There is a special type of relationship called a fiduciary relationship. Trustees of SMSFs are in a fiduciary relationship in respect of the beneficiaries of the SMSF. The most recently available ATO statistics state that there are 1,006,975 members of SMSFs, so presumably there are a similar number of SMSF trustees (or directors of [read more]
Until 4 April this year, SMSF trustees with limited recourse borrowings that were ending were faced with a problem. With the loan paid off, there was the prospect of being forced to transfer the asset to the SMSF trustee. The fear had been that to keep the asset inside the trust would give rise to [read more]
On Friday the Supreme Court of Queensland handed down what I believe is a ‘first of its kind’ judgement. McIntosh v McIntosh [2014] QSC 99 was the first time that the following specific question was expressly considered by a court: If a person is eligible to receive a deceased’s super both as the deceased’s legal [read more]
The recent Federal Budget announcement that excess non-concessional contributions will be abolished is great news. However, there is a trap that means advisers still can’t afford to let their guard down when it comes to contributions and careful monitoring is still required. The announcement The Federal Budget contained the following announcement, which was ‘music to [read more]
The decision of EM Squared Pty Ltd v Hassan [2010] SASC 62 has absolutely critical implications for SMSF succession planning, yet few have ever heard of it. (The case is also sometimes cited as Re Australian Motors SA Pty Ltd Staff Superannuation Fund.) This article seeks to detail the vital messages of the case. In [read more]
This article originally appeared in the March 2014 edition of Asset Magazine (Financial Review). If superannuation death benefits are paid to the estate, a quirk in the law can mean higher tax and increased administration costs. Advisers are well-placed to add value by alerting clients and lawyers to this possible tax trap. Where does a [read more]
At DBA Lawyers we like to think of our SMSF deed as being the Rolls Royce of SMSF deeds. We constantly review, refine, test, debate and update it. And we’ve been doing so for well over 20 years. We are Australia leading SMSF law firm with the largest team of dedicated SMSF lawyers. As a [read more]
Australian Taxation Office Interpretative Decision ATO ID 2014/6 provides insights into when a person is financially dependent on someone else. However, it might not provide the ‘full’ picture for many seeking answers about financial dependency. The article seeks to fill in the gaps. Facts of ATO ID 2014/6 The facts of ATO ID 2014/6 are [read more]
Some advisers may have previously recommended that there are opportunities to continue paying a pension following a member’s death to their deceased estate. However, ATO ID 2014/2 provides a real hurdle to this strategy! (Note that this has been a somewhat busy time for the ATO and interpretative decisions regarding pensions. The ATO also recently [read more]
Since 2010 I’ve been lecturing at Melbourne University, presenting the SMSF component of the Master of Laws subject ‘Superannuation Law‘. Melbourne University is my ‘alma mater’. I fully enjoyed studying there for my undergraduate degrees and masters degree and I’m always very happy to be able to give back to the legal community. I’m lecturing [read more]
