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Close up of typewriter and Deed of trust

Discretionary trusts – variations and issues

Discretionary trusts are an extremely popular structuring and investment vehicle in Australia. In FY2016, there were around 850,000 trusts in Australia with assets of more than $3 trillion with one report predicting there could be more than a million trusts by 2022. In most Australian jurisdictions a discretionary trust can last up to 80 years (and in [read more]

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Advantages of the DBA Lawyers SMSF deed (2021-22)

DBA Lawyers latest SMSF governing rules and related documents includes many value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2021-22) comes with the following upgrades: expanded Trustee investment powers in respect of any [read more]

Close up of typewriter and Deed of trust

Hill v Zuda Pty Ltd [2021] WASCA 59 — how long can a BDBN last for in ALL Australian jurisdictions?

The Western Australian Court of Appeal recently handed down its decision in Hill v Zuda Pty Ltd [2021] WASCA 59. It provides a strong answer to the question of how long a binding death benefit nomination can last for in ALL Australian jurisdictions. Facts Ms Hill was the only child of Alec Kumar Sodhy (Deceased). [read more]

Close up of typewriter and Deed of trust

Variation powers — lessons from Re Owies Family Trust [2020] VSC 716

Key facts The case of Re Owies Family Trust [2020] VSC 716 (Owies) provides many lessons for trustees and advisers dealing with discretionary trusts. This article focuses on one key issue raised in Owies, being the limited variation power that did not allow for a number of purported variations. Owies involved a dispute between the [read more]

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Company constitutions and SMSFs

This article considers why the constitution of a corporate trustee is important and what should be included in an SMSF constitution. Firstly, there are many reasons why a coporate trustee is preferable to individual trustees for an SMSF. For example a corporate trustee has the following benefits over indiviuals: ease of succession planning and meeting [read more]

Why should you order trusts from DBA Lawyers?

Why should you order trusts from DBA Lawyers?

While DBA is recognised as Australia’s leading SMSF law firm, it is also well known for it’s great depth of tax and trusts expertise. DBA Lawyers offers an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects the latest legislative changes. Also included is a detailed memo, trustee resolutions, covering [read more]

SMSF Trustee Compliance Kit

SMSF Trustee Compliance Kit

The DBA Lawyers’ Trustee Compliance Kit (‘TC Kit’) provides practical guidance for SMSF trustees on the procedural requirements of decision recording. The TC Kit provides excellent guidance on how SMSF trustees should comply with their decision making and recording of trustee decisions under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) [read more]

Six member SMSFs –– the pros and cons

Six member SMSFs –– the pros and cons

Overview The prospect of six member SMSFs has moved a step further when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 (‘Bill’) was recently introduced into Parliament. If the Bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 [read more]

Managing TBC & minimising excess transfer balance tax

Managing TBC & excess transfer balance tax

Overview This article focuses on managing a member’s transfer balance cap (‘TBC’) with a view to minimising excess transfer balance tax (‘ETB Tax’). We provide a brief background to assist members and SMSF trustees to better monitor transfer balance caps (‘TBC’) so they can avoid or minimise ETB Tax. This article covers account-style pensions such [read more]

SG amnesty –– 7 September 2020 deadline

SG amnesty –– 7 September 2020 deadline

Background The Superannuation Guarantee (‘SG’) amnesty was introduced as law on 6 March 2020 by the Treasury Laws Amendment (Recovering Unpaid Superannuation) Act 2020 (Cth) and the deadline of 7 September 2020 is near. The amnesty enables ‘employers’ to rectify any shortfall and related amounts under the Superannuation Guarantee (Administration) Act 1992 (Cth) (‘SGAA’) for [read more]