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Divorce, death and super – how to exit an SMSF

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Divorce, death and super – how to exit an SMSF

The structure of a self managed superannuation fund (SMSF) is often based on a family unit. A very common SMSF structure is, for example, two spouses as the members and trustees/directors of the corporate trustee.

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Main Residence Exemption: Is It The Devil Or An Angel In The Details?

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Main Residence Exemption: Is It The Devil Or An Angel In The Details?

The capital gains tax (CGT) main residence exemption (CGT MRE) is (arguably) the most generous exemption for post-CGT assets in the income tax legislation. The eligibility requirements are not onerous, and it is available to young and old rich and poor. However, actions, or inactions, can result in loss of the CGT MRE in whole or part.

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The NALI/NALE Whirlwind – Where Are We At?

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The NALI/NALE Whirlwind – Where Are We At?

Non-arm’s length income (NALI) has been a hot topic of discussion and debate in the SMSF industry in recent years, in particular since the ATO first released their draft ruling on non-arm’s length expenditure (NALE) in 2018 (and its subsequent iterations).

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SMSFS And Property Development: Key Compliance Imperatives

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SMSFS And Property Development: Key Compliance Imperatives

SMSFs (self managed superannuation funds) have been carrying on property development activities ever since SMSFs came into existence. Yet despite that there is still a common concern that such activities will cause the SMSF to become non-compliant, or subject to penalties, on the basis that such activities, and in particular undertaking a property development business, are prohibited.

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Trusts Intensive - What’s That? My Distribution Is Invalid?

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Trusts Intensive - What’s That? My Distribution Is Invalid?

Actions of trustees in administering trusts are increasingly being challenged by beneficiaries. Such challenges often come to light with disputes as to the validity of amendments to trust deeds and the identity of the appointor. These issues often bring to light other deficiencies in trust administration with some of the most significant being the potential invalidity of the trustee’s year end resolutions concerning the appointment of trust law distributable income.