News : Trusts

Compliance, LRBA, Trusts

LRBAs not good for vacant land

Single acquirable asset Vacant land LRBA Unit trust

SMSF trustees could face a compliance issue should they use an LRBA to purchase vacant land through their fund.

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Documentation, Trusts

Review of deed chain essential

SMSF trust deed deed chain changes Cooper Grace Ward Nathan Rutherford

Checking the history of changes to an SMSF trust deed and ensuring they are valid is crucial to planning for the potential death of a fund member.

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SMSF, Trusts

Dual trustees an unnecessary risk

SMSF corporate trustee Accurium

Administering an SMSF with a trustee and a trustee company could potentially expose the fund’s assets should the company encounter legal or regulatory issues.

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Tax, Trusts

Deed change costs not all deductible

SMSF trust deed amendment tax deduction

Determining whether legal fees arising from a trust deed amendment are tax deductible will hinge on the nature of the expenses in question.

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BDBNs, Death benefits, Platforms, Trusts

NowInfinity shares deed death benefit priorities

NowInfinity trust deed

NowInfinity has provided more detail as to the significance of the changes made to its trust deed, including the priority of death benefits.

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BDBNs, Death benefits, Estate Planning, Trusts

NowInfinity enhances trust deed

NowInfinity trust deed death benefit

NowInfinity has collaborated with clients and industry experts to enhance the estate planning features contained in its trust deed.

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Compliance, SMSF, Trusts

Trust overpayment can be compliant

Unit trust distribution SMSF

Appropriate accounting treatment of an overpayment of a unit trust distribution to an SMSF can prevent the situation from being a compliance breach.

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Estate Planning, Trusts

Corporate trustee control crucial in death

SMSF corporate trustee shares

Determining the ownership of shares in an SMSF corporate trustee company when a member dies is critical to effective estate planning.

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Administration, Compliance, Regulation, SMSF, Trusts

Lost deeds undermine trust functions

Lost trust deed

A lost trust deed can bring into question the ability of trustees to carry out their duties and cast doubts over the operations of the trust.

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Compliance, SMSF, Trusts

Year end not trust payment deadline

SMSF trust distribution payment deadline

Trust distributions payable to SMSFs must be paid as soon as possible after the amount involved has been determined so as to eliminate compliance risk.

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