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Categories | SMSF cases & decisions

When does an interdependency relationship exist between adult children and parents? The first AAT decision ever on point released

When does an interdependency relationship exist between adult children and parents? The first AAT decision ever on point released!

By on 20/07/2016 in SMSF cases & decisions, Succession planning, Taxation

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]

Death benefits dependant: Can an interdependency relationship exist between deceased child and parent

Death benefits dependant: Can an interdependency relationship exist between deceased child and parent?

By on 22/06/2016 in Audit, SMSF cases & decisions, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

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]

Managing tax losses in an SMSF - impact of Payne's decision

Managing tax losses in an SMSF – impact of Payne’s decision

By on 20/04/2015 in SMSF cases & decisions, SMSF deeds, SMSF strategy, Succession planning, Trustee education

A recent decision Re Trustee for the Payne Superannuation Fund and FCT [2015] AATA 58 examines how the ATO are examining whether SMSFs are appropriately carrying forward tax losses and apportioning expenses when they are partly in pension mode. Prior to analysing the implications of this decision, we will first examine a general overview of [read more]

Another BDBN fails due to poor SMSF documents

Another BDBN fails due to poor SMSF documents

By on 28/03/2015 in SMSF cases & decisions, SMSF deeds, SMSF strategy, Succession planning, Trustee education

Munro v Munro [2015] QSC 61 is the latest case involving a binding death benefit nomination (‘BDBN’) that was held not to be binding. This case is a very important decision as it confirms that BDBNs for self managed superannuation funds (‘SMSF’) can last indefinitely. The facts Mr Barrie Munro practised as a solicitor during [read more]

WA Court of Appeal hands down appeal decision for Ioppolo v Conti: the implications are critical

WA Court of Appeal hands down appeal decision for Ioppolo v Conti: the implications are critical!

By on 12/03/2015 in SMSF cases & decisions, SMSF deeds, Succession planning

In late 2013, the WA Supreme Court handed the decision of Ioppolo v Conti [2013] WASC 389. It contained many important implications for SMSF advisers. The decision was appealed and on Tuesday the WA Court of Appeal handed down the outcome of the appeal in Ioppolo v Conti [2015] WASCA 45. This article discusses some [read more]

Recent case provides valuable insights for SMSFs

Recent case provides valuable insights for SMSFs

By on 18/12/2014 in ATO, SMSF cases & decisions, SMSF compliance, Trustee education

The recent decision of Deputy Commissioner of Taxation v Lyons [2014] FCA 1353 provides various insights for self managed superannuation fund trustees, as explained in this article. Facts of decision On 6 June 2008, the Lyons Family Superannuation Fund (‘Fund’) was registered as a self managed superannuation fund. At all relevant times, Mr Lyons and [read more]