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Is an alternate director for an SMSF better than a successor director? Part 2

By Christian Pakpahan, Lawyer and Daniel Butler, Director, DBA Lawyers We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is better. In Part 1 of our series, we considered how alternate directors are problematic in [read more]

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The trustee–member rules explained: Part 1

By Kimberley Noah ([email protected]), Lawyer, and William Fettes ([email protected]), Senior Associate, DBA Lawyers The trustee–member rules are one of the most fundamental concepts underlying the operation of self managed superannuation funds (‘SMSF’). These rules are found in s 17A of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and form part of the key conditions that [read more]

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Can a trustee be liable for a member’s tax debt?

Shaun Backhaus ([email protected]), Lawyer and William Fettes ([email protected]), Senior Associate, DBA Lawyers This article discusses the case of Commissioner of State Revenue v Can Barz Pty Ltd & Anor [2016] QCA 323. Broadly, this case deals with the ability of the Commissioner to recover a member’s tax debts from money that is payable to the trustee [read more]

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The legal minefield of BDBNs (updated)

Binding death benefit nominations have numerous points of failure as evidenced by recent litigation. To implement BDBNs properly there must be a strong deed foundation, precise and careful wording, and ideally no service or notification requirements. Additionally, the nomination should also be integrated as part of the member’s succession and estate planning. [read more]

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Family Law SuperSplitting Documents for SMSFs

By: Daniel Butler, Director, DBA Lawyers ([email protected]) DBA Lawyers, working in consultation with Australia’s leading SuperSplitting legal expert Stephen Bourke, prepares Family Law SuperSplitting documents for SMSFs. We prepare a suite of draft documents based on the instructions for an SMSF member undertaking a superannuation split. The documents are tailored to the member’s circumstances and [read more]

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Work test exemption passes without bring-forward rule complications

By William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers The work test exemption (‘WTE’) allows individuals aged 65 to 74 to make voluntary contributions to superannuation for an additional 12-month period from the end of the financial year in which they last met the work test, subject to their total superannuation [read more]

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Is an alternate director for an SMSF better than a successor director? Part 1

By Christian Pakpahan, Lawyer and Daniel Butler, Director,DBA Lawyers We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is better. We also provide a brief comparison table below to support our view that alternate directors [read more]

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Total superannuation balance and limited recourse borrowing arrangements: Part 2

Joseph Cheung ([email protected]), Lawyer and Daniel Butler ([email protected]), Director, DBA Lawyers Under certain circumstances, an individual member’s total superannuation balance (‘TSB’) will be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on or after 1 July 2018 when the Treasury Laws Amendment (2018 Superannuation Measures No. [read more]

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Superannuation proceeds trusts: can you establish one after a client’s death?

By Bryce Figot ([email protected]), Special Counsel, DBA Lawyers (Note: this article is only a very brief discussion of one aspect of superannuation proceeds trusts — for a complete guide to superannuation proceeds trusts, see https://www.dbalawyers.com.au/dba-news/the-complete-guide-to-super-proceeds-trusts/) In this article I discuss whether a superannuation proceeds trust can be set up after death. However, first I pause [read more]

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Total superannuation balance and limited recourse borrowing arrangements: Part 1

Joseph Cheung, Lawyer and Bryce Figot, Special Counsel, DBA Lawyers If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes law, an individual member’s total superannuation balance (‘TSB’) may be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on or after 1 [read more]