By Daniel Butler, Director ([email protected]), and Bryce Figot, ([email protected]), Special Counsel, DBA Lawyers Overview Recently the ATO released draft Law Companion Ruling 2019/D3 (‘LCR’) on the newly passed non-arm’s length income (‘NALI’) amendments to s 295-550 of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’). One key criticism of the draft LCR is the breadth [read more]
By Daniel Butler ([email protected]), Director and Bryce Figot, ([email protected]), Special Counsel Overview Draft Law Companion Ruling LCR 2019/D3 contains a very draconic application of the newly amended non-arm’s length income (‘NALI’) and expenditure (‘NALE’) provisions in ss 295-550(1)(b) and 295-550(1)(c) of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’). Advisers must be aware of this [read more]
By William Fettes ([email protected]), Senior Associate, and Daniel Butler ([email protected]) Director, DBA Lawyers From 1 January 2020 employers will also be required to provide superannuation guarantee (‘SG’) support on the amount of employee salary sacrificed contributions under salary sacrifice arrangements (‘SSA’). This article examines this change that was recently made by the Treasury Laws Amendment [read more]
By Daniel Butler ([email protected]), Director and Shaun Backhaus, ([email protected]), Lawyer, DBA Lawyers Upcoming changes There are currently changes before the NSW Parliament which, if passed into law, will have an impact for any discretionary trust that holds residential property in NSW. To minimise any risk, trustees and advisers should take action to be ready for [read more]
By Kimberley Noah ([email protected]), Lawyer, and Daniel Butler ([email protected]), Director Introduction The GST withholding regime (‘Withholding Regime’) was introduced on 1 July 2018 to collect GST from foreign vendors, but has much broader application. GST is typically a vendor responsibility. However, under the Withholding Regime, purchasers of certain residential property must withhold GST from the [read more]
By Allison Murphy, Lawyer ([email protected]), and William Fettes, Senior Associate ([email protected]), DBA Lawyers The limited recourse borrowing arrangement (‘LRBA’) lending market has undergone a significant shift in recent years, with most first-tier bank lenders withdrawing their LRBA offerings for purchasers of residential property. As a result, several smaller second-tier lenders have emerged to fill the [read more]
By Kimberley Noah ([email protected].au), Lawyer When winding up a limited recourse borrowing arrangement (‘LRBA’), appropriate documentation is required. Broadly, an SMSF trustee has the right to acquire legal ownership of an LRBA asset (ie, from the relevant custodian/bare trustee) after the loan is fully repaid. Refer to s 67A(1)(c) of the Superannuation Industry (Supervision) Act [read more]
On Wednesday 20 November 2019 DBA Network is holding a special, once-off SMSF Succession Planning Day (face-to-face). It will provide 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, auditors, SMSF administrators and lawyers who want [read more]
By Kimberley Noah ([email protected]), Lawyer, and William Fettes ([email protected]), Senior Associate Introduction The $1.6 million transfer balance cap (‘TBC’) imposes a limit on the total amount that a fund member can transfer into an exempt (retirement phase) pension. The TBC was introduced with effect from 1 July 2017 with the intention of making the tax [read more]
By Bryce Figot, Special Counsel, DBA Lawyers and Daniel Butler, Director There is a misconception that reversionary pension documentation will always apply before a binding death benefit nomination. If the SMSF deed is silent on the question, it can be entirely possible at times that the binding death benefit nomination (‘BDBN’) will apply before any [read more]
