Two mysteries that loom large on the SMSF landscape are the issues of SMSF penalties and the sole purpose test. However, a recent Federal Court case sheds some light on the uncertainties in these areas. Facts of the case The decision in Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA [read more]
There are many strategies put forward on how to provide smooth and effective succession for a self managed superannuation fund (‘SMSF’) members. Fortunately, while there is no ‘one size fits all’ solution, there are a number of strategies that are simple and cost effective that can substantially bolster your position and set the ‘foundation’ for [read more]
There is a special type of relationship called a fiduciary relationship. Trustees of SMSFs are in a fiduciary relationship in respect of the beneficiaries of the SMSF. The most recently available ATO statistics state that there are 1,006,975 members of SMSFs, so presumably there are a similar number of SMSF trustees (or directors of [read more]
Since 2010 I’ve been lecturing at Melbourne University, presenting the SMSF component of the Master of Laws subject ‘Superannuation Law‘. Melbourne University is my ‘alma mater’. I fully enjoyed studying there for my undergraduate degrees and masters degree and I’m always very happy to be able to give back to the legal community. I’m lecturing [read more]
Many do not realise the extent of the disqualified person provisions in the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). This can result in a person inadvertently acting as trustees of self managed superannuation funds (‘SMSF’) while disqualified. Doing so exposes these trustees to significant penalties. We explore some of the nuances of the disqualified [read more]
