If residential land in Victoria has been or will be vacant for more than 6 months in a calendar year, the property owner is required to notify the State Revenue Office (SRO). Property owners have until the 15 January to notify the SRO for the prior calendar years’ use and occupation (U+O) of the property. [read more]
This is part 10 of our series of ‘employee versus contractor’ articles. Part 10 focuses on recently updated guidance from the ATO regarding 12 common myths that result in engaging entities incorrectly classifying an employee as a contractor or vice versa. The webpage (QC 33185) can be found here. The other articles (parts 1-9) are linked [read more]
The non-arm’s length income (NALI) provisions contained in s 295-550 of the Income Tax Assessment Act 1997 (ITAA 1997) continue to be a divisive topic, with recent non-arm’s length expense (NALE) changes providing some welcome relief while also highlighting the urgent need for further legislative change for specific NALI and the capital gains tax (CGT) [read more]
This article is the first in a series on SMSF succession planning. In Part 1, we examine the key characteristics of a sound SMSF succession plan including in relation to planning for control of the fund to pass into trusted hands in the event of a member’s death or loss of capacity. Introduction For many [read more]
DBA Lawyers has always focused on providing quality documents and service instead of competing with other document suppliers on price. As lawyers advising on unit trust investments, we better understand the needs and risks inherent in such transactions and develop our documents based on this experience. We often advise clients who have not obtained appropriate [read more]
In the matter of Absolute Vision Technologies Pty Ltd (subject to deed of company administration) [2024] NSWSC 1010 where a prior self managed superannuation fund (SMSF) trustee had failed to transfer title to a new trustee, a court order (more accurately speaking, ‘judicial advice’) was required to sell an asset to transfer the proceeds to [read more]
Yesterday, Treasury released exposure draft regulations to allow people to exit certain legacy pensions. This expands on and supports implementation of the 2021–22 Budget measure to allow exiting certain legacy retirement products. For some this will be highly welcome news! In the next SMSF Online Update, Bryce Figot will unpack these regulations in detail, discussing: [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 paid considerable attention to certain new statistics that the ATO released recently regarding ‘SMSF auditor case outcomes 2023–24. ATO referrals to ASIC are [read more]
Non-arm’s length income (NALI) applies a 45% tax to both ordinary and statutory income of a superannuation fund. A net capital gain is statutory income. However, how does NALI interact with the capital gains tax (CGT) provisions? The ATO has recently released Tax Determination (TD) 2024/5 to outline its current view on the interaction between [read more]
While DBA is recognised as Australia’s leading SMSF law firm, it is also well known for its trust law experience and trust documents. We believe that we offer an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects the latest legal developments. As lawyers advising on discretionary trust issues and [read more]
