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Financial Ombudsman Service — what advisers need to consider

Financial Ombudsman Service — what advisers need to consider

Overview The Financial Ombudsman Service (‘FOS’) is the main external disputes resolution (‘EDR’) for accountants and financial advisers who have an Australian Financial Services Licence (‘AFSL’). Advisers who have an AFSL must be a party to an EDR process. Where an adviser is an authorised representative of another entity’s AFSL, they are subject to the [read more]

ATO releases safe harbours for non-bank SMSF limited recourse borrowing arrangements

ATO releases safe harbours for non-bank SMSF limited recourse borrowing arrangements

The ATO have released important information detailing interest rates, loan-to-value ratios (‘LVRs’) and other terms that constitute safe harbours for SMSF limited recourse borrowing arrangements (‘LRBAs’) so that arrangements will be taken to be consistent with an arm’s length dealing. The ATO is officially calling their release a ‘Practical Compliance Guideline’. Broadly speaking, LRBAs consistent [read more]

Your guide to an SMSF exit plan

Your guide to an SMSF exit plan

Though it is often overlooked, succession planning is a crucial aspect of successfully operating an SMSF. Every member should develop, implement and regularly review a personal succession plan to help ensure that there is a smooth process in place for succession to control of the fund and other succession arrangements appropriate for their individual circumstances. [read more]

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

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

This article examines some of the key reasons for having a company appointed as an SMSF trustee as compared to having individual trustees. It also examines some issues that can arise when advisers are preparing change of trustee documents. Why do so many SMSFs have individual trustees? SMSFs can have either have a company or [read more]

Advantages of the DBA Lawyers SMSF deed

Advantages of the DBA Lawyers SMSF deed

DBA Lawyers is Australia’s leading SMSF law firm. We have been refining our SMSF deed for well over 20 years, making it the best SMSF deed available. Additionally, our SMSF deed contains numerous ‘value-added’ advantages that set it apart. Accordingly, our SMSF deed offers many benefits that are not found anywhere else. All of the [read more]

Tips and traps on transferring life estate interests to an SMSF

Tips and traps on transferring life estate interests to an SMSF

There has been recent press publicity regarding SMSF members transferring life estate interests in business real property (‘BRP’) by way of an in kind or ‘in specie’ contributions to self managed superannuation funds (‘SMSF’). This article briefly examines some of the key points relating to these transactions and provides an update on my latest experience [read more]