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Suspension of hardcopy delivery

Due to Melbourne being in lock down, we have suspended all deliveries of hardcopy documents from 5 August 2020. We will continue to supply documents in PDF via email. We intend to resume hard copy printing ASAP once the lock down restrictions ease (ETA mid-September).

Electronic execution of deeds by individuals and companies due to COVID-19 temporary relief measures

In this episode of the DBA Lawyers Podcast, we discuss electronic execution of deeds, making an effective binding death benefit nomination (‘BDBN’) and the possibility of SMSFs providing rental relief due to COVID-19.

Firstly, we discuss the new temporary relief legislation made by the New South Wales (‘NSW’), Victorian and the Federal governments to allow for deeds to be made electronically. The new legislation allows for deeds to be made by individuals in both NSW and Victoria and for companies to also make deeds electronically subject to certain prescribed criteria being followed. The requirements to make a deed electronically are quite stringent and the procedures set out in the legislation must be adhered to if executing a deed electronically. For a comprehensive look into the new legislation please click here to read more about electronic execution of deeds by individuals and click here for companies.

Secondly, we discuss the making of a legally effective BDBN and some of the pitfalls and situations that members, trustees and advisers may find themselves in. We outline the importance of having quality documentation that allow for a firm foundation and flexibility when making a BDBN. We take the opportunity here to highlight some of the features of our latest SMSF governing rules that went live on 4 May 2020 that allows for, among other things, a BDBN to be made without witnesses.

Finally, we discuss SMSFs giving rental relief due to COVID-19 and the potential non-arms length income (‘NALI’) risks. Daniel Butler will be covering this issue further as well as a range of other current hot topics in DBA Network Pty Ltd’s June SMSF Online Update. To register please click here.

All articles referenced in this show are linked below.

Electronic execution of Deeds by individuals

Electronic execution of Deeds by companies

Electronic signing and remote witnessing during coronavirus (COVID-19) restrictions

The legal minefield of BDBNs

DBA Lawyers – the best BDBN is now even better

SMSFs and rent relief due to COVID-19

Does an SMSF need to pass on rent relief to a related party tenant

SMSF Lease Review Service – COVID-19

ATO – COVID-19 FAQ SMSF

Register for the June online update

DBA Network

 

Hosts (in order of appearance): Zacharia Galloway, Lawyer, Daniel Butler, Director