DBA Lawyers Podcast: Recent Episodes
DBA Lawyers
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Daniel Butler, Director, discuss the upcoming appeal to the High Court to consider the decision of Hill v Zuda Pty Ltd [2021] WASCA 59 (Hill v Zuda).
In Hill v Zuda, the Western Australia Court of Appeal appeared to have settled the debate and confirmed that an SMSF BDBN can last indefinitely provided that the deed for the SMSF was written appropriately. The Court of Appeal stated in it’s decision that it was sound law “until such time as the decision is overruled by the High Court”. This decision will now go before the High Court who will ultimately decide whether a BDBN can be indefinite or whether it is subject to the Superannuation Industry (Supervision) Act and Regulations, requiring a BDBN to lapse after 3 years.
Zac and Dan discuss the possible outcomes of this appeal to the High Court and what it will mean for the SMSF industry if High Court overturns the decision in Hill v Zuda. They also discuss the importance of having quality documents that are prepared and signed off on by lawyers.
Bryce Figot, Special Counsel, will be presenting DBA Network Pty Ltd’s SMSF Online Update on 11 February 2022. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
High Court to decide how long can a BDBN last for!
Hill v Zuda Pty Ltd [2021] WASCA 59 — how long can a BDBN last for in ALL Australian jurisdictions?
SMSF Wills versus BDBNs — What is best?
The legal minefield of BDBNs (updated)
Reconciling inconsistencies between reversionary pension nominations and BDBNs
Advantages of the DBA Lawyers SMSF deed (2021-22)
Recent webinar on best practice for advisers with BDBNs
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Daniel Butler, Director
30 November 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel, discuss the recent VCAT decision D’Arcy v Emergency Services Superannuation Board (Review and Regulation) [2021] VCAT 952 (D’Arcy) and also discuss the upcoming Director Identification Number (DIN) requirements and what that means for company directors.
Zac and Bryce briefly discuss the recent changes being introduced that require all company directors in Australia to obtain a DIN. The key dates to be aware of are summarised below:
- All directors appointed on or before 31 October 2021 must obtain a DIN by 30 November 2022.
- All directors appointed between 1 November 2021 and 4 April 2022 will either need to apply for a DIN 28 days after becoming a director or obtain a DIN prior to becoming a director.
- All directors appointed from 5 April 2022 must obtain a DIN prior to becoming a director.
Zac and Bryce also discuss the recent VCAT decision of D’Arcy which involved a question as to whether a siblings that had a interdependent relationship could receive a partner pension as a superannuation death benefit. While this matter dealt specifically with Victorian state legislation and a state based superannuation scheme, there are some interesting findings in this decisions and lessons to learn about the drafting of SMSF deeds.
Bryce will be presenting DBA Network Pty Ltd’s SMSF Online Update on 12 November 2021 and will be covering the latest in non-arm’s length income, recent DIN changes, lost deed cases plus more. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Director identification numbers needed soon
ABRS – Who need to apply and when
ATO — Modernising Business Registers
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel
28 October 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and William Fettes, Senior Associate, dive into the history of BDBNs and discuss some common BDBN strategies as well as practical tips and traps to be aware of.
Zac and Will discuss where the term ‘BDBN’ originated from and where it derives its technical meaning. With respect to SMSFs, a BDBN is a product of the deed and the governing rules set out in the deed.
Zac and Will also discuss the importance of a fund’s full document trail with respect to BDBN strategies. If there are deficiencies in a fund’s document trail, this may possibly render a BDBN and other strategies invalid. Accordingly, the integrity of the fund’s full document trail is a relevant factor when preparing BDBN strategies as well as other succession planning strategies.
Finally, Zac and Will answer some frequently asked questions about BDBNs and discuss some of the common problems that are observed when reviewing BDBNs.
William will be presenting DBA Network Pty Ltd’s SMSF Online Update on 8 October 2021 and will be covering the topic of BDBNs in more detail. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
DBA Lawyers the best BDBN is now even better
The legal minefield of BDBNs updated
SMSF wills versus BDBNs what is best
Reversionary pension v BDBN which one wins
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and William Fettes, Senior Associate
30 September 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Shaun Backhaus, Senior Associate, discuss the latest changes contributions, super guarantee (SG) changes and the need to review and update salary sacrifice arrangements.
Zac and Shaun discuss the recent ATO publication CRT Alert 009/2021 that allows individuals to re-contribute amounts withdrawn under the COVID-19 early release of super scheme without them counting towards their non-concessional contributions cap.
