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]
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]
In today’s increasingly globalised world, it is not uncommon for many family groups (ie, fund members and their children) to have overseas-based investments, working/living arrangements and other entanglements over their lifetime. Accordingly, it is not surprising that in recent years DBA Lawyers has seen an increase in the number of matters we provide assistance on [read more]
Introduction Unit trusts are a common investment structure in Australia and can provide a simple way for parties to invest in an investment or business together. In particular, investing via a unit trust is a popular way for SMSFs to gain real estate exposure and is often used where real estate is being developed. While [read more]
Introduction A superannuation interest is considered ‘property’ for the purposes of the Family Law Act 1975 (Cth) (‘FLA’). Thus, it may be split in a similar manner as the parties’ other assets in response to a relationship breakdown. Indeed, the superannuation splitting laws extend to all de facto relationships in all states and territories, except [read more]
Introduction This article examines the nature of disqualification and what convictions can preclude a person from forever being an SMSF trustee/director. Given the serious consequences of disqualification, it is important to consider the circumstances in which a person may have been automatically, and even unknowingly, disqualified. SMSF members should also consider their children as a [read more]
Overview This articles examine what advice SMSF advisers can and cannot provide without ‘stepping over the line’ especially in providing taxation, financial product or legal advice which they may not be permitted to provide. For example, an adviser providing legal advice or services (eg, preparing an SMSF deed update, binding death benefit nomination (‘BDBN’) or [read more]
Daniel Butler and I are senior fellows at Melbourne Law School and lecture a subject titled LAWS70267 Taxation of Superannuation. It’s a five day intensive subject. It will next run in February 2020. We’ve been putting the finishing touches on it to ensure the subject is fully up to date for all changes. The subject [read more]
By Daniel Butler, Director ([email protected]), DBA Lawyers Overview The ATO has recently updated its approved SMSF auditor checklist. This checklist sets certain minimum expectations of auditors and is used by the ATO when reviewing an auditor’s competency. This checklist can be found at https://www.ato.gov.au/assets/0/104/2244/2335/9c29ecc7-c31a-4253-b1ae-9fecbb45d252.pdf. The professional obligations of SMSF auditors are contained in Part 16 [read more]
By Allison Murphy, Lawyer ([email protected]), and William Fettes, Senior Associate ([email protected]), DBA Lawyers The limited recourse borrowing arrangement (‘LRBA’) lending market has undergone a significant shift in recent years, with most first-tier bank lenders withdrawing their LRBA offerings for purchasers of residential property. As a result, several smaller second-tier lenders have emerged to fill the [read more]
