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Reversionary pension v BDBN: which one wins?

Reversionary pension v BDBN: which one wins?

By Bryce Figot, Special Counsel, DBA Lawyers and Daniel Butler, Director There is a misconception that reversionary pension documentation will always apply before a binding death benefit nomination. If the SMSF deed is silent on the question, it can be entirely possible at times that the binding death benefit nomination (‘BDBN’) will apply before any [read more]

Is the superannuation guarantee system in need of an urgent overhaul

Is the superannuation guarantee system in need of an urgent overhaul?

By Kimberley Noah, Lawyer and Daniel Butler, Director, DBA Lawyers Employers are required to make the minimum superannuation guarantee (‘SG’) contribution for each employee to avoid a shortfall under the Superannuation Guarantee (Administration) Act 1992 (Cth) (‘SGAA’). This appears to be a simplistic rule. If an employer does not provide the minimum SG contribution, significant [read more]

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Penalty interest and TR 2019/2 in the context of SMSFs with LRBAs

Daniel Butler ([email protected]), Director, DBA Lawyers Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty interest payments are deductible, which has been withdrawn. This article highlights the relevance of TR 2019/2 for self managed superannuation [read more]

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Victorian SMSF duty on transfers in kind

Shaun Backhaus, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers Many advisers are aware of the potential duty exemption available under s 41A of the Duties Act 2000 (Vic) where dutiable property such as real estate is transferred to a member of an SMSF in respect of their interest in the fund. This potential exemption may also apply [read more]

Do-foreign-purchaser-duty-surcharges-apply-to-SMSFs

Do foreign purchaser duty surcharges apply to SMSFs?

Shaun Backhaus, Lawyer ([email protected]) and Daniel Butler, Director ([email protected]), DBA Lawyers With the imposition of foreign purchaser duty continuing to be implemented around the country there is a need to determine how this additional tax will apply to SMSFs. Background Most jurisdictions imposing some form of ‘foreign purchaser duty’ include a ‘foreign trust’ or ‘trustee [read more]

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Who can provide taxation advice?

Daniel Butler ([email protected]), Director, DBA Lawyers This article examines who is authorised to provide taxation advice in view of the limitations in the Corporations Act 2001 (Cth) (‘CA’) on advisers relating to who can provide financial product advice. Broadly, there are a number of exemptions in the CA and Corporations Regulations 2001 (Cth) (‘CA Regs’) [read more]

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Reversionary pension vs BDBN: which outcome is preferred?

Daniel Butler ([email protected]), Director and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers Imagine a conflict between pension documentation and a binding death benefit nomination (‘BDBN’) in a self managed superannuation fund (‘SMSF’) context. For example, the pension documentation states that the pension is reversionary to the surviving spouse; however, the BDBN states that the death benefits [read more]

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DBA Lawyers’ SMSF governing rules

Daniel Butler ([email protected]), Director, DBA Lawyers  Not only does DBA Lawyers have the best SMSF governing rules and related SMSF documents available, we offer many value added benefits that are not available elsewhere. Recent changes to DBA Lawyers’ SMSF governing rules The new and improved version of the DBA Lawyers’ SMSF governing rules come with [read more]

Money bag with the word Payroll and calculator. Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date. Taxes. Management

Single touch payroll— are SMSFs covered?

By Kimberley Noah ([email protected]), Lawyer, and Daniel Butler ([email protected]), Director, DBA Lawyers What is Single Touch Payroll? The Single Touch Payroll (‘STP’) regime was introduced to provide the ATO with real time information on employer PAYG and superannuation obligations. It also provides employees with greater transparency of their salary and reportable superannuation and fringe benefit [read more]