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Payroll tax crackdown on medical, healthcare and similar arrangements — Part 5

By on 14/12/2023 in ATO, SMSF cases & decisions, Taxation

Overview We have previously issued four prior articles linked to this series focusing on the employee versus contractor distinction. In our article ‘Employee or contractor — Payroll Tax considerations — Part 3’ dated 30 September 2022 (DBA Payroll Tax Article – Part 3) we provided a top-level summary of how the payroll tax regime   applies [read more]

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Latest AAT decision on regulation of approved SMSF auditors: Townshend and ASIC

By on 04/12/2023 in ATO, SMSF cases & decisions, SMSF compliance, SMSF strategy, Taxation, Trustee education

Ms Janette Townshend was an approved SMSF auditor. However, in 2022 ASIC disqualified her. She applied for the AAT to review ASIC’s decision to disqualify her. The AAT recently handed down the outcome of that application. I do a lot of work with approved SMSF auditors. Accordingly, I read the decision with great interest. Here [read more]

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SMSF Succession Diagnostic Service

By on 01/12/2023 in Corporate trustees, Pensions, SMSF deeds, SMSF strategy, Succession planning, Taxation, Trustee education

Many SMSF members do not plan ahead in relation to what is to happen with their superannuation upon loss of capacity, death or other relevant life events. Indeed, in DBA Lawyers’ experience, a considerable proportion of SMSFs have outdated, inappropriate or no succession plans in place. Unfortunately, such lack of planning can give rise to [read more]

Changing SMSF trustees — why advisers should be more alert to the tips and traps

Change of SMSF trustees can easily be messed up

By on 29/11/2023 in Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

This article examines some of the key issues that can arise when change of trustee documents are not properly completed, and by the right people using quality document suppliers. What happens if a change of trustee is not properly completed? A change of trustee requires compliance with the provisions in the fund’s governing rules and [read more]

Deed of Trust

Lost deed case – Lawyer gives expert evidence on likely terms of missing trust deed

By on 21/11/2023 in Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Trustee education

The case of Northgate Park v Floyd [2022] VSC 783 (Northgate Park) provides an interesting development in how courts may approach the issue of a lost trust deed. Northgate Park represents a less strict approach to determining the terms of a trust where a deed is lost. Facts Northgate Park resulted out of other litigation [read more]

court

Re Rentis Pty Ltd [2023] QSC 252 — Court considers attorney power to ‘renew’ a BDBN

By on 20/11/2023 in Corporate trustees, SMSF cases & decisions, SMSF compliance, SMSF strategy, Succession planning, Trustee education

The case of Re Rentis Pty Ltd [2023] QSC 252 (Re Rentis) provides a helpful interpretation of an attorney’s powers to make a binding death benefit nomination (BDBN). This case examines the meaning of a term often found in enduring powers of attorney (EPA) and provides an expansive view of an attorney’s powers to make [read more]

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University of Adelaide Report highlights numerous concerns with taxing $3M+ member super balances

By on 10/11/2023 in ATO, SMSF compliance, Statistics, Taxation

A recent report by University of Adelaide’s International Centre for Financial Services (Report), issued in October 2023, has raised numerous concerns on the proposed new Division 296 tax. The proposed 15% tax on taxable superannuation earnings on superannuation fund member’s with more than $3 million in total superannuation balance (TSB) is set to commence from [read more]

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Vacant Residential Land Tax in Victoria soon to be extended

By on 31/10/2023 in Announcements, Investments, SMSF cases & decisions, SMSF compliance, Taxation, Trustee education

The Appointor of a discretionary trust is a role created under the terms of the trust that usually provides for that person to have the ultimate control of the trust. For example, the Appointor under the DBA Lawyers’ trust deed: • must consent to any variations to the trust deed; • has power to appoint [read more]