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Accessing super before retirement part 1: temporary incapacity

Accessing super before retirement part 1: temporary incapacity

Background There are several methods that a member can to access their superannuation ‘legitimately’ before retirement. Lately, advisers, self managed superannuation fund (‘SMSF’) trustees and members are very keen to learn more on this topic given the financial stress caused by the recent bushfires, floods, COVID-19 pandemic and reduced business/economic activity.  Further, the Australian Taxation [read more]

DBA Lawyers - Ensure an SMSF meets the residency tests

Ensure an SMSF meets the residency tests

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 2016-17). The result of this is [read more]

Should an SMSF have a tenants in common agreement?

Should an SMSF have a tenants in common agreement?

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]

Victoria, NSW and Tasmania foreign purchaser duty update — Discretionary Trusts

Victoria, NSW and Tasmania foreign purchaser duty update — Discretionary Trusts

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]

SMSFs, super & international issues

SMSFs, super & international issues

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]

SMSFs & Family Law Super Splitting

SMSFs & Family Law Super Splitting

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]

dishonesty disqualifies

What type of dishonesty disqualifies a person from having an SMSF?

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]

What limits SMSF advisers should be aware of when providing advice

What limits SMSF advisers should be aware of when providing advice

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]