Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution. Companies can execute documents using electronic means under s 110A of the Corporations Act 2001 (Cth), which expressly authorises a document (including a deed) to be signed using electronic [read more]
A fundamental duty of all trustees is to administer a trust according to the terms of that trust. Trustees are therefore required to not only know the terms of the trust that they are administering but also must be able to produce those terms for inspection by courts and other interested parties. However, this is [read more]
Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution, as discussed below. This is ‘Part 1’ of an article that focuses on company execution. We are planning to prepare more articles on individual execution in the coming months. [read more]
On Monday 19 June 2023, Treasury released an exposure draft to alter the non-arm’s length income (NALI) laws. While a ‘2 multiple’ cap is proposed for certain expenses, the exposure draft legislation — if implemented — could have a significant impact for the SMSF industry. One aspect in particular stands out that is highly relevant to [read more]
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 2023-24) comes with the following upgrades: express power for the proposed $3m+ tax on [read more]
The issue of a lost deed can create uncertainty and complications within a trust, including a superannuation fund. When critical documents are lost, the effects can be far-reaching and cause legal and administrative complexities. Over the past four months, six important judgements have significantly evolved the law on lost deeds, providing greater certainty for trustees. [read more]
Introduction Consider this important question: an SMSF member is married to a second spouse. The member and his second spouse are the two trustees of the SMSF. The member wishes to make a valid binding death benefit nomination (BDBN). The member however does not want to tell his second spouse about the BDBN. Does the [read more]
All is not ‘lost’ if a company’s constitution cannot be located. There are several methods to address the situation. The most appropriate method will depend on several factors including what evidence can be located. Where to start looking Naturally, exhaustive searches should be undertaken of current and prior advisers (including accountants, financial planners and lawyers), [read more]
Overview The ability to comply with a trust deed and to confidently determine the terms of a trust is a fundamental and integral part of a trustee’s duties; yet, many trustees lose their trust deeds. Recent case law has shed light on the options available when a trust deed is lost. The implications of a [read more]
The Victorian Court of Appeal recently handed a judgment regarding a trust with a lost deed: Vanta Pty Ltd v Mantovani [2023] VSCA 53 (http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSCA//2023/53.html). Although this involved a family trust, rather than an SMSF, this case also has important implications for SMSFs with lost trust deeds. Facts John Mantovani was born in 1960. John’s [read more]
