News

Documentation

SMSFs warned on consequences of trust deed change

The unintended action of triggering a resettlement as a result of an amendment to a trust deed, when a family trust is set up to provide for family beneficiaries, ranks as one of the top SMSF “stuff ups”, according to a legal executive.

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Compliance

Avoiding NALI impossible for certain LRBA assets

The ability for an SMSF to implement a strategy of using a related party limited recourse borrowing arrangement (LRBA) to purchase certain assets not covered by the ATO safe harbour guidelines, such as a parcel of unlisted shares, without having the income from the investment being treated as non-arm’s length, may well be impossible.

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ATO

ATO sheds further light on two-fund strategies

The ATO has clarified its stance on two-fund strategies used by SMSFs and whether this approach will give rise to the regulator’s scrutiny, following continued concerns from the industry.

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Superannuation

‘What if’ SMSF scenarios not yet canvassed

Mouse trap.

Many unique SMSF scenarios are beginning to crop up with many more expected to emerge, however no clarification or guidance has been provided to advisers or trustees for these new situations, according to an SMSF industry body.

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Business News

Invalid details reveal advisers at risk: TPB

Almost one in five advisers have changed jobs since they originally registered with the Tax Practitioners Board (TPB), meaning they are at risk of letting their registration lapse as the year draws to a close, the board has said.

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Superannuation

SMSF cohort will use downsizer contributions

While the opportunity to put an additional non-concessional contribution (NCC) of up to $300,000 into super by downsizing the home is not expected to trigger a wave of NCCs by SMSFs, the measure will appeal to and benefit a specific type of trustee, a technical expert has said.

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Business News

SISFA to unveil new member benefits

The Self-managed Independent Superannuation Funds Association (SISFA) will officially launch new membership category levels and their benefits this month, as it puts a greater focus on trustee needs and services.

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Documentation

SMSF Association provides trust deed review assistance

The SMSF Association has made a white label document available to its members to assist them in the review of trust deeds in light of the super reforms introduced on 1 July, particularly to address benefit payments and estate planning.

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Strategy

Spouse splitting negligence warning

SMSF advisers must exercise caution when advising on contribution splitting strategies, particularly for the $1.6 million transfer balance cap, as potential lawsuits could arise where clients miss out on bringing in larger amounts to pension phase, a technical expert has warned.

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Documentation

Dealing with a lost SMSF trust deed

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An SMSF is a type of trust that, like all trusts, is ‘run’ by its trustee. Case law tells us that one of the most fundamental duties of a trustee is that they obey the rules of that trust. The rules of the trust (sometimes referred to as the governing rules) are usually found in or annexed to the trust deed.

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