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Recent change to the tax treatment of income from super in a testamentary trust

Recent change to the tax treatment of income from super in a testamentary trust

Overview The article focuses on the tax treatment of superannuation proceeds that are paid to a testamentary trusts and the interaction of div 6AA of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936’) which covers excepted trust income (‘ETI’). This is an important topic because unless a minor beneficiary is an excepted person or [read more]

DBA Lawyers’ Annual Update Service for SMSF deeds

DBA Lawyers’ Annual Update Service for SMSF deeds

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]

Advantages of the DBA Lawyers SMSF deed (2020-21)

Advantages of the DBA Lawyers SMSF deed (2020-21)

  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]

COVID-19 Withdrawal Kit launched

COVID-19 Withdrawal Kit launched

Due to client demand, DBA Lawyers has launched a COVID-19 Withdrawal Kit. This kit is designed to assist accountants, financial planners, auditors, administrators and other SMSF professionals in respect of the new COVID-19 condition of release. It contains: Template SMSF documentation such as trustee resolutions and related correspondence to ensure maximum regulatory compliance Template adviser [read more]

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SMSF Succession Diagnostic Service

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]

DBA Lawyers –– the best BDBN is now even better

DBA Lawyers –– the best BDBN is now even better –– COVID-19

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]

SMSF Lease Review Service

SMSF Lease Review Service –– COVID-19

Click here to provide your instructions Introduction The COVID-19 pandemic has caused an immense amount of financial stress on tenants, especially commercial tenants who have suffered a severe downturn in their businesses. As a result, many commercial tenants are approaching their landlords demanding a rent reduction and variation to their lease. Landlords may be willing, [read more]

Temporary Early Access to superannuation –– COVID-19

Temporary Early Access to superannuation –– COVID-19

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]