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Latest AAT decision on regulation of approved SMSF auditors: Townshend and ASIC

Ms Janette Townshend was an approved SMSF auditor. However, in 2022 ASIC disqualified her. She applied for the AAT to review ASIC’s decision to disqualify her. The AAT recently handed down the outcome of that application. I do a lot of work with approved SMSF auditors. Accordingly, I read the decision with great interest. Here [read more]

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SMSF Succession Diagnostic Service

Many SMSF members do not plan ahead in relation to what is to happen with their superannuation upon loss of capacity, death or other relevant life events. Indeed, in DBA Lawyers’ experience, a considerable proportion of SMSFs have outdated, inappropriate or no succession plans in place. Unfortunately, such lack of planning can give rise to [read more]

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University of Adelaide Report highlights numerous concerns with taxing $3M+ member super balances

A recent report by University of Adelaide’s International Centre for Financial Services (Report), issued in October 2023, has raised numerous concerns on the proposed new Division 296 tax. The proposed 15% tax on taxable superannuation earnings on superannuation fund member’s with more than $3 million in total superannuation balance (TSB) is set to commence from [read more]

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Vacant Residential Land Tax in Victoria soon to be extended

The Appointor of a discretionary trust is a role created under the terms of the trust that usually provides for that person to have the ultimate control of the trust. For example, the Appointor under the DBA Lawyers’ trust deed: • must consent to any variations to the trust deed; • has power to appoint [read more]

More businesses protected under unfair contract terms provisions

On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]

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Recent case law on UPEs and Div 7A – what should you tell clients?

On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]

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New 15% tax on $3M+ member super balances –– exposure draft legislation now issued as Div 296 tax

Overview The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 (Draft Bill), together with accompanying explanatory materials, was released by Treasury for public consultation on 3 October 2023. This follows the release by Treasury of a consultation paper, Better Targeted Superannuation Concessions (consultation paper) on 31 March 2023. The Draft Bill proposes to insert [read more]

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NALE changes introduced as Bill on 13 September 2023

On 13 September 2023, Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Cth) was introduced into the House of Representatives (NALE Bill). The NALE Bill provide guidance on changes to the non-arm’s length expense (NALE) provisions introduced in s 295-550(1)(b) and (c) of the Income Tax Assessment Act 1997 [read more]

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Watch out for extra transfer duty on property investments via a company or unit trust

Overview Structuring property investments via a company or unit trust may give rise to landholder duty for non-related investors as highlighted in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue (Review and Regulation) [2023] VCAT 634. This decision resulted in an additional $151,235 of duty plus interest [read more]