Advanced search

Top Navigation

Categories | SMSF cases & decisions

Trader writing increasing graph on coins stacking for investment profit growth and saving concept.

Vacant residential land tax — Q&A from recent DBA webinar

This question and answer sheet was prepared following a recent webinar on VRLT presented by DBA Lawyers. A number of queries were raised at this webinar. This Q&A is a summary of the key queries with brief answers. Naturally, we would be pleased to assist with any query. Q-1. Can VRLT be tax deductible? A-1. [read more]

Trader writing increasing graph on coins stacking for investment profit growth and saving concept.

Family trust subject to surcharge land tax in NSW as deed did not exclude foreign persons

Overview Unless a discretionary trust deed excludes foreign persons, foreign trustees and foreign corporations, significant additional duty and land tax is typically imposed if the trust acquires residential property. The best way to minimise such tax is to make sure you obtain assistance from a quality supplier and obtain advice well in advance. Why did [read more]

115504697

SMSF Staff Discount Policy –– do you have one?

DBA Lawyers is pleased to announce our SMSF Staff Discount Policy. We have been assisting many firms in relation to documenting an appropriate SMSF staff discount policy and providing training in relation to managing non-arm’s length income (NALI) and non-arm’s length expenditure (NALE) issues. For a recent webinar outlining the issues relating to SMSF discount [read more]

Business-Fraud-Investigation

ASIC takes action against a number of approved SMSF auditors

ASIC recently took action against a number of approved SMSF auditors. ASIC felt that the  approved SMSF auditors’ conduct did not meet the required standards and the action taken by ASIC included: disqualifying some auditors; imposing additional conditions on some approved SMSF auditors ; and cancelling the registration of other approved SMSF auditors. For more [read more]

Male lawyer discussing negotiation legal case with client meeting with document contract in office, law and justice, attorney, lawsuit concept.

New decision highlights options for disqualified persons: Barry, in the matter of an application by Barry [2024] FCA 13

In an urgent matter brought to Shariff J as the vacation duty judge this January, the risks to SMSF compliance, where all members of the fund become disqualified persons, were on full display with orders needing to be granted simply to allow the disqualified members to act to wind up the fund. The case, Barry, in [read more]

Legal-Document-Independent-Con-398827241_

New ATO guidance on employee/contractor distinction – Part 6

The ATO has recently released TR 2023/4 – Income tax: pay as you go withholding – who is an employee? (Ruling), as well as Practical Compliance Guideline 2023/2 (PCG) to provide additional guidance in respect of the distinction between an employee and independent contractor. This is part 6 of our series of articles focusing on [read more]

412274245a

Latest AAT decision on regulation of approved SMSF auditors

Introduction Mr H was an approved SMSF auditor. However, in 2023 ASIC disqualified him from being an approved SMSF auditor. He applied for the AAT to review ASIC’s decision to disqualify him. The AAT recently handed down the outcome of that application. DBA Lawyers do a lot of work with approved SMSF auditors. Accordingly, we [read more]

court

Court confirms capacity to make a BDBN: van Camp v Bellahealth Pty Ltd [2024] NSWSC 7

The recent NSW Supreme Court decision of van Camp v Bellahealth Pty Ltd [2024] NSWSC 7 (22 January 2024) (van Camp v Bellahealth) provides important lessons for advisers when considering a person’s capacity to make a BDBN. It also reinforces the value of keeping good records and file notes. Facts Dr Nespolon was the sole [read more]

412274245a

Latest AAT decision on regulation of approved SMSF auditors: Townshend and ASIC

Ms Janette Townshend was an approved SMSF auditor. However, in 2022 ASIC disqualified her. She applied for the AAT to review ASIC’s decision to disqualify her. The AAT recently handed down the outcome of that application. I do a lot of work with approved SMSF auditors. Accordingly, I read the decision with great interest. Here [read more]