On Friday 5 August 2022, Bryce Figot, Special Counsel of DBA Lawyers, will be presenting an SMSF Succession Planning Webinar. Bryce will present a face-to-face practical, step-by-step guide on how to ensure that a member’s SMSF benefits are appropriately dealt with upon their incapacity or death. It is designed for financial planners, accountants, auditors, SMSF [read more]
If the relationship between SMSF members falls apart, seeking to remove a member from the fund can prove difficult and expensive. Conditional membership can assist with an exit strategy. This is important to consider before admitting a new member especially a child or a second/subsequent spouse. With a DBA Lawyers’ SMSF deed, new members can [read more]
The law in relation to who is an employee or independent contractor has developed over many years both here in Australia and overseas. Several recent Australian High Court decisions provide greater clarity on this distinction which we discuss below. Employee v contractor – PAYG & SG – Part 1 Note that this is the second [read more]
Overview The Tasmanian Government has recently introduced legislation to impose a Foreign Investor Land Tax Surcharge, a commitment from the 2021 state election. There has also been legislation introduced that would amend the Foreign Investor Duty Surcharge for Tasmania. This article acts as a brief simplified overview as there are complexities that must be considered [read more]
The SMSF Association 2022 National Conference was held last week in Adelaide. I commend the SMSF Association for putting on such a great conference event, not just this year but every year! This year was particularly enjoyable being a back ‘in person’ event. At this year’s conference, Daniel Butler, Shaun Backhaus and I presented sessions. [read more]
Overview A corporate trustee is strongly recommended compared to individual trustees. However, issues can arise if the company’s compliance slips, and the company is deregistered. We examine a case here to showcase the issues that can arise where the remaining fund member died without a will and without any succession plans in place for the [read more]
On Monday 4 April 2022 the Government made new laws impacting pensions (see the Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022 (Cth)). Those in particular with legacy pensions should pay close attention! Over 200 years ago, on 7 March 1795, English newspaper The Hull Advertiser announced that ‘[t]he licence to wear hair [read more]
New laws provide a strategic opportunity for exiting certain legacy pensions. We will cover this opportunity in great detail in a webinar to be held at 12 noon (AEST) Thursday 28 April 2022. Those who can’t attend can watch a recorded version. To register visit https://attendee.gotowebinar.com/register/3108445138265877264 In this article we detail the preliminary ‘ins and [read more]
This article is part of a series of articles on SMSF succession planning. In Part 2 of the series we examine the tax considerations that arise in relation to paying superannuation death benefits comprising a taxable component. We also consider the options and pitfalls associated with planning to make a timely payment of benefits to [read more]
In LCR 2021/2 (LCR), the Commissioner outlined his view that while duties carried out in the capacity of a trustee of an SMSF would not give rise to non-arm’s length income (NALI), services carried out other than in the capacity of a trustee could. This raises the question, what level of services are able to [read more]
