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Categories | SMSF compliance

What disqualifies you from having an SMSF?

Christian Pakpahan ([email protected]), Lawyer and Daniel Butler ([email protected]), Director, DBA Lawyers This article covers the main ways a person becomes a disqualified person, the consequences of disqualification and the options available to those who are disqualified. (We refer to a trustee in this article as covering both individual trustees of an SMSF and directors of [read more]

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Important Supreme Court decision provides further guidance on binding death benefit nominations

By: Daniel Butler, Director ([email protected]) and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers The recent decision by the Supreme Court of Queensland in the case of Re Narumon Pty Ltd [2018] QSC 185 (‘Narumon’) again confirms the importance of having a quality SMSF document supplier. More specifically, it shows how poorly drafted binding death benefit nomination [read more]

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Proposed regulation to extend SuperStream to SMSF Rollovers

By Christian Pakpahan, Lawyer and Daniel Butler, Director,DBA Lawyers Introduction On 17 July 2018, Treasury released exposure draft legislation which broadly extends the operation of SuperStream to cover self managed superannuation funds (‘SMSFs’). Currently SMSFs only need to be able to receive contributions and rollovers through SuperStream. Current Legislation Currently SMSFs are only required to [read more]

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The sole purpose test substantially clarified by the Full Federal Court in Aussiegolfa Pty Ltd v Commissioner of Taxation.

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]

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SMSFs –– the CGT withholding regime on property transfers is far broader than many think

By: Daniel Butler, Director ([email protected]), DBA Lawyers Most people by now may be aware of the non-resident capital gains tax withholding (‘Withholding Regime’), which applies to vendors disposing of certain taxable property. Broadly, the Withholding Regime was introduced to allow the Australian government to obtain tax in respect of foreign vendors. However, the Withholding Regime [read more]

SMSF deeds – which supplier should you use: a law firm or a non-qualified supplier?

1. Introduction There are numerous suppliers of self managed superannuation funds (‘SMSFs’) deeds apart from law firms with SMSF expertise. These days, for instance, there are a range of other (non-qualified) suppliers who supply SMSF deeds. These suppliers may deliver complex documents without any qualifications or expertise. This article seeks to explain the main differences [read more]

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Bare trust documents are required where fund trustees are practically unable to hold legal title to fund assets

By William Fettes ([email protected]), Senior Associate, DBA Lawyers The starting point at general law is that legal title to fund assets must generally be held in name of the current trustees of the fund. However, this is not always possible, eg, where an SMSF trustee is unable to hold legal title, and title is instead [read more]

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Strategies to reduce your total superannuation balance: Part 2

Joseph Cheung ([email protected]), Lawyer and William Fettes ([email protected]), Senior Associate, DBA Lawyers An individual’s total superannuation balance (‘TSB’) determines many of their superannuation rights, entitlements and obligations. Accordingly, there is a strong incentive for individuals to carefully monitor their TSB over time, particularly towards the end of a financial year (‘FY’) when most TSB thresholds [read more]

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Contribution Reserving Strategy

Joseph Cheung ([email protected]), Lawyer and Daniel Butler ([email protected]), Director, DBA Lawyers This article highlights some reasons why a contribution reserving strategy may be used by an SMSF, and also briefly discusses the risks and some of the associated compliance issues. Reasons for engaging in contribution reserving There are a range of reasons why SMSF trustees [read more]

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Proposed SG amnesty raises opportunities and risks

By Christian Pakpahan, Lawyer and Daniel Butler, Director, DBA Lawyers On 24 May 2018, the government announced a 12 month superannuation guarantee (‘SG’) amnesty (‘Amnesty’) that proposes to give employers an opportunity to rectify past SG non-compliance without penalty. If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘SG Bill’) is ever [read more]