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SMSFs –– the CGT withholding regime on property transfers is far broader than many think

By: Philippa Briglia, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers Most people by now may be aware of the non-resident capital gains tax withholding (‘Withholding Regime’), which applies to vendors disposing of certain taxable property. Broadly, the Withholding Regime was introduced to allow the Australian government to obtain tax in respect of foreign [read more]

SMSF deeds – which supplier should you use: a law firm or a non-qualified supplier?

1. Introduction There are numerous suppliers of self managed superannuation funds (‘SMSFs’) deeds apart from law firms with SMSF expertise. These days, for instance, there are a range of other (non-qualified) suppliers who supply SMSF deeds. These suppliers may deliver complex documents without any qualifications or expertise. This article seeks to explain the main differences [read more]

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Bare trust documents are required where fund trustees are practically unable to hold legal title to fund assets

By William Fettes ([email protected]), Senior Associate, DBA Lawyers The starting point at general law is that legal title to fund assets must generally be held in name of the current trustees of the fund. However, this is not always possible, eg, where an SMSF trustee is unable to hold legal title, and title is instead [read more]

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The SMSF death tax and what it means for you

By Daniel Butler, Director, DBA Lawyers  In Australia, death duties (broadly inheritance taxes) were abolished in 1979. In the realm of superannuation, however, when a member dies, recipients of superannuation death benefits are sometimes liable to pay tax. Who doesn’t have to pay the super death tax? Superannuation death benefits are received tax free by [read more]

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Can SMSFs invest in Bitcoin?

Shaun Backhaus, Lawyer and Daniel Butler, Director, DBA Lawyers  While there are a large number of cryptocurrencies in existence (currently over 1600), this article will focus on Bitcoin for simplicity. Our comments contained here may apply to other cryptocurrencies with the same characteristics as Bitcoin. What is Bitcoin? As a very basic explanation, the Bitcoin [read more]

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Ensure an SMSF meets the residency tests

By Daniel Butler, Director, DBA Lawyers The consequences of an SMSF failing the residency rules can be automatic non-complying status. This will broadly mean the entire amount of the SMSF’s assets, less non-concessional contributions, are taxed at 45% in the year of non-compliance (47% during temporary budget repair levy financial years of 2014-15, 2015-16 and [read more]

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Custodian appointment documents are required where fund trustees are practically unable to hold legal title to fund assets

By William Fettes ([email protected]), Senior Associate, DBA Lawyers The starting point at general law is that legal title to fund assets must generally be held in name of the current trustees of the fund. However, this is not always possible, eg, where an SMSF trustee is unable to hold legal title, and title is instead [read more]

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ATO compliance action penalties for SMSFs

By Daniel Butler, Director, DBA Lawyers This article looks at the actions and penalties the ATO can impose on trustees of self managed superannuation funds (‘SMSF’). In 2014, a new regime added the following compliance powers to the ATO’s arsenal: Education directions Rectification directions Administrative penalties In addition to the above, the ATO has the [read more]

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Ways to remove a member from an SMSF

By Daniel Butler, Director, DBA Lawyers Removing a member from a self managed superannuation fund (‘SMSF’) is not a simple process, particularly where there is a dispute or some animosity among members. Here are some situations that DBA Lawyers has come across: family members have a falling out with a particular family member that they [read more]

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Not all companies are created equal

Daniel Butler, Director, DBA Lawyers Small private companies frequently act as trustees for SMSFs or trusts, and sometimes in their own right. These companies are governed by their constitution (a set of internal rules). Standard constitutions for a private company are often outdated and contain many pitfalls for the unwary. On the other hand, the [read more]