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Ruhe (Trustee) v Rodmarg Pty Ltd, in the matter of Bankrupt estates of Power [2024] FCA 638 — Recent decision on superannuation and bankruptcy

A recent Federal Court decision has held that a transfer of units in a unit trust to an SMSF was void pursuant to s 128B of the Bankruptcy Act 1966 (Cth) (BA). The decision of Ruhe (Trustee) v Rodmarg Pty Ltd, in the matter of Bankrupt estates of Power [2024] FCA 638 demonstrates the circumstances [read more]

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Advantages of the DBA Lawyers SMSF Deed (2024-25)

DBA Lawyers latest SMSF governing rules and related documents include many value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2024-25) comes with the following upgrades: enhanced wording to cater for Div 296 tax; [read more]

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NALE legislation finally becomes law

Legislation that includes the non-arm’s length expense (NALE) changes has finally become law almost five years from the date the legislation now takes retroactive effect (ie, from 1 July 2018). The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 (Act) includes a limit on general NALE for SMSFs. Royal [read more]

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Employee or contractor — ATO issues further decision impact statement on key case – Part 9

This is part 9 of our series of ‘employee versus contractor’ articles. Part 9 focuses on the ATO’s recent decision impact statement (DIS) on the Full Federal Court (Full Court) in Jamsek v ZG Operations Australia Pty Ltd (No 3) [2023] FCAFC 48 (Jamsek). The other articles (parts 1-8) are linked under the Related Articles [read more]

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Employee or contractor — SG and the right to delegate — Part 8

This is part 8 of our series of ‘employee versus contractor’ articles. Part 8 focuses the ATO’s decision impact statement (DIS) on the Full Federal Court (Full Court) in JMC Pty Ltd v Commissioner of Taxation [2023] FCAFC 76. (The other articles, parts 1-7, are linked under the Related Articles heading below.) Overview The DIS [read more]

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The new commercial and industrial property tax that starts in Victoria on 1 July 2024

Overview The Victorian Government has introduced a new tax regime on commercial and industrial property (CIP) in Victoria that starts on 1 July 2024. Broadly, the new tax relies on phasing out transfer duty over a 10-year period and replacing the upfront duty on subsequent transfers with an annual commercial and industrial property tax (CIPT). [read more]

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ATO guidance on managing trust distributions

Overview The taxation of trusts continues to be an area of scrutiny for the ATO. The ATO has released a webpage titled ‘Trust distributions done right’ that provides guidance to practitioners on how to prepare for year-end trust distributions. The webpage (QC 101752) can be found here. Clearly, the ATO is concerned with trustees and [read more]

SMSF Bank Accounts and Overdraft Implications

SMSF bank accounts and overdraft implications

Bank accounts are essential for a self managed superannuation fund (SMSF). For example, an SMSF typically requires a bank account to accept receipts including contributions and rollovers and pay expenses and benefits. However, many SMSF trustees fail to realise that some bank accounts are riskier than others. This article outlines the importance of preventing a [read more]

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When does Division 296 tax ($3M+) make super not worth it?

Short answer The short answer is that clients should conduct detailed financial modelling and make an objective decision based on the numbers after examining their available options having regard to their particular factual circumstances. Generally, clients should not act hastily and should be better positioned to make a more informed decision closer to 30 June [read more]

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Employee or contractor – new changes to the Fair Work Act – Part 7

This is part 7 of our series of ‘employee versus contractor’ articles. Part 7 focuses on recent changes by the Federal Government to the definition of ‘employer’ and ‘employee’ in the context of the Fair Work Act 2009 (Cth) (FWA). The other articles (parts 1-6) are linked under the Related Articles heading below. Overview The [read more]