Categories | Taxation

Victoria, NSW and Tasmania foreign purchaser duty update — Discretionary Trusts

By Shaun Backhaus on 28/02/2020 in Announcements, Investments, Succession planning, Taxation, Trustee education

Since the foreign purchaser duty surcharge was first introduced in Victoria in 2015, it has been introduced in NSW, Tasmania, WA and SA (and only in respect of land tax in the ACT). The various changes in law and administrative practice in these jurisdictions, has made this a challenging area of law. In particular, the [read more]

SMSFs, super & international issues

By William Fettes on 03/02/2020 in ATO, Audit, Investments, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

In today’s increasingly globalised world, it is not uncommon for many family groups (ie, fund members and their children) to have overseas-based investments, working/living arrangements and other entanglements over their lifetime. Accordingly, it is not surprising that in recent years DBA Lawyers has seen an increase in the number of matters we provide assistance on [read more]

What type of dishonesty disqualifies a person from having an SMSF?

By Daniel Butler on 16/01/2020 in Audit, Licensing, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

Introduction This article examines the nature of disqualification and what convictions can preclude a person from forever being an SMSF trustee/director. Given the serious consequences of disqualification, it is important to consider the circumstances in which a person may have been automatically, and even unknowingly, disqualified. SMSF members should also consider their children as a [read more]

What limits SMSF advisers should be aware of when providing advice

By Daniel Butler on 13/01/2020 in Audit, Licensing, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Taxation, Trustee education

Overview This articles examine what advice SMSF advisers can and cannot provide without ‘stepping over the line’ especially in providing taxation, financial product or legal advice which they may not be permitted to provide. For example, an adviser providing legal advice or services (eg, preparing an SMSF deed update, binding death benefit nomination (‘BDBN’) or [read more]

NALI –– unit trusts and draft LCR 2019/D3

By Daniel Butler on 20/12/2019 in Announcements, ATO, SMSF strategy, Taxation

Overview Draft Law Companion Ruling LCR 2019/D3 (‘LCR’) covers the ATO views on how the amendments to s 295-550 (of the Income Tax Assessment Act 1997 (Cth)) operate where parties to a scheme do not deal with each other at arm’s length and an SMSF incurs non-arm’s length expenditure in gaining or producing assessable income. Broadly, [read more]

NALI – is the ATO’s net too wide?

By Daniel Butler on 01/12/2019 in ATO, Taxation

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 of the ATO’s view in relation to the ‘nexus’ that is required between [read more]

NALI –– warning –– draft LCR 2019/D3

By Daniel Butler on 29/11/2019 in ATO, Taxation

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 application. However, it should be noted that there is considerable opposition [read more]

Salary sacrifice amounts and SG changes

By William Fettes on 28/11/2019 in Announcements, ATO, Contributions, Investments, Taxation

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 (2019 Tax Integrity and Other Measures No. 1) Act 2019 (Cth) (‘Act’), which [read more]

NSW duty and land tax surcharge changes — action needed before 31 December 2019

By Shaun Backhaus on 25/11/2019 in Announcements, Taxation

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]

SMSFs and GST withholding on residential premises

By Daniel Butler on 28/10/2019 in Investments, Limited recourse borrowing arrangements, SMSF compliance, SMSF strategy, Taxation

By Daniel Butler, Director ([email protected]), DBA Lawyers 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 amount payable to a vendor [read more]

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