News : Trusts

Property, SMSF, Trusts

New rules diminish declarations of trust

SMSF Self-managed superannuation Declaration of trust Asset ownership Stamp duty ATO ASF Audits Shelley Banton

The use of a declaration of trust to deal with the ownership of SMSF assets has been undermined by ATO guidance and legislative changes.

read more
SMSF, Trusts

SMSFs with unrelated parties unwise

Phil Broderick Unrelated parties SMSF Self-managed superannuation Sladen Legal

The establishment of an SMSF incorporating unrelated parties for joint investments is ill-advised and can complicate member disputes.

read more
LRBA, Trusts

Single LRBA can acquire several assets

LRBA 13.22C Property Self-managed superannuation SMSF

An LRBA can be used to acquire multiple properties for a development project, but this approach may raise additional compliance risks.

read more
BDBNs, Tax, Trusts

BDBNs may hinder estate plans

BDBN Superannuation proceeds trust Binding death benefit nomination SMSF

A BDBN may not always be the best option for handling superannuation death benefits as it can lack the flexibility a trust structure provides.

read more
Trusts

SMSF TIS obligations more severe

Trust income schedule SMSF Self-managed superannuation Accurium Mark Ellem

The new requirement to complete a trust income schedule for trust and managed fund distributions is more imposing for SMSF trustees.

read more
ATO, Trusts

Class updates trust income reporting

Class Trust Tim Steele ATO MTAS Modernisation of Trust Administration Systems Trust Income Schedule SMSF Self-managed superannuation

Class has updated the trust income reporting capabilities in its software to bring it in line with new ATO standards that now apply.

read more
Compliance, NALI/NALE, Trusts

Trust services could bring NALI scrutiny

Unit trusts NALI Non-arm's length income Related party

Contracting a related party to perform services on a unit trust with SMSF investors may expose the trustees to significant NALI risks.

read more
Documentation, Regulation, SMSF, Trusts

New trust reporting requirements for SMSFs

MTAS Modernisation of Trust Administration Systems SMSF Self-managed superannuation Trusts Capital gains SMSF Association ATO

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

read more
LRBA, Property, Trusts

LRBA bare trust transfer needless

Bare trust LRBA SMSF Property

Properties acquired using an LRBA need not automatically be transferred from a bare trust into an SMSF once the loan has been paid back.

read more
Auditing, Trusts

Assert right to unit trust information

SMSF Unit trust investment Audit Beneficiary DBA Lawyers Bryce Figot

SMSFs invested in a unit trust have a right to information about the fund and should assert that right with its trustee who has an obligation to respond.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.