Zac and Shaun also discuss the importance of reviewing salary sacrifice arrangements in light of the recent SG changes and the increase in concessional contribution cap. The recent changes means that many employers with existing salary sacrifice arrangements could have fall short in paying their employees the SG minimums. It is important that employers review salary sacrifice arrangements to ensure that there is no shortfall, as the consequences for not paying the SG minimums are serious and include hefty penalties.
Finally, Zac and Shaun discuss how super contributions can be paid for children under the age of 18.
Shaun will be presenting DBA Network Pty Ltd’s SMSF Online Update on 10 September 2021 and will be covering contribution strategies, recent changes plus more. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
CRT Alert 009/2021
Contribution reserving — are you aware of all the risks?
Salary sacrifice amounts and SG changes
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Shaun Backhaus, Senior Associate
30 August 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Daniel Butler, Director, discuss the latest changes for SMSF rollovers, salary sacrifice arrangements and the importance of having an SMSF deed prepared by a qualified lawyer.
Zac and Dan discuss the latest in changes for SMSF rollovers. From 1 October 2021, most SMSF rollovers will be via the SuperStream electronic exchange data and payment system apart from in specie and partial rollovers. Rollovers from an SMSF to other superannuation funds (eg, retail and industry superannuation funds) and from other superannuation funds to an SMSF must be processed via SuperStream. SMSF rollovers will also be subject to the strict time frames that apply to rollovers in the Superannuation Industry (Supervision) Regulations 1994 (Cth) which may prove to be problematic for SMSFs.
Zac and Dan also discuss the importance of reviewing salary sacrifice arrangements in light of the recent increase in concessional contribution cap and super guarantee changes .
Finally, Zac and Dan discuss the importance of having an SMSF deed prepared by a lawyer and some of the features of the latest DBA Lawyers SMSF deed.
Dan will be presenting DBA Network Pty Ltd’s SMSF Online Update on 6 August 2021 and will be covering the latest non-arm’s length income ruling recently published by the ATO LCR 2021/2. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
What to do about defects in SMSF deeds: a chain is only as strong as its weakest link
SMSF deeds: how does your supplier rate?
Advantages of the DBA Lawyers SMSF deed (2021-2022)
Contribution reserving — are you aware of all the risks?
Salary sacrifice amounts and SG changes
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Daniel Butler, Director
30 July 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel, discuss what is new in the world of pensions following the Federal Budget announcements on 11 May 2021.
Bryce shares some practical tips for commuting and restarting a pension prior to or on 1 July. Bryce also discusses the legislative fix to assist those seeking to rollover death benefits in order to start a pension.
Zac and Bryce also discuss the latest changes to legacy pensions announced in the Federal Budget for 2021-2022. Broadly, the changes will ‘allow individuals to exit a specified range of legacy retirement products, together with any associated reserves, for a two-year period’ and that ‘[t]he allocations and the commuted reserves will be taxed as an assessable contribution.’
Bryce will be presenting DBA Network Pty Ltd’s SMSF Online Update on 9 July 2021 and will be covering the latest in pensions, changes for legacy pensions plus much more. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Budget impact on legacy pensions
Proposed ECPI changes have some advantages
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel
30 June 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Daniel Butler, Director, discuss non-lapsing BDBNs and the special tax treatment of SMSFs.
Zac and Dan discuss non-lapsing BDBNs and examine the recent case of Hill v Zuda [2021] WASCA 59. Importantly, this case upheld prior decisions that confirm that the 3-year sunset rule on BDBNs does not apply to SMSFs .
Zac and Dan also discuss the special tax treatment of an SMSF and in particular, examine capital gains, property development and pensions.
Dan will be presenting DBA Network Pty Ltd’s SMSF Online Update on 4 June2021 and will be covering maximising contributions, contribution reserving, year end tax planning, recent cases plus much more. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Hill v Zuda Pty Ltd [2021] WASCA 59 — how long can a BDBN last for in ALL Australian jurisdictions?
The legal minefield of BDBNs
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Daniel Butler, Director
31 May 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Shaun Backhaus, Lawyer, discuss SMSFs investing in unit trusts including 50-50 unit trusts and non-geared unit trusts (NGUT).
