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Categories | Succession planning

Advantages of the DBA Lawyers SMSF deed (2020-21)

Advantages of the DBA Lawyers SMSF deed (2020-21)

DBA Lawyers provides the best SMSF governing rules and related documents, with numerous 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 2020/21) comes with the following upgrades: enhanced binding death benefit nomination (‘BDBN’) [read more]

COVID-19 Withdrawal Kit launched

COVID-19 Withdrawal Kit launched

Due to client demand, DBA Lawyers has launched a COVID-19 Withdrawal Kit. This kit is designed to assist accountants, financial planners, auditors, administrators and other SMSF professionals in respect of the new COVID-19 condition of release. It contains: Template SMSF documentation such as trustee resolutions and related correspondence to ensure maximum regulatory compliance Template adviser [read more]

Idea, plan, action, success. List with the check marks. Business strategy: idea, plan, action, success. Red pencil and a checklist with red marks. 3D Illustration

SMSF Succession Diagnostic Service

Click here to provide your instructions For many Australians, SMSF investments are a key component of their retirement savings and wealth creation strategies. For example, the ATO confirmed there were more than 600,000 SMSFs with an average value of more than $1.27 million for the quarter ended 30 September 2019. Unfortunately, many do not plan [read more]

DBA Lawyers –– the best BDBN is now even better

DBA Lawyers –– the best BDBN is now even better –– COVID-19

The COVID-19 pandemic has raised various practical issues for SMSF trustees and members. Members may wish to make a binding death benefit nomination (‘BDBN’) but may be frustrated by the requirement to have two independent witnesses available as this can prove challenging, if not impossible or illegal, during these difficult and dangerous (COVID-19) times. To [read more]

SMSF succession –– minimising risk given COVID-19

SMSF succession –– minimising risk given COVID-19

In recent months, we have seen a significant increase in succession planning queries and assignments where we have been asked to provide advice and/or documents, including binding death benefit nominations (‘BDBNs’), reversionary pensions, planning for control of an SMSF and implementing timely member exit strategies for those who may be left with a limited time [read more]

Accessing super before retirement part 1: temporary incapacity

Accessing super before retirement part 1: temporary incapacity

Background There are several methods that a member can to access their superannuation ‘legitimately’ before retirement. Lately, advisers, self managed superannuation fund (‘SMSF’) trustees and members are very keen to learn more on this topic given the financial stress caused by the recent bushfires, floods, COVID-19 pandemic and reduced business/economic activity.  Further, the Australian Taxation [read more]

Should an SMSF have a tenants in common agreement?

Should an SMSF have a tenants in common agreement?

Introduction Real estate is a common and popular investment for SMSFs. Indeed, the ATO’s SMSF statistical report for the quarter ended 30 September 2019 shows that SMSFs held around $35 billion in residential real property and around $64.6 billion in non-residential property, ie, around $99.6 billion worth of real property. It is also reasonably popular [read more]

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

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

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]