News : Trusts

Compliance, SMSF, Trusts

Related-party services a compliance trap

The provision of services to an SMSF from a related party can lead to breaches of the SIS Act with regard to the acquisition of assets.

The provision of services to an SMSF from a related party can lead to breaches of the SIS Act with regard to the acquisition of assets.

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Division 296, Property, Tax, Trusts

Div 296 will slug indirect asset income

Indirect assets held by an SMSF will not get any CGT adjustment under Division 296, resulting in potentially higher tax liabilities.

Indirect assets held by an SMSF will not get any CGT adjustment under Division 296, resulting in potentially higher tax liabilities.

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Investments, SMSF, Trusts

Unit trust errors can be disastrous

SMSF trustees using unit trusts as an investment vehicle must understand any compliance issues that arise could completely spoil the strategy.

SMSF trustees using unit trusts as an investment vehicle must understand any compliance issues that arise could completely spoil the strategy.

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Regulation, SMSF, Trusts

Investment via unit trust can be flawed

Compliance with superannuation law and regulations is not necessarily made easier for SMSFs through investing in assets via unit trust.

Compliance with superannuation law and regulations is not necessarily made easier for SMSFs through investing in assets via unit trust.

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Regulation, SMSFA, Trusts

Trustee coercion an issue for sector

More work is needed to address potential financial abuse relating to the process of appointing directors of SMSF corporate trustees.

More work is needed to address potential financial abuse relating to the process of appointing directors of SMSF corporate trustees.

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Death benefits, Strategy, Tax, Trusts

Recent PBR a win for minor trusts

A recent ATO private binding ruling has confirmed income earned in a minor’s trust relating to a super death benefit can avoid punitive tax rates.

A recent ATO private binding ruling has confirmed income earned in a minor’s trust relating to a super death benefit can avoid punitive tax rates.

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NALI/NALE, Trusts

Discretionary trusts a NALI trigger

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

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ASIC, Documentation, Trusts

ASIC docs insufficient to prove SMSF status

An ASIC registration will not prove a company is acting as a corporate trustee and auditors will require more detailed proof.

An ASIC registration will not prove a company is acting as a corporate trustee and auditors will require more detailed proof.

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SMSF, Trusts

Trustee needs to drive intergenerational funds

Intergenerational funds are a small part of the SMSF sector, but changing demographics are creating reasons for their increased use.

Intergenerational funds are a small part of the SMSF sector, but changing demographics are creating reasons for their increased use.

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Documentation, Trusts

Relevance key factor in declarations

The retention of trustee declarations is not time-bound if they are still relevant to the activities of an SMSF and those who oversee it.

The retention of trustee declarations is not time-bound if they are still relevant to the activities of an SMSF and those who oversee it.

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