Daniel Butler ([email protected]), Director, and William Fettes ([email protected]) Senior Associate, DBA Lawyers A recent unanimous decision of the Full Federal Court represents a major win for SMSFs and taxpayers on the topic of the sole purpose test. This decision overturns the primary judge’s decision at first instance in Aussiegolfa Pty Ltd v Commissioner of Taxation [read more]
By Daniel Butler, Director, DBA Lawyers SMSF changes of trustee are a ticking time bomb if not properly drafted by a lawyer with proper experience. While it is easy to put together a document that simply states that one trustee resigns and one trustee is appointed, several real examples exist where SMSF changes of trustee [read more]
William Fettes, Senior Associate, Bryce Figot, Special Counsel, DBA Lawyers Disclaimer: DBA Lawyers provided advice to one of the parties in Cantor Management Services Pty Ltd v Booth. We only mention facts made publicly available in the judgement. The recent decision of Cantor Management Services Pty Ltd v Booth [2017] SASCFC 122 provides important guidance [read more]
Daniel Butler ([email protected]), Director and Bryce Figot, Special Counsel, DBA Lawyers Broadly, a member’s interest in a superannuation fund is fully protected upon bankruptcy. This protection even extends to lump sums being paid to the bankrupt. A question that may arise is whether this would be true if the benefit being received by the bankrupt [read more]
By Bryce Figot, Special Counsel and Daniel Butler, Director, DBA Lawyers The recent decision of Perry v Nicholson [2017] QSC 163 contains various important lessons for SMSF succession planning. Facts The Colin Maurice Superannuation Fund was established on 17 September 2009. The original trustees were Colin Maurice (‘Deceased’) and his adult daughter Sonia Perry, with [read more]
The recent case of Trustees of the Property of Morris (Bankrupt) v Morris (Bankrupt) [2016] FCA 846 shows just what happens when superannuation, bankruptcy and the payment of death benefits intersect. Facts Ms Debbie Morris was married to Mr Michael Foreman. They had two children: Gracie (born in July 2011) and Wes (born in January [read more]
The recent decision of FLZY and Commissioner of Taxation [2016] AATA 348 is good news for SMSF real estate developments via unit trusts. Background Many SMSFs want to have some investment exposure to real estate development. A popular structure is for the SMSF to invest in a related unit trust and then the unit trust [read more]
Given the rising cost of housing, adult children are living with their parents for longer. Also, parents have more in superannuation than ever before. Because adult children might have moved out and then returned, such children are sometimes referred to as ‘boomerang children’. An important question is whether, when their parents die, do such ‘boomerang [read more]
This article looks at whether a parent and deceased child can be in an interdependency relationship for the purpose of satisfying the definition of death benefits dependant in the Income Tax Assessment Act 1997 (Cth) (‘ITAA97’). This article follows the AAT decision in TBCL and Commissioner of Taxation (Taxation) [2016] AATA 264 (‘TBCL’). [read more]
The recent case of Frigger v Computer Accounting & Tax Pty Ltd (in liq) [no 10] [2016] WASC 63 serves as an important reminder to all self managed superannuation fund (‘SMSF’) trustees that assets should be kept separate in their funds. Namely, the message I seek to draw from the case is the importance of [read more]
