Categories | SMSF compliance

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

By Bryce Figot on 04/12/2023 in ATO, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

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]

Changing SMSF trustees — why advisers should be more alert to the tips and traps

Change of SMSF trustees can easily be messed up

By Daniel Butler on 29/11/2023 in Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

This article examines some of the key issues that can arise when change of trustee documents are not properly completed, and by the right people using quality document suppliers. What happens if a change of trustee is not properly completed? A change of trustee requires compliance with the provisions in the fund’s governing rules and [read more]

Lost deed case – Lawyer gives expert evidence on likely terms of missing trust deed

By Shaun Backhaus on 21/11/2023 in Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Trustee education

The case of Northgate Park v Floyd [2022] VSC 783 (Northgate Park) provides an interesting development in how courts may approach the issue of a lost trust deed. Northgate Park represents a less strict approach to determining the terms of a trust where a deed is lost. Facts Northgate Park resulted out of other litigation [read more]

Re Rentis Pty Ltd [2023] QSC 252 — Court considers attorney power to ‘renew’ a BDBN

By Shaun Backhaus on 20/11/2023 in Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Succession planning, Trustee education

The case of Re Rentis Pty Ltd [2023] QSC 252 (Re Rentis) provides a helpful interpretation of an attorney’s powers to make a binding death benefit nomination (BDBN). This case examines the meaning of a term often found in enduring powers of attorney (EPA) and provides an expansive view of an attorney’s powers to make [read more]

Businesman show TAX for Individual income tax return form online for tax payment concept

University of Adelaide Report highlights numerous concerns with taxing $3M+ member super balances

By Daniel Butler on 10/11/2023 in ATO, SMSF compliance, Statistics, Taxation

A recent report by University of Adelaide’s International Centre for Financial Services (Report), issued in October 2023, has raised numerous concerns on the proposed new Division 296 tax. The proposed 15% tax on taxable superannuation earnings on superannuation fund member’s with more than $3 million in total superannuation balance (TSB) is set to commence from [read more]

Legal document Independent Contractor Agreement on paper close up.

Binding v. non-binding death benefit nominations

By Daniel Butler on 08/11/2023 in SMSF compliance, SMSF strategy, Taxation, Trustee education

For most Australians, superannuation is their largest asset except for the family home, so it is important to consider how it should be dealt with upon death. In contrast to personally held assets that will generally form part of a person’s deceased estate and be subject to distribution under the terms of their will, the [read more]

SMSF Succession Planning webinar

By Bryce Figot on 31/10/2023 in Announcements, SMSF compliance, SMSF strategy, Succession planning

Bryce Figot, Special Counsel of DBA Lawyers, is very excited to be presenting an SMSF Succession Planning webinar on Friday 24 November 2023. Bryce will present a practical, step-by-step guide on how to ensure that a member’s SMSF benefits are appropriately dealt with upon their incapacity or death. It is designed for financial planners, accountants, [read more]

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

Vacant Residential Land Tax in Victoria soon to be extended

By Daniel Butler on 31/10/2023 in Announcements, Investments, SMSF cases & decisions, SMSF compliance, Taxation, Trustee education

The Appointor of a discretionary trust is a role created under the terms of the trust that usually provides for that person to have the ultimate control of the trust. For example, the Appointor under the DBA Lawyers’ trust deed: • must consent to any variations to the trust deed; • has power to appoint [read more]

More businesses protected under unfair contract terms provisions

By Daniel Butler on 30/10/2023 in SMSF compliance, SMSF strategy, Taxation, Trustee education

On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]