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Contributions age tests, testamentary trusts and the importance of the original trust deed

In this episode of the DBA Lawyers Podcast, we discuss the recent changes to contribution age tests, amendments to the treatment of excepted trust income in testamentary trusts and the recent case of Sutton v NRS(J) Pty Ltd [2020] NSWSC 826 regarding lost trust deeds.

Firstly, we discuss making contributions and some of the recent changes to various age tests, what changes we are still waiting for and the impact this can have for future planning.

Secondly, we discuss the amendments to the Income Tax Assessment Act 1936 (Cth) aimed to prevent people from inappropriately injecting assets into testamentary trusts to obtain favourable tax treatment and what implications this may have for superannuation death benefit payments to a deceased estate.

Finally, we discuss the recent case of Sutton v NRS(J) Pty Ltd highlighting the importance of keeping an original copy of an executed trust deed and what options a trustee may have to rectify the issue of no longer having an original copy of the executed trust deed.

Shaun Backhaus covers these and other topics in DBA Network Pty Ltd’s July SMSF Online Update. For a deeper dive into the contribution rule changes, market linked pension fix, strategies for the current financial year and various other topics, please click here to access the recording. A recorded version is available so you can view at any time.

For a chance to have your SMSF query addressed on the show, please send your questions to [email protected].

All articles referenced in this show are linked below.

Superannuation Legislation Amendment (2020 Measures No.1) Regulations 2020

Recent Change to the Tax Treatment of Income from Super in a Testamentary Trust

Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for Managing Lost Trust Deeds

SMSF July Online Update Recording

Register for the September online update

DBA Network

Hosts (in order of appearance): Zacharia Galloway, Lawyer, Shaun Backhaus, Lawyer