News : Trusts

In-house assets, LRBA, Trusts

Trusts not an ownership workaround

trusts SMSF assets

Trustees must ensure they are registering assets purchased on behalf of SMSFs in the fund’s name and refrain from using trusts as a measure to compensate for poor documentation.

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BDBNs, Trusts

Deed specificity key to certainty

SMSF trust deed

A trust deed needs to be very specific in its governing rules to ensure an SMSF is not subject to unwanted legal or regulatory conditions.

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Administration, SMSF, Trusts

Financials insufficient for some valuations

SMSF valuations

Audited financial statements do not provide sufficient information on which to base the valuation of unlisted securities or investments in a unit trust, but events during the financial year may provide the required data.

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Trusts

Judgment has lost trust deed implications

lost deed
&

A recent appeal in family trust matter highlights the need for SMSFs to address gaps in their fund’s deed history before lawyers are involved.

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Trusts

EPOA regarding incapacity tricky

EPOA incapacity

The process of having an enduring power of attorney act on behalf of an SMSF trustee experiencing incapacity is not necessarily simple.

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Trusts

Tread carefully on overpaid present entitlements

SMSF overpaid present entitlement

SMSFs receiving an overpaid present entitlement must step carefully to prevent it being treated as a borrowing and breaching superannuation law.

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Property, Trusts

Unit trust loans may fail sole purpose test

trust loans sole purpose

Using loans from a unit trust to allow SMSF trustees to purchase property which is then secured by a mortgage is likely to breach the sole purpose test.

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Compliance, Documentation, Trusts

Trustee company deregistration suboptimal

Corporate trustee deregistered.

SMSFs face several adverse consequences should a fund’s corporate trustee directors allow the company in question to be deregistered by ASIC.

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Trusts

Automated trusts address service, staff issues

Automated trust management

The use of automated trust management services can boost service levels and address staff shortages for accounting and advisory businesses.

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Trusts

13.22C relief tested during COVID

13.22C relief

Regulatory and compliance relief for 13.22C breaches could be introduced after they were given a live test as part of COVID-19 relief measures.

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