News
SMSFs, family trusts both protect assets, but which one does it better?
2+ hour, 58+ min ago (544+ words) Katie Timms, partner at RSM Perth, said SMSFs and family trusts are effective for asset protection but only if set up and maintained correctly, otherwise, protections can fail, especially in bankruptcy situations. Timms said in regard to asset protections, SMSFs…...
Family trust elections — FTDT and GIC — Part 4
1+ week, 4+ day ago (560+ words) Fraser Stead, DBA Lawyers Broadly, distributions made outside of the relevant family group by an entity that has made an election can give rise to FTDT of 47% on the amount or value of the distribution of income or capital. Late…...
Death now won’t eliminate Div 296 liability
1+ week, 6+ day ago (678+ words) Instead, earnings attributable to the deceased member's interest continue to be assessed, even after death, until the benefit is fully dealt with. Peter Burgess, CEO of the SMSF Association, said a key concern in the draft regulations" is post-death attribution…...
Super policy driving advice conversations
2+ week, 3+ hour ago (373+ words) Felipe Araujo, Generation Life The 2025/26 Navigating Uncertainty Report from Generation Life, found that understanding super and tax legislation now ranks as the third-largest driver of advice engagement, ahead of both retirement planning and inheritance considerations. Felipe Araujo, CEO of Generation…...
Cash rollover not the only way to split assets following separation
4+ week, 2+ day ago (517+ words) Liz Westover, partner and national SMSF leader at Deloitte, said at the SMSF Association national conference that a "straight up" cash transfer is the most common method especially if the funds are APRA-regulated. "APRA-regulated funds don't want assets. They want…...
Family trust elections — interposed entity elections and revocations — Part 2
2+ mon, 1+ day ago (538+ words) This is Part 2 of a series of articles on key issues relating to family trust elections (FTEs) and interposed entity elections (IEEs). Part 1 provided a general overview of FTEs, the family group and the ATO's recent increased focus in this…...
Unit trusts a concern regarding compliance breaches
3+ mon, 1+ week ago (575+ words) Tim Miller, head of technical and education for Smarter SMSF, said on a recent webinar for SuperGuardian that the lack of understanding around discretionary trusts is creating a "world of hurt" from a tax point of view. "The ATO statistics…...
Retaining Pre-CGT assets owned via trusts – Clarity at last(?)
5+ mon, 1+ week ago (682+ words) Division 149 of the 1997 Tax Act is an anti-avoidance provision aimed at preventing access to tax free disposals of assets otherwise assumed to have been acquired before 20 September 1985. Broadly Division 149 applies most commonly where a company has acquired assets prior to…...
Being a father figure may trigger rights for claims against estates: legal expert
5+ mon, 1+ week ago (433+ words) A recent court case demonstrates that the greater the estate, the more contingencies need to be considered, even those that may seem remote regarding its distribution, a leading legal specialist has said. Matthew Burgess, director of View Legal, says the…...
Bringing children into a trust requires consideration about control: specialist
5+ mon, 4+ week ago (438+ words) Before bringing children into a discretionary trust, several things should be considered, a leading legal specialist has said. Scott Hay-Bartlem, partner at Cooper Grace Ward Lawyers, said that when looking at bringing children into control of the trust, you must…...