under a Labor Government [read more]

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Can a trustee be liable for a member’s tax debt?

Shaun Backhaus ([email protected]), Lawyer and William Fettes ([email protected]), Senior Associate, DBA Lawyers This article discusses the case of Commissioner of State Revenue v Can Barz Pty Ltd & Anor [2016] QCA 323. Broadly, this case deals with the ability of the Commissioner to recover a member’s tax debts from money that is payable to the trustee [read more]

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Total superannuation balance and limited recourse borrowing arrangements: Part 2

Daniel Butler ([email protected]), Director, DBA Lawyers Under certain circumstances, an individual member’s total superannuation balance (‘TSB’) will be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on or after 1 July 2018 when the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes [read more]

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Total superannuation balance and limited recourse borrowing arrangements: Part 1

Daniel Butler, Director and Bryce Figot, Special Counsel, DBA Lawyers If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes law, an individual member’s total superannuation balance (‘TSB’) may be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on or after 1 [read more]

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The new ‘ipso facto’ regime and SMSFs

Daniel Butler ([email protected]), Director, DBA Lawyers The new law pertaining to ‘ipso facto’ clauses came into operation on 1 July 2018. This article highlights the relevance of the new law for SMSFs. Note that the law in this area is complex and a detailed and careful analysis is required to properly understand how the new [read more]

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Why should the deposit be paid by the SMSF trustee?

Daniel Butler ([email protected]), Director, DBA Lawyers When self managed superannuation funds (‘SMSFs’) borrow to acquire real property, one of the common mistakes is not having the deposit paid from the bank account of the SMSF trustee. This article highlights the importance of the deposit being paid the SMSF’s bank account and identifies some possible rectification [read more]

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SMSFs –– the CGT withholding regime on property transfers is far broader than many think

By: Daniel Butler, Director ([email protected]), DBA Lawyers Most people by now may be aware of the non-resident capital gains tax withholding (‘Withholding Regime’), which applies to vendors disposing of certain taxable property. Broadly, the Withholding Regime was introduced to allow the Australian government to obtain tax in respect of foreign vendors. However, the Withholding Regime [read more]

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Strategies to reduce your total superannuation balance: Part 1

Daniel Butler, Director and William Fettes, Senior Associate, DBA Lawyers An individual’s total superannuation balance (‘TSB’) determines many of their superannuation rights and entitlements, such as eligibility to contribute after-tax amounts into superannuation without an excess arising. Accordingly, there is a strong incentive for individuals to carefully monitor their TSB over time, particularly towards the [read more]