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Employee or contractor — ATO issues further decision impact statement on key case – Part 9

This is part 9 of our series of ‘employee versus contractor’ articles. Part 9 focuses on the ATO’s recent decision impact statement (DIS) on the Full Federal Court (Full Court) in Jamsek v ZG Operations Australia Pty Ltd (No 3) [2023] FCAFC 48 (Jamsek). The other articles (parts 1-8) are linked under the Related Articles [read more]

Deed of trust

Family trusts –– managing unpaid present entitlements

Unless carefully managed, unpaid present entitlements (UPEs) and beneficiary accounts in family/discretionary trusts can give rise to significant tax risks. Section 100A anti-avoidance provisions Section 100A of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936) is an anti-avoidance provision that applies to arrangements where one person receives a benefit from a trust but another [read more]

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ATO guidance on managing trust distributions

Overview The taxation of trusts continues to be an area of scrutiny for the ATO. The ATO has released a webpage titled ‘Trust distributions done right’ that provides guidance to practitioners on how to prepare for year-end trust distributions. The webpage (QC 101752) can be found here. Clearly, the ATO is concerned with trustees and [read more]

SMSF Bank Accounts and Overdraft Implications

SMSF bank accounts and overdraft implications

Bank accounts are essential for a self managed superannuation fund (SMSF). For example, an SMSF typically requires a bank account to accept receipts including contributions and rollovers and pay expenses and benefits. However, many SMSF trustees fail to realise that some bank accounts are riskier than others. This article outlines the importance of preventing a [read more]

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Employee or contractor – new changes to the Fair Work Act – Part 7

This is part 7 of our series of ‘employee versus contractor’ articles. Part 7 focuses on recent changes by the Federal Government to the definition of ‘employer’ and ‘employee’ in the context of the Fair Work Act 2009 (Cth) (FWA). The other articles (parts 1-6) are linked under the Related Articles heading below. Overview The [read more]

Arms touching expenses

Status update on the non-arm’s length expense legislation as Senate approves

The non-arm’s length expense (NALE) legislation was approved by the Senate on 27 March 2024. The draft legislation (ie, the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Bill)) that includes a limit on general NALE for SMSFs, now awaits approval from the House of Representatives. Parliament resumes on [read more]

Deed of trust

Why you should order discretionary trusts from DBA Lawyers

While DBA is recognised as Australia’s leading SMSF law firm, it is also well known for its trust law experience and trust documents. We believe that we offer an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects the latest legal developments. As lawyers advising on discretionary trust issues and [read more]

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SMSFs buying overseas property – tips & traps

Overseas property may appear as an attractive investment on the surface. However, when an SMSF is the purchaser there are several compliance traps for trustees to navigate. SMSF trustees can purchase property either outright with SMSF funds or via a limited recourse borrowing arrangement (LRBA). To illustrate the potential risks involved, each of these types [read more]

Business-Fraud-Investigation

ASIC takes action against a number of approved SMSF auditors

ASIC recently took action against a number of approved SMSF auditors. ASIC felt that the  approved SMSF auditors’ conduct did not meet the required standards and the action taken by ASIC included: disqualifying some auditors; imposing additional conditions on some approved SMSF auditors ; and cancelling the registration of other approved SMSF auditors. For more [read more]

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New decision highlights options for disqualified persons: Barry, in the matter of an application by Barry [2024] FCA 13

In an urgent matter brought to Shariff J as the vacation duty judge this January, the risks to SMSF compliance, where all members of the fund become disqualified persons, were on full display with orders needing to be granted simply to allow the disqualified members to act to wind up the fund. The case, Barry, in [read more]