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dishonesty disqualifies

What type of dishonesty disqualifies a person from having an SMSF?

By Daniel Butler, Director ([email protected]), DBA Lawyers Introduction This article examines the nature of disqualification and what convictions can preclude a person from forever being an SMSF trustee/director. Given the serious consequences of disqualification, it is important to consider the circumstances in which a person may have been automatically, and even unknowingly, disqualified. SMSF members should also [read more]

What limits SMSF advisers should be aware of when providing advice

What limits SMSF advisers should be aware of when providing advice

By Daniel Butler, Director ([email protected]), DBA Lawyers Overview This articles examine what advice SMSF advisers can and cannot provide without ‘stepping over the line’ especially in providing taxation, financial product or legal advice which they may not be permitted to provide. For example, an adviser providing legal advice or services (eg, preparing an SMSF deed [read more]

NALI –– warning –– draft LCR 2019/D3

NALI –– warning –– draft LCR 2019/D3

By Daniel Butler ([email protected]), Director and Bryce Figot, ([email protected]), Special Counsel Overview Draft Law Companion Ruling LCR 2019/D3 contains a very draconic application of the newly amended non-arm’s length income (‘NALI’) and expenditure (‘NALE’) provisions in ss 295-550(1)(b) and 295-550(1)(c) of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’). Advisers must be aware of this [read more]

Salary sacrifice amounts and SG changes

Salary sacrifice amounts and SG changes

By William Fettes ([email protected]), Senior Associate, and Daniel Butler ([email protected]) Director, DBA Lawyers From 1 January 2020 employers will also be required to provide superannuation guarantee (‘SG’) support on the amount of employee salary sacrificed contributions under salary sacrifice arrangements (‘SSA’). This article examines this change that was recently made by the Treasury Laws Amendment [read more]

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ATO auditing SMSF auditors: a warning to advisers

By Daniel Butler, Director ([email protected]), DBA Lawyers Overview The ATO has recently updated its approved SMSF auditor checklist. This checklist sets certain minimum expectations of auditors and is used by the ATO when reviewing an auditor’s competency. This checklist can be found at https://www.ato.gov.au/assets/0/104/2244/2335/9c29ecc7-c31a-4253-b1ae-9fecbb45d252.pdf. The professional obligations of SMSF auditors are contained in Part 16 [read more]

NSW Duty and Land Tax changes

NSW duty and land tax surcharge changes — action needed before 31 December 2019

By Daniel Butler ([email protected]), Director and Shaun Backhaus, ([email protected]), Lawyer, DBA Lawyers Upcoming changes There are currently changes before the NSW Parliament which, if passed into law, will have an impact for any discretionary trust that holds residential property in NSW. To minimise any risk, trustees and advisers should take action to be ready for [read more]

SMSFs and GST withholding on residential premises

SMSFs and GST withholding on residential premises

By Kimberley Noah ([email protected]), Lawyer, and Daniel Butler ([email protected]), Director Introduction The GST withholding regime (‘Withholding Regime’) was introduced on 1 July 2018 to collect GST from foreign vendors, but has much broader application. GST is typically a vendor responsibility. However, under the Withholding Regime, purchasers of certain residential property must withhold GST from the [read more]