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This article considers why the constitution of a corporate trustee is important and what should be included in an SMSF constitution. Firstly, there are many reasons why a coporate trustee is preferable to individual trustees for an SMSF. For example a corporate trustee has the following benefits over indiviuals: ease of succession planning and meeting [read more]
Where a relationship breakdown has occurred between spouses, the parties’ superannuation entitlements may be subject to an overall family law property settlement. Typically this involves one spouse agreeing to or otherwise being required to give up some of their superannuation benefits in favour of the other spouse based on appropriately drafted orders or financial agreements. [read more]
Introduction The proportioning rule is used to calculate the tax free and taxable components of a superannuation benefit. Having a sound understanding of this rule is key to many super strategies. Overview –– proportioning rule The proportioning rule provides that the tax free and taxable components of a superannuation benefit are taken to be paid [read more]
While DBA is recognised as Australia’s leading SMSF law firm, it is also well known for it’s great depth of tax and trusts expertise. DBA Lawyers offers an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects the latest legislative changes. Also included is a detailed memo, trustee resolutions, covering [read more]
When considering six member SMSFs, the Senate Economics Legislation Committee has hinted at an important trap that advisers must remember. Background On 27 April 2018 the then Minister for Revenue and Financial Services Kelly O’Dwyer MP announced that the government would expand the limit on the maximum number of members in SMSFs from four to [read more]
![An important reminder when drafting deeds: Wilstead No. 5 Pty Ltd v Smyth [2020] VSC 651](https://www.dbalawyers.com.au/wp-content/uploads/2020/11/An-important-reminder-when-drafting-deeds-Wilstead-No-5-Pty-Ltd-v-Smyth-2020-VSC-651-200x200.jpg "An important reminder when drafting deeds: Wilstead No. 5 Pty Ltd v Smyth [2020] VSC 651")
The recent Victorian Supreme Court decision of Wilstead No. 5 Pty Ltd v Smyth [2020] VSC 651 serves as an important reminder when drafting SMSF deeds. These days many non-lawyers — such as accountants and financial planners — draft deeds by populating websites that instantly generate deeds with no lawyer review or sign off. We [read more]
This article considers a number of civil penalty orders that have been imposed by the courts on trustees of SMSFs that contravened the civil penalty provisions under s 193 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). Background Substantial penalties can be imposed for contravening the following: the sole purpose test; lending or providing financial [read more]
Introduction The ATO recently published Law Administration Practice Statement PS LA 2020/3 to guide ATO staff on how to apply administrative penalties. This provides the methodology on how ATO case officers make determinations on imposing and remitting penalties for contraventions under s 166 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). The ATO’s view is [read more]
![An important reminder on excess contributions: Purcell and Commissioner of Taxation [2020] AATA 4235](https://www.dbalawyers.com.au/wp-content/uploads/2020/11/An-important-reminder-on-excess-contributions-Purcell-and-Commissioner-of-Taxation-2020-AATA-4235-200x200.jpg "An important reminder on excess contributions: Purcell and Commissioner of Taxation [2020] AATA 4235")
The recent AAT decision of Purcell and Commissioner of Taxation [2020] AATA 4235 serves as an important reminder when making superannuation contributions. Facts For the full decision, see http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/AATA//2020/4235.html. A summary of the fact is as follows. The AAT indicated that during the financial year ended 30 June 2018, Mrs Purcell had a non-concessional contributions [read more]
Deeds are vital to the SMSF industry. Most SMSFs will be established by deed. Subsequent variations to the deed/governing rules of an SMSF, as well as a range of other documents, will typically be contained in a deed. Accordingly, it is vital that SMSF advisers know what is required for a document to be a [read more]
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