Prohibition on borrowing and charging It is well known that SMSF trustees are generally prohibited from borrowing. One exception to this prohibition is where the borrowing complies with the requirements under s 67A of the Superannuation Industry (Supervision) Act 1993 (Cth), otherwise known as a limited recourse borrowing arrangement (LRBA). An SMSF trustee is also [read more]
Unrealised capital gains Taxation of unrealised capital gains has been contentiously debated amongst OECD countries. Australia appears set to join the ranks of Norway and Switzerland with the Labor Government seeking to pass legislation that effectively taxes unrealised capital gains. This will be a major step in tax law in Australia and may result in [read more]
DBA Lawyers is pleased to announce our new suite of legacy pension commutation documents. Pursuant to the amnesty provisions, these documents allow for a member to fully commute the following types of legacy pensions within the prescribed 5-year amnesty period (7 December 2024 – 6 December 2029): a complying lifetime pension (CLP) (ie, a pension [read more]
We all know that, since 2007, new SMSF trustees/directors have to sign a trustee declaration pursuant to s 104A of the Superannuation Industry (Supervision) Act 1993 (Cth). However, how long must the declarations be retained for? Do the declarations only need to be retained for 10 years? Also, what to do if the declarations are [read more]
Victoria’s vacant residential land tax (VRLT) has undergone several changes since it was first introduced on 1 January 2018. From 1 January 2025, the VRLT went from being a flat 1% of the land’s capital improved value (CIV) to a progressive tax rate of up to 3% of CIV determined by the number of consecutive [read more]
This article provides important background context on why SMSF trustees may wish to consider using the ATO’s early engagement and voluntary disclosure service to notify the ATO regarding contraventions of the Superannuation Industry (Supervision) Act 1993 (SISA) or Superannuation Industry (Supervision) Regulations 1994 (SISR). As outlined in this article, there can be significant advantages to [read more]
The ATO is a large bureaucracy and produces a lot of guidance material. Thus it is important that advisers and taxpayers understand the range of material (or products) published by the ATO and the level of protection that each provides. Generally, the ATO feels bound by its published material from an administrative viewpoint. However, only [read more]
As a lawyer, I do a lot of work advising and representing approved SMSF auditors who are being audited/reviewed by the ATO and/or who have been referred to ASIC. Accordingly, I’m often very interested in the ‘business’ of being an approved SMSF auditor. Earlier this month, the ATO released data regarding titled ‘Self-managed super funds: [read more]
Background Since 1 July 2023, a Windfall Gains Tax (WGT) has been applied to land in Victoria that is rezoned from one zone type to another where the rezoning results in a value uplift to the land of more than $100,000. WGT is a substantial tax on the increased value of land in Victoria with [read more]
As a lawyer, I do a substantial amount of work advising and representing approved SMSF auditors who are being audited/reviewed by the ATO and/or who have been referred to ASIC. Accordingly, I was interested to see an article in selfmanagedsuper quoting ATO Acting Deputy Commissioner Paul Delahunty as follows (https://smsmagazine.com.au/news/2025/01/20/proof-of-transaction-terms-a-concern/): Section 109 [of the SIS Act] [read more]