Unit trusts are a popular investment vehicle for SMSFs as it allows for SMSFs to enter into investments with both related and unrelated parties. There are various risks that must be managed when an SMSF invests in a unit trust and these are often overlooked. In this episode of the podcast, Zac and Shaun give a broad overview as to what some of the most common traps are and how the risks can be mitigated.
Zac and Shaun also discuss the relevant tests to ‘delicately’ manage with a 50-50 unit trust such as the control and sufficient influence test, the requirements that must be continually met for a NGUT, as well as how a unitholders agreement can be a used to govern the terms between the unitholders in a unit trust.
Shaun will be presenting DBA Network Pty Ltd’s SMSF Online Update on 7 May 2021 and will be covering SMSF and Bankruptcy plus much more. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
SMSFs and 50-50 Unit Trusts
Trustee and unitholder liability in unit trusts
SMSFs investing via unit trusts
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Shaun Backhaus, Lawyer
30 April 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and William Fettes, Senior Associate, discuss family law superannuation splitting in respect of SMSFs.
Where a relationship breakdown occurs, special attention must be given to the splitting of the superannuation benefits as there are quite a number issues to consider. In this episode, William provides a brief overview of how superannuation splitting works in the context of SMSFs.
Zac and William discuss the different approaches to superannuation splitting orders (eg, base amount or percentage interest split) and how a combination of the approaches can be used in order to achieve the desired outcome. They then discuss what can go wrong when planning a superannuation split, the consequences of not complying with a splitting order and briefly discuss other tax and CGT considerations.
They also address a client’s query regarding whether a reversionary pension can be paid to a former spouse in the situation where the client no longer has a spouse.
William will be presenting DBA Network Pty Ltd’s SMSF Online Update on 16 April 2021 and will be discussing this topic in detail. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Family Law SuperSplitting Documents for SMSFs
The $1.6 million transfer balance cap revisited
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and William Fettes, Senior Associate
30 March 2021
In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel, discuss what to do if you lose your trust deed, the first indexation of the Transfer Balance Cap (TBC) and the traps to be aware of for SMSFs involved in property development.
A lost trust deed is an unfortunate but also common scenario when dealing with both trusts and SMSFs. Bryce discusses the recent case The application of M & L Richardson Pty Limited [2021] NSWSC 105 that highlights where a court may make an order for a trust to be administered on the basis of a copy of the deed, where the original deed cannot be located.
Zac and Bryce then discuss the first indexation of the TBC set to take place on 1 July 2021 and briefly examine how proportionate indexation will affect the personal TBC of those already receiving pensions in retirement phase.
Finally, Zac and Bryce discuss SMSFs engaged in property development and the tips and traps that SMSF trustees should be aware of. They also address a client’s query regarding whether a bank asking for a personal guarantee from an SMSF member in order to secure a loan for a unit trust, where the SMSF is invested in that unit trust, could result in non-arm’s length income (NALI).
Bryce will be presenting DBA Network Pty Ltd’s SMSF Online Update on 5 March 2021 and will be discussing these topics in greater much detail. To register, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for managing lost trust deeds
The $1.6 million transfer balance cap revisited
Is SMSF property development good or too good to be true?
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel
In this episode of the DBA Lawyers Podcast, Bryce Figot, Special Counsel and Shaun Backhaus, Lawyer discuss the case of Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation [2018] FCAFC 122 (‘Aussiegolfa’).
Bryce and Shaun discuss the in-house asset issue, explain what the case tells us about the sole purpose test and also discuss how advisers should proceed in light of this case and the ATO’s response.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
The sole purpose test substantially clarified by the full federal court in Aussiegolfa Pty ltd v Commissioner of Taxation
PS LA 2020/3 – how the ATO applies administrative penalties on SMSF trustees/directors
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Bryce Figot, Special Counsel and Shaun Backhaus, Lawyer
23 December 2020
In this episode of the DBA Lawyers Podcast, Daniel Butler, Director and Shaun Backhaus, Lawyer discuss what to look for in a company constitution and some of the value-added features of the DBA Lawyers’ constitution.
It pays to obtain quality when obtaining a constitution, especially the many value-added strategies and features that you can obtain from a quality supplier. There are many suppliers of companies that supply generic and poor-quality documentation and many seem to go for non-qualified suppliers. You, especially if you are an adviser ordering a company for a client need to know what to look for. This episode examines why you should make sure the constitution you use is ‘fit for purpose’ and some key points to examine to ensure you acquire a quality constitution; especially as you do not need to pay much more for a quality given the competitive nature of the industry.
