For many years there was debate in the SMSF industry as to whether an SMSF binding death benefit nomination (BDBN) could last indefinitely. A number of supreme court cases from several different Australian states have held that an SMSF BDBN can last indefinitely, so long as the deed is written to provide for this. Then, [read more]
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Daniel Butler, Director, discuss the upcoming appeal to the High Court to consider the decision of Hill v Zuda Pty Ltd [2021] WASCA 59 (Hill v Zuda). In Hill v Zuda, the Western Australia Court of Appeal appeared to have settled the debate and [read more]
This article is the first part in a series of articles on SMSF succession planning. In Part 1 of the series we examine key considerations that arise for SMSF members seeking to formulate a robust succession plan in relation to their SMSF benefits. We also focus on planning for control of a fund in different [read more]
Moss Super Pty Ltd v Hayne [2008] VSC 158 is an important lesson for trustees and advisers to always consider what the governing rules of an SMSF provide before attempting to make changes or exercise powers. Facts The Photography Management Services Pty Ltd Superannuation Fund (Fund) was established by deed dated 31 May 1995. The [read more]
The recent AAT decision in Driscoll and Commissioner of Taxation [2021] AATA 3892 has important implications that all SMSF professionals (and trustees) should be aware of. We explore the facts, the implications and the lessons learnt from this case in this article. Facts On 23 January 2009, the Driscoll Superannuation Fund (Fund) was established. Mr Driscoll [read more]
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel, discuss the recent VCAT decision D’Arcy v Emergency Services Superannuation Board (Review and Regulation) [2021] VCAT 952 (D’Arcy) and also discuss the upcoming Director Identification Number (DIN) requirements and what that means for company directors. Zac and Bryce briefly discuss the [read more]
Background On 22 June 2020, the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth)) received royal assent, which introduced the requirement for all directors of a company in Australia to have a director identification number (DIN). The purpose of introducing DINs is to prevent the use of fictitious director identities, assist regulators [read more]
Acquiring shares under an employee share scheme (ESS) via your self managed superannuation fund (SMSF) may appear attractive but greater uncertainty has arisen following the ATO’s recent ruling, LCR 2021/2, on the application of the non-arm’s length income (NALI) rules to such a transaction. This ruling focuses on NALI arising from the non-arm’s length expenditure [read more]
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and William Fettes, Senior Associate, dive into the history of BDBNs and discuss some common BDBN strategies as well as practical tips and traps to be aware of. [read more]
Overview SMSF Wills have become a topical issue in recent times as some claim they have certain advantages over binding death benefit nominations (BDBNs). This article briefly examines SMSF Wills and compares them to BDBNs. In broad terms, it is DBA Lawyers’ view that SMSF Wills are subject to significant legal risk, and therefore, we [read more]
