News : Trusts

Administration, ATO, SMSF, Superannuation, Trusts

SIS Act main declaration retention guide

ATO, DBA Lawyers, Shaun Backhaus, self managed super, self managed superannuation, SMSF, SIS Act, SMSF trustee declaration, retention, guidance, Auditing and Assurance Standards Board, Guidance Statement 009, ATO QC 63436, declaration form, NAT 71089-06.2021

Official guidance on how long an SMSF trustee declaration should be retained differs from the letter of the law which should be the sole guide on this issue.

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ATO, Tax, Trusts

ATO steadfast on UPEs post-Bendel

unpaid present entitlements, UPE, ATO, Louise Clarke, Bendel,

The ATO will not change its stance on the treatment of unpaid present entitlements from unit trusts while waiting on an appeal against the ruling delivered in the Bendel case.

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Compliance, Trusts

Trustee duties go beyond the deed

SMSF trustees must keep in mind the SIS Act dictates their responsibilities in running a fund go beyond those contained in the trust deed.

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Death benefits, Trusts

Lapsed BDBN a matter of discretion

A trustee can consider the directions of a lapsed BDBN when paying benefits, but should no longer view it as obligatory and should use discretion instead.

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ATO, Legislation, SMSF, Superannuation, Tax, Trusts

Avoid state trustees in estate plans

Cooper Grace Ward, Sarah Camm, Gainer, Clinton Jackson, Annual Adviser Conference, Brisbane, ATO,

State or public trustees should be avoided as a back-up plan in SMSF estate plans as they often don’t want the job and assigning it to them could breach superannuation laws.

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Compliance, SMSF, Trusts

Multi-fund trustees are dangerous

SMSF corporate trustee, compliance failures, Heffron, Sean Johnston, multiple funds, SIS Act, sole purpose trustee, Annie Dawson, ATO

While SMSF trustees have been warned not to use any company structure for a corporate trustee, that caution also should extend to how many funds are covered by a single trustee vehicle.

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financial advice, Trusts

Reconsider wholesale client status

SMSF advisers should view all trustee clients as retail until they can show they have the assets to meet the upper limits of the wholesale investor test.

SMSF advisers should view all trustee clients as retail until they can show they have the assets to meet the upper limits of the wholesale investor test.

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Administration, Trusts

Corporate trustee no longer costly

corporate trustee, SMSF, Self-managed superannuation, Cost, fee, Australian Securities and Investments Commission, Accurium, Matthew Richardson, special purpose company

Setting up a special purpose company to act as trustee for an SMSF is no longer as costly as it once was with regard to ASIC fees.

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SMSF, Trusts

Corporate trustee shareholders key

SMSF Self-managed superannuation corporate trustee company directors company shareholders Accurium Mark Ellem estate planning

Practitioners need to act with caution when appointing the shareholders of the SMSF corporate trustee company in the absence of any relevant rules.

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ATO, Pensions, SMSF, Superannuation, Tax, Trusts

Pension phase negates fee deductions

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

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