Daniel and Shaun discuss several key points such as who has the right to appoint and remove a director, the succession for shareholders and directors and risks from ordering documents from a non-qualified suppliers, especially if you are an adviser.
Daniel and Shaun also cover some of the value-added features of the DBA Lawyers’ constitution including successor directors, guardian shares and the flexibility to operate as a sole purpose SMSF trustee company.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Not all companies are created equal
Preserve the intended control of a company using successor directors
Is an alternate director for an SMSF better than a successor director part 1
Is an alternate director for an SMSF better than a successor director part 2
DBA Network
DBA Lawyers
Hosts (in order of appearance): Daniel Butler, Director and Shaun Backhaus, Lawyer
30 November 2020
In this episode of the DBA Lawyers Podcast, Bryce Figot, Special Counsel and William Fettes, Senior Associate discuss SMSF succession planning and some practical tips and traps.
SMSF succession planning is a critical component of each member’s SMSF strategy and is often overlooked. The two key questions to ask when formulating an SMSF succession plan is where a member’s death benefit should be paid and who should control the fund in the event of loss of capacity or death.
Bryce and William address some common misunderstandings with SMSF succession planning such as whether the deceased person’s will can direct the payment of their superannuation death benefit and discuss what happens if the member dies without a binding death benefit nomination (‘BDBN’).
Bryce and William also discuss the issue of control of an SMSF when a member dies and how succession to control works and who can then run the fund.
Finally, Bryce and William also discuss who can decide the validity of a BDBN and common issues that may arise if the person running an SMSF after a member’s death (commonly the surviving spouse) is also the executor of the deceased member’s will and is placed in a position of conflict.
William Fettes is hosting an SMSF Succession Planning Webinar on Wednesday, 18 November 2020 covering this topic in more detail. To register please click here. A recording to this live webinar is also available after 18 November 2020.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
Appeal handed down in Wareham v Marsella
DBA Lawyers — the best BDBN is now even better — COVID-19
SMSF succession strategies
Reversionary pensions v BDBNs: advisers’ risks
SMSF succession planning
The legal minefield of BDBNs (updated)
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Bryce Figot, Special Counsel and William Fettes, Senior Associate
30 October 2020
In this episode of the DBA Lawyers Podcast, Bryce Figot, Special Counsel and Shaun Backhaus, Lawyer, discuss the foreign purchaser duty and land tax surcharges that have been adopted by various states and territories.
The foreign purchaser duty and land tax provisions are additional surcharges that, broadly, are applied to foreign persons purchasing residential property in Australia. These provisions capture foreign natural persons, foreign trusts, and foreign corporations. The provisions are complex and many may consider they are not caught when in fact they are given the breadth of the legislative provisions.
Discretionary trusts are especially at risk of being caught under these taxes due to the broad scope of the definition of beneficiaries in most trust deeds.
Bryce and Shaun discuss the nature of the additional taxes and some of the traps that may unwittingly catch out discretionary trusts.
When establishing a discretionary trust, you should only order from a quality supplier as many document suppliers are not keeping up to date with these developments. Existing discretionary trusts may consider amending their trust deeds so that they are not caught out paying these additional taxes.
DBA Lawyers can assist by drafting discretionary trust deeds and amending existing discretionary trust deeds to exclude these foreign persons. Unless there is a special wording to the deed exclude foreign beneficiaries, as broadly defined in the relevant State or Territory, these taxes are likely to apply.
For more information about the DBA Lawyers discretionary trust deed, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
Related articles and links below.
DBA Lawyers’ discretionary trust — managing the extra duty and land tax surcharges on foreigners
Do Foreign purchaser duty surcharges apply to SMSFs?
Your discretionary trust may unwittingly be subject to extra duty or land tax
DBA Lawyers Discretionary Family Trust
DBA Network
DBA Lawyers
Hosts (in order of appearance): Bryce Figot, Special Counsel and Shaun Backhaus, Lawyer
4 October 2020
Bryce Figot and Daniel Butler provide you with an insight into the many value-added features of the DBA Lawyers SMSF deed. They are both wanting to ensure our adviser clients can provide the best service to their SMSF clients having a deeper understanding of the strategies that can be unlocked by using our SMSF deed.
Show notes:
In this episode of the DBA Lawyers Podcast, Bryce Figot, Special Counsel and Daniel Butler, Director, discuss the DBA Lawyers SMSF deed (aka SMSF governing rules) and break down some of its many value-added features.
