On 1 July 2020, DBA Lawyers will make available the latest version of our SMSF governing rules for all Annual Update Service subscribers. In addition to covering all relevant legal changes (including superannuation law, case law and ATO materials), the latest version of our SMSF governing rules includes many value-added features such as new COVID-19 [read more]
The long-standing position at common law has been the formality that a deed must be written on parchment, vellum or paper. Accordingly, it has been widely accepted that a deed cannot be made electronically. The first key change to this position was in 2018 when the New South Wales (‘NSW’) government amended the Conveyancing Act [read more]
DBA Lawyers provides the best SMSF governing rules and related documents, with numerous 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 2020/21) comes with the following upgrades: enhanced binding death benefit nomination [read more]
Click here to provide your instructions For many Australians, SMSF investments are a key component of their retirement savings and wealth creation strategies. For example, the ATO confirmed there were more than 600,000 SMSFs with an average value of more than $1.27 million for the quarter ended 30 September 2019. Unfortunately, many do not plan [read more]
The COVID-19 pandemic has raised various practical issues for SMSF trustees and members. Members may wish to make a binding death benefit nomination (‘BDBN’) but may be frustrated by the requirement to have two independent witnesses available as this can prove challenging, if not impossible or illegal, during these difficult and dangerous (COVID-19) times. To [read more]
Background The Australian Government’s coronavirus economic stimulus package includes several options for individuals to obtain access to money in the short-term if they are financially impacted by coronavirus. One option is to allow a member to access up to $20,000 of their superannuation benefits before ‘retirement’ or attaining age 65. In these uncertain times that [read more]
SMSFs that own property are facing the prospect of tenants falling behind in their rent payments and their other obligations under the lease due to the economic stress arising from COVID-19. Australian states and territories will put a six-month moratorium on evictions for both residential and commercial tenants during the coronavirus pandemic, Prime Minister Scott [read more]
In recent months, we have seen a significant increase in succession planning queries and assignments where we have been asked to provide advice and/or documents, including binding death benefit nominations (‘BDBNs’), reversionary pensions, planning for control of an SMSF and implementing timely member exit strategies for those who may be left with a limited time [read more]
Background There are several methods that a member can to access their superannuation ‘legitimately’ before retirement. Lately, advisers, self managed superannuation fund (‘SMSF’) trustees and members are very keen to learn more on this topic given the financial stress caused by the recent bushfires, floods, COVID-19 pandemic and reduced business/economic activity. Further, the Australian Taxation [read more]
There is a little known rule that can have huge implications for SMSFs, particularly when it comes to reversionary pensions. This article provides the crucial ‘must know’ details. What is a ‘reversionary pension’? The ATO describes a reversionary pension as follows, without actually using the term ‘reversionary’ (Taxation Ruling TR 2013/5 [29]): A superannuation income [read more]
