SMSF Unit Trust buys a necklace for wife – now what?

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16/08/2016

SMSF Unit Trust buys a necklace for wife – now what?

SMSF Unit Trust buys a necklace for wife – now what? SMSF Unit Trust. Do you operate a Unit Trust where your Self-Managed Superannuation Fund owns some or all the units? If so you have a ‘related unit trust’. A related unit trust is an SMSF unit trust. An SMSF is […]
11/08/2016

Go bankrupt lose Super? Bankrupt widow keeps Super

Go bankrupt lose Super? Go bankrupt and lose your superannuation? But isn’t Superannuation protected from bankruptcy? The 3 common safe havens to protect assets from insolvency are: ‘Clean skin’ Family Trusts (eg, doesn’t employ people) Low-risk spouse (eg. spouse is a school teacher) Superannuation With huge wealth moving into Super the […]
11/08/2016

Introduction for Dr Brett Davies’ presentation

Introductory note for Dr Brett Davies’ presentation Adjunct Professor, Dr Brett Davies Adjunct Professor, Dr Brett Davies is the tax partner of the national legal practice Legal Consolidated Barristers & Solicitors. They are Australia’s only law firm providing legal documents online. Brett is Adjunct Professor at The University of WA […]
07/08/2016

SMSF Borrowings. ATO Safe Harbour & Mortgages

We prepare SMSF borrowing gearing documents complying with the ATO ‘safe harbour’ SMSF borrowing is common. We provide documents for SMSF borrowing where the: 1. Lender is the Bank 2. Lender is a related party 3. existing SMSF loan is being updated 1. Lender is the Bank SMSF borrowing where an Australian Bank […]
01/08/2016

When can trustees keep secrets from beneficiaries?

A warning to accountants, financial planners and lawyers Trustee confidentiality is a major issue in all our practices. This is a warning to all accountants, financial planners and lawyers that take on the onerous responsibilities of holding a Trustee position for clients we have Felicity Blades v Richard Isaac & Christopher Alexander. It is […]
31/07/2016

Airport lounge membership fees are tax deductible for employer

Employers can claim a tax deduction for airport lounge membership annual fees The ATO’s Taxation Determination TD 2016/15 dated 27 July 2016, confirms that employers can claim a tax deduction (under s 8-1 Income Tax Assessment Act 1997) for airport lounge membership annual fees. This is for their employees. What about if the lounge membership […]
31/07/2016

Are gifts to clients tax-deductible for accountants and financial planners?

ATO issues ruling on tax deductible gifts: Taxation Determination TD 2016/14 It is good news. The Determination, dated 27 July 2016, confirms what Legal Consolidated Barristers & Solicitors has stated for a long time. An accountant or financial planner is entitled to a deduction under s 8-1 Income Tax Assessment Act 1997. This […]
20/07/2016

Are Family Trusts replacing Self-Managed Super funds?

Are Family Trusts replacing Self-Managed Super funds? We are seeing a renewed interest from professionals for Family Trusts. Family Trusts built on our website have surged 38% in the last 12 weeks. Conversely, SMSFs have dropped by 23%. On speaking with professionals it appears that clients are losing confidence in […]