This article is part of a series on SMSF succession planning. In Part 2, we explored the important role of binding death benefit nominations (BDBNs). In Part 3, we examine tax considerations for superannuation death benefits, as well as planning options for arranging a timely payment of benefits to the member before their death. [read more]
This article is part of a series on SMSF succession planning. In Part 1, we explored the key elements of a robust SMSF succession plan with a particular focus on planning for loss of capacity or death. In Part 2, we focus on the important role of binding death benefit nominations (BDBNs). What is a [read more]
A 7.5% levy on the total booking fees will apply for short stay rentals from 1 January 2025. The total booking fee is the sum of all fees and charges related to the booking, eg, cleaning fees, GST etc. However, the total booking fee does not include credit card fees/surcharges. The short stay levy (Levy) [read more]
If residential land in Victoria has been or will be vacant for more than 6 months in a calendar year, the property owner is required to notify the State Revenue Office (SRO). Property owners have until the 15 January to notify the SRO for the prior calendar years’ use and occupation (U+O) of the property. [read more]
This is part 10 of our series of ‘employee versus contractor’ articles. Part 10 focuses on recently updated guidance from the ATO regarding 12 common myths that result in engaging entities incorrectly classifying an employee as a contractor or vice versa. The webpage (QC 33185) can be found here. The other articles (parts 1-9) are linked [read more]
The non-arm’s length income (NALI) provisions contained in s 295-550 of the Income Tax Assessment Act 1997 (ITAA 1997) continue to be a divisive topic, with recent non-arm’s length expense (NALE) changes providing some welcome relief while also highlighting the urgent need for further legislative change for specific NALI and the capital gains tax (CGT) [read more]
The High Court in Hill v Zuda held that ‘reg 6.17A has no application to an SMSF.’ Accordingly, SMSF deeds have a great deal of flexibility as to what they do and do not allow. If they are so drafted, SMSF deeds can allow BDBNs that can override any inconsistent pension documentation. This then begs the question: [read more]
This article is the first in a series on SMSF succession planning. In Part 1, we examine the key characteristics of a sound SMSF succession plan including in relation to planning for control of the fund to pass into trusted hands in the event of a member’s death or loss of capacity. Introduction For many [read more]
DBA Lawyers has always focused on providing quality documents and service instead of competing with other document suppliers on price. As lawyers advising on unit trust investments, we better understand the needs and risks inherent in such transactions and develop our documents based on this experience. We often advise clients who have not obtained appropriate [read more]
In the matter of Absolute Vision Technologies Pty Ltd (subject to deed of company administration) [2024] NSWSC 1010 where a prior self managed superannuation fund (SMSF) trustee had failed to transfer title to a new trustee, a court order (more accurately speaking, ‘judicial advice’) was required to sell an asset to transfer the proceeds to [read more]
