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Two AAT decisions on what constitutes business real property

Two recent AAT decisions shed important light on what constitutes business real property: Allzams Trust and Commissioner of Taxation [2021] AATA 2767 and Allen and Commissioner of Taxation [2021] AATA 2768. Both cases involved a disappointed taxpayer seeking a review by the Administrative Appeals Tribunal of a decision of the Commissioner of Taxation. These decisions [read more]

NALI –– unit trusts and draft LCR 2019/D3

SMSFs with units in unit trusts and NALI –– review and action may be needed

There are a considerable number of SMSFs that invest in private unit trusts. These unit trusts may include pre-99 unit trusts, unrelated unit trusts and non-geared unit trusts (under div 13.3A of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR)). The ATO’s Law Companion Ruling 2021/2 (LCR 2021/2) outlines, among other things, the ATO’s view [read more]

SMSFs and rent relief due to COVID-19 and how to make a BDBN without witnessing

SMSF rollovers, salary sacrifice arrangements and SMSF deeds

 In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Daniel Butler, Director, discuss the latest changes for SMSF rollovers, salary sacrifice arrangements and the importance of having an SMSF deed prepared by a qualified lawyer. Zac and Dan discuss the latest in changes for SMSF rollovers. From 1 October 2021, most [read more]

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Discretionary trusts – variations and issues

Discretionary trusts are an extremely popular structuring and investment vehicle in Australia. In FY2016, there were around 850,000 trusts in Australia with assets of more than $3 trillion with one report predicting there could be more than a million trusts by 2022. In most Australian jurisdictions a discretionary trust can last up to 80 years (and in [read more]

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What to do about defects in SMSF deeds: a chain is only as strong as its weakest link

It is very common for an SMSF to be commenced by a deed of establishment. Then, when the governing rules need to be updated, this typically is done by way of a deed of variation. The deed of establishment, in conjunction with the deeds of variation including any change of trustee documents, are sometimes then [read more]

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SMSF deeds: how does your supplier rate?

While the provision of documents from non-qualified suppliers may appear to be a simple and low-cost approach, there are numerous risks involved for advisers and end-users. Introduction Most SMSF deeds are now probably supplied via non-qualified suppliers, with minimal lawyer input (eg the deed template may have had some input by a lawyer). This is [read more]

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Advantages of the DBA Lawyers SMSF deed (2021-22)

DBA Lawyers latest SMSF governing rules and related documents includes many value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2021-22) comes with the following upgrades: expanded Trustee investment powers in respect of any [read more]