Sladen Snippet - Absolute Vision Technologies – Former SMSF corporate trustee in administration but still holds SMSF property

Sladen Snippet - Absolute Vision Technologies – Former SMSF corporate trustee in administration but still holds SMSF property

What happens if the former trustee of an SMSF is still the registered proprietor of an SMSF property and goes into administration? This issue was considered in the decision of Re Absolute Vision Technologies Pty Ltd (subject to deed of company administration) [2024] NSWSC 1010 (13 August 2024). There, the Court ordered that a contract be completed where the former trustee entered into a contract of sale of real estate (Suite 901) notwithstanding it was in administration.

Sladen Snippet – Proposed law to allow conversion of legacy pensions and reserves

Sladen Snippet – Proposed law to allow conversion of legacy pensions and reserves

At long last proposed regulations have been released for consultation that would permit the conversion of legacy pensions and reserves over a 5 year period. As a nice added bonus, the regulations will also better allow allocations from non-pension reserves.

Sladen Snippet – Gainer Part 6 – SMSF trustee indemnity

Sladen Snippet – Gainer Part 6 – SMSF trustee indemnity

In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice that the self managed superannuation fund (SMSF) corporate trustee (Gainer Associates Pty Ltd – referred to as Gainer) could be indemnified from the assets of the SMSF in relation to all issues disclosed to the Court in that application for judicial advice.

Sladen Snippet – Gainer Part 5 – SMSF trustee director remuneration

Sladen Snippet – Gainer Part 5 – SMSF trustee director remuneration

In this fifth part of our series on the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, we examine Gainer’s request for the Court’s advice as to whether it would be justified to remunerate Mr Heesh for his time and efforts in acting as sole director of Gainer in its role as the corporate trustee for a self managed superannuation fund (SMSF) and, if so, at which rate and whether the remuneration could be for some or all of the work completed by Mr Heesh.

Sladen Snippet – Gainer Part 3 – seeking advice to defend trustee removal proceedings

Sladen Snippet – Gainer Part 3 – seeking advice to defend trustee removal proceedings

In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice that the self managed superannuation fund (SMSF) trustee would be justified in defending the removal proceedings to be brought against it by Mr Bone, the partner of the deceased member of the SMSF.

Sladen Snippet – Gainer Part 2 – The death benefit decision

Sladen Snippet – Gainer Part 2 – The death benefit decision

In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice to uphold the decision of the self managed superannuation fund (SMSF) trustee to distribute 1/3rd of the death benefits in the SMSF to a partner of the sole surviving SMSF member and 2/3rd to her estate.

Sladen Snippet – Gainer Part 1 – When Court advice may be given to an SMSF trustee

Sladen Snippet – Gainer Part 1 – When Court advice may be given to an SMSF trustee

In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice to uphold the decision of the self managed superannuation fund (SMSF) trustee to distribute 1/3rd of the death benefits in the SMSF to the spouse of the sole surviving SMSF member and 2/3rd to her estate.

Sladen Snippet - ATO attempts to read down loss in Merchant disqualification decision

Sladen Snippet - ATO attempts to read down loss in Merchant disqualification decision

The Australian Taxation Office (ATO) has issued a draft Decision Impact Statement (DIS) on the Administrative Appeals Tribunal (AAT) decision of Merchant and Commissioner of Taxation [2024] AATA 1102 (which was decided on 16 May 2024) (Merchant).

 

Sladen Snippet: Armidale Jockey Club - Racing clubs “clearance house” liable to pay superannuation guarantee to jockeys

Sladen Snippet: Armidale Jockey Club - Racing clubs “clearance house” liable to pay superannuation guarantee to jockeys

This Decision of the Administrative Appeals Tribunal (AAT) is a series of decisions against five jockey racing clubs brought by the Australian Taxation Office (ATO) regarding whether the racing clubs must pay super contributions on behalf of jockeys under the Superannuation Guarantee (Administration) Act 1992 (SG Act).

Sladen Snippet - TD 2024/5 - How NALI is calculated for capital gains

Sladen Snippet - TD 2024/5 - How NALI is calculated for capital gains

Following the passing of changes to non-arm’s length expenditure (NALE) rules through Parliament on 25 Jun 2024, the Australian Taxation Office (ATO) has finalised its Taxation Determination TD 2024/5 (previously Draft TD 2023/D1).

Sladen Snippet – NALE changes pass parliament

Sladen Snippet – NALE changes pass parliament

After a number of years in the making, the changes to the non-arm’s length expenses (NALE) rules have now passed through Parliament. While, as previously noted, the changes did not go far enough for many of the tax industry, and accounting bodies, the changes offer some relief to taxpayers.

Sladen snippet - S&H Investments - Company cannot contract out of super guarantee

Sladen snippet - S&H Investments - Company cannot contract out of super guarantee

In the decision of S&H Investments Pty Ltd and Commissioner of Taxation [2024] AATA 893, the Administrative Appeals Tribunal (AAT), the Tribunal affirmed the decision of the Commissioner of Taxation to assess the taxpayer for the superannuation guarantee charge for failing to pay superannuation for their employee/contractor referred to as “TW”.

Sladen Snippet - ATO attempts to read down NALI defeat in BPFN decision

Sladen Snippet - ATO attempts to read down NALI defeat in BPFN decision

As noted previously, the recent Administrative Appeals Tribunal (AAT) decision of BPFN and Commissioner of Taxation (Taxation) [2023] AATA 2330 (28 July 2023) (BPFN) had struck a blow to the ATO’s strict approach to non-arm’s length income (NALI) and taken a more general commercial approach to NALI.

Super guarantee – Same, same but different

Super guarantee – Same, same but different

This paper has been built on a previous paper on the superannuation guarantee (SG) regime, titled Super Guarantee – no longer the toothless tiger. That paper was designed to take a holistic examination of the SG regime. In this paper, we have built on that approach and added a number of developments, including:

Mackie– Contributions count when cleared funds are received, not when you press send – no special circumstances

Mackie– Contributions count when cleared funds are received, not when you press send – no special circumstances

In the decision of Mackie v Commissioner of Taxation (Taxation) [2024] AATA 619 (3 April 2024), the Administrative Appeals Tribunal (Tribunal) affirmed the decision of the Commissioner to decline to exercise the discretion in section 291-465(1) of the Income Tax Assessment Act 1997 (Cth) (ITAA 97) to disregard or allocate to another year the taxpayer’s concessional superannuation contributions.

Sladen Snippet - Kirk - superannuation removed no longer protected from creditors

Sladen Snippet - Kirk - superannuation removed no longer protected from creditors

In the decision of Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] FCA 240 (15 March 2024) the Federal Court held, among other things, that a transfer of superannuation from the husband to his wife’s superannuation was no longer protected as an interest of the bankrupt in a regulated super fund under section 116(2)(d)(iii)(A) of the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).