DBA Lawyers

Applying to the Commissioner for a PR may be desirable for seeking clarification of the Commissioner’s treatment of a proposed transaction. Alternatively, a PR may be seen as a strategic tool to be used in bringing about the jurisdiction of the Administrative Appeals Tribunal (‘AAT’) to review a decision of the Commissioner or to appeal [read more]

Of the latest SMSF strategies available in the market place, the most flexible and sought after by members of SMSFs are superannuation contributions splitting and the transition to retirement pensions (or non-commutable pensions) (‘NCP’). These strategies provide members of SMSFs with the flexibility to draw an income stream while they continue to work and to [read more]

The revised regulations that affect the payment of allocated pensions (‘AP’) and market linked pensions (‘MLP’) were finalised in mid December 2005 with a number significant changes. This edition of news highlights the main changes and includes a table of pensions and income streams payable from an SMSF. Allocated Pension Changes New pension valuation factors [read more]

From 1 January 2006 a higher scale of land tax rates will apply to land held by trusts. Broadly, unless a nomination (see below) is made: there will generally be a 0.375% surcharge applying to land held by a trust (the surcharge tapers off above $1.62 million of unimproved land value and is eliminated above [read more]

The government has recently released regulations that affect the payment of allocated pensions (‘AP’) and market linked pensions (‘MLP’). In particular, the regulations provide greater planning opportunities for pensioners from 1 January 2006*. Allocated Pension Changes New factors will be introduced that reflect current life expectancy tables. The factors will apply to APs starting on [read more]

With an ever-increasing globalisation of the work force, it is not uncommon for employees to be seconded overseas on short-term assignments. Moreover, families may relocate to an overseas destination for one reason or another. However, what may initially be intended as a 12 month posting could, in fact, blow-out to 2 years or more. The [read more]

The decision to have individual trustees or a company act as trustee of a self managed superannuation fund (‘SMSF’) has now become clear cut, thanks to a recent clarification by the ATO. Since mid 1993, many advisers have relied upon a loose interpretation of section 19 of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). [read more]

The ATO has recently examined the ability to split a superannuation fund without incurring a capital gains tax (‘CGT’) liability in ATO Interpretative Decision ID 2005/176. However, the ATO have since indicated that extra criteria needs to be satisfied by an SMSF to rely on this strategy. What is trust cloning? Trust cloning involves setting [read more]

There have been substantial reforms in recent times to the rules governing self managed superannuation funds (‘SMSF’). Irrespective of when you last upgraded your trust deeds, we recommend you consider reviewing them with the issues outlined below in mind. With the defined benefit pension (‘DBP’) window of opportunity closing for many on 31 December 2005 [read more]

‘In this world, nothing can be said to be certain except death and taxes’ — Benjamin Franklin, 1789 At the time of writing, Benjamin Franklin meant to say that death was certain and that death duties followed automatically from death. While today there is no death or probate duty, capital gains tax (‘CGT’) exists, which [read more]