When talking to our adviser clients, we find that some are not aware of some the strategies and features that can used that they were not be aware of. This discussion is to heighten your awareness and provide guidance on the features of our SMSF deed.
Broadly, some of the features discussed includes conditional membership, limitation of beneficiaries, quarantining and segregation of assets and much more.
Our latest DBA deed also includes other value-added features, such as the ability to make a binding death benefit nomination without witnesses which can be an ideal solution during periods of social isolation. For more information about our latest SMSF deed, please click here.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
All articles referenced in this show are linked below.
DBA Network
DBA Lawyers
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Bryce Figot, Special Counsel and Daniel Butler, Director
31 August 2020
In this episode of the DBA Lawyers Podcast, we discuss the recent changes to contribution age tests, amendments to the treatment of excepted trust income in testamentary trusts and the recent case of Sutton v NRS(J) Pty Ltd [2020] NSWSC 826 regarding lost trust deeds.
Firstly, we discuss making contributions and some of the recent changes to various age tests, what changes we are still waiting for and the impact this can have for future planning.
Secondly, we discuss the amendments to the Income Tax Assessment Act 1936 (Cth) aimed to prevent people from inappropriately injecting assets into testamentary trusts to obtain favourable tax treatment and what implications this may have for superannuation death benefit payments to a deceased estate.
Finally, we discuss the recent case of Sutton v NRS(J) Pty Ltd highlighting the importance of keeping an original copy of an executed trust deed and what options a trustee may have to rectify the issue of no longer having an original copy of the executed trust deed.
Shaun Backhaus covers these and other topics in DBA Network Pty Ltd’s July SMSF Online Update. For a deeper dive into the contribution rule changes, market linked pension fix, strategies for the current financial year and various other topics, please click here to access the recording. A recorded version is available so you can view at any time.
For a chance to have your SMSF query addressed on the show, please send your questions to zgalloway@dbalawyers.com.au.
All articles referenced in this show are linked below.
Superannuation Legislation Amendment (2020 Measures No.1) Regulations 2020
Recent Change to the Tax Treatment of Income from Super in a Testamentary Trust
Sutton v NRS(J) Pty Ltd [2020] NSWSC 826: Lessons for Managing Lost Trust Deeds
SMSF July Online Update Recording
Register for the September online update
DBA Network
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Shaun Backhaus, Lawyer
In this episode of the DBA Lawyers Podcast, we discuss the beginning of the new financial year and Dan gives us his tips for advisers to begin the 2021 Financial Year on solid ground.
Firstly, we discuss making contributions and some of the recent changes to various age tests, the new pension minimums rules and the importance of bringing last year’s compliance and accounts up to date and reviewing SMSF investment strategies in the new financial year.
Secondly, we discuss some risks that advisers may put themselves in if they are not careful on the advice they give and the work they undertake. In particular, we discuss how the use of some document suppliers may put an adviser at risk by supplying document systems where the adviser prepares the documents and makes the legal decisions and where there is no lawyer input.
Finally, we discuss some of the features of our latest SMSF deed and Dan discusses some of the key advantages of a corporate trustee and why an SMSF should either start with a corporate trustee or change to one, especially a sole purpose corporate trustee.
Shaun Backhaus will be covering contributions rules changes, market linked pension fix, strategies for the current financial year and various other topics in DBA Network Pty Ltd’s July SMSF Online Update. To register please click here.
All articles referenced in this show are linked below.
The legal minefield of BDBNs
Minimum pension payments @ 50%? — COVID-19
DBA Lawyers – the best BDBN is now even better
PCG 2020/5
ATO – COVID-19 FAQ SMSF
Register for the July online update
DBA Network
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Daniel Butler, Director
In this episode of the DBA Lawyers Podcast, we discuss electronic execution of deeds, making an effective binding death benefit nomination (‘BDBN’) and the possibility of SMSFs providing rental relief due to COVID-19.
Firstly, we discuss the new temporary relief legislation made by the New South Wales (‘NSW’), Victorian and the Federal governments to allow for deeds to be made electronically. The new legislation allows for deeds to be made by individuals in both NSW and Victoria and for companies to also make deeds electronically subject to certain prescribed criteria being followed. The requirements to make a deed electronically are quite stringent and the procedures set out in the legislation must be adhered to if executing a deed electronically. For a comprehensive look into the new legislation please click here to read more about electronic execution of deeds by individuals and click here for companies.
Secondly, we discuss the making of a legally effective BDBN and some of the pitfalls and situations that members, trustees and advisers may find themselves in. We outline the importance of having quality documentation that allow for a firm foundation and flexibility when making a BDBN. We take the opportunity here to highlight some of the features of our latest SMSF governing rules that went live on 4 May 2020 that allows for, among other things, a BDBN to be made without witnesses.
Finally, we discuss SMSFs giving rental relief due to COVID-19 and the potential non-arms length income (‘NALI’) risks. Daniel Butler will be covering this topic as well as a range of other current hot in DBA Network Pty Ltd’s June SMSF Online Update. To register please click here.
All articles referenced in this show are linked below.
Electronic execution of Deeds by individuals
Electronic execution of Deeds by companies
Electronic signing and remote witnessing during coronavirus (COVID-19) restrictions
The legal minefield of BDBNs
DBA Lawyers – the best BDBN is now even better
SMSFs and rent relief due to COVID-19
Does an SMSF need to pass on rent relief to a related party tenant
SMSF Lease Review Service – COVID-19
ATO – COVID-19 FAQ SMSF
Register for the June online update
DBA Network
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Daniel Butler, Director
In this first episode of this brand new podcast by DBA Lawyers, we discuss the topics of SMSFs and rent relief due to COVID-19 and how to make a binding death benefit nomination ('BDBN') in a world where it may be difficult, if not illegal, to have two independent witnesses present.
Our aim with this podcast is to keep you, especially our clients and other listeners educated and up to date with what is going on in the world of SMSFs and what we at DBA Lawyers are doing.
Firstly, we discuss the importance of ensuring that an SMSF remains compliant with all regulations and ATO guidance during these difficult times. While it may be tempting for SMSF members to withdraw funds while undergoing financial stress, it is important that they only access their super savings under a prescribed condition of release.
Secondly, we discuss SMSFs giving rent relief to both arm's length and related party tenants and the various steps and potential risks involved. Further, we also discuss what needs to be managed if the SMSF purchased the property under an limited recourse borrowing arrangement (LRBA).
Finally, we discuss how to make BDBNs during these difficult COVID-19 times and how you can make a BDBN via technology like Zoom and similar platforms if you have a recent version of the DBA Lawyers SMSF deed. Further, we discuss our SMSF deeds prepared from 4 May 2020 also allow a member to make their BDBN without any witness. Unlike many other SMSF document suppliers, being Australia’s leading SMSF law firm DBA Lawyers is making sure it a serving its clients with not only the best but also the most practical SMSF legal documents.
All articles referenced in this show are linked below.
ATO FAQ
https://www.ato.gov.au/General/COVID-19/COVID-19-frequently-asked-questions/Self-managed-super-funds-frequently-asked-questions/
COVID-19 Info Centre
https://www.dbalawyers.com.au/covid-19-info-centre/
Temporary Early Access to superannuation – COVID-19
https://www.dbalawyers.com.au/pensions/temporary-early-access-to-superannuation-covid-19/
SMSFs and rent relief due to COVID-19
https://www.dbalawyers.com.au/ato/smsfs-and-rent-relief-due-to-covid-19/
SMSF Lease Review Service – COVID-19
https://www.dbalawyers.com.au/announcements/smsf-lease-review-service/
DBA Lawyers – the best BDBN is now even better
https://www.dbalawyers.com.au/announcements/dba-lawyers-the-best-bdbn-is-now-even-better/
DBA Network Pty Ltd - SMSF Online Update Webinars
http://www.dbanetwork.com.au/dbalawyers/seminars3/1119/1683/SMSF-Online-Updates.html
DBA Lawyers
https://www.dbalawyers.com.au/
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Daniel Butler, Director, Bryce Figot, Special Counsel and Shaun Backhaus, Lawyer
In this podcast we discuss:
Commissioner of Taxation v Cassaniti [2018] FCAFC 212
This case explores what is needed to provide cogent evidence in tax cases against the Commissioner. We explore the facts and give some handy tips for what documents should be in place to set yourself up for success in future disputes.
Reversionary pension v BDBN: Which one wins?
Bryce explores this hot topic and gives you the rundown on what happens when reversionary pension documents and BDBNs conflict.
ATO investment strategy letters
Everyone has been talking about the ATO's recent letters warning trustees about their investment strategies. We discuss this news and give our view on what an investment strategy should contain.