The Board of Taxation (BOT) has recently released its report on the taxation of digital taxes – Review of the tax treatment of digital assets and transactions in Australia. This includes a section, from page 155, on whether crypto assets should receive the “trading stock” exemption.
Sladen Snippet - Bendel and SMSFs – Part 4–Bendel and UPEs owing to SMSFs
As noted in part 1 of our articles on the application of the Bendel decision to the Superannuation Industry (Supervision) Act 1993 (SIS Act), in our view, it is likely that the Courts will apply the Bendel decision to the SIS Act, such that the expanded definition of loan in the SIS Act will apply to arrangements that involve the advancement of principal with an obligation to repay and that it will not apply to a mere creditor and debtor arrangement.
Sladen Snippet - Bendel and SMSFs – Part 3 –Bendel and the in-house asset rules
As noted in part 1 of our articles on the application of the Bendel decision to the Superannuation Industry (Supervision) Act 1993 (SIS Act), in our view, it is likely that the Courts will apply the Bendel decision to the SIS Act, such that the expanded definition of loan in the SIS Act will apply to arrangements that involve the advancement of principal with an obligation to repay and that it will not apply to a mere creditor and debtor arrangement (like a UPE).
In this part 3 of the series we examine how this may play out in the in-house asset rules contained in Part 8 of the SIS Act.
Sladen Snippet - Bendel and SMSFs – Part 2 –Bendel and section 65 of the SIS Act
As noted in part 1 of our articles on the application of the Bendel decision to the Superannuation Industry (Supervision) Act 1993 (SIS Act), in our view, it is likely that the Courts will apply the Bendel decision to the SIS Act, such that the expanded definition of loan in the SIS Act will apply to arrangements that involve the advancement of principal with an obligation to repay and that it will not apply to a mere creditor and debtor arrangement (like a UPE).
Sladen Snippet - Bendel and SMSFs – Part 1 – can Bendel be applied to the SIS Act?
As discussed here, the recent decision of the Full Federal Court (Court) in FCT v Bendel [2025] FCAFC 15 (Bendel) has been a significant one in the private tax world.
CONCURRENT 5B The Right Fit: SMSFs vs. Alternative Investment Structures
Sladen Snippet - Division 296 tax, the proposed new $3 million super fund tax on unrealised gains, still not law
Division 296 tax, the proposed new $3 million super fund tax on unrealised gains, did not pass in the Senate yesterday, 13 February 2025.
Division 296, if passed, would impose an additional 15% tax on members with a $3 million or more total super balance (not indexed).
Division 296 is now unlikely to be put to the Senate before an election, and is expected to become a key election issue.
#division296 #$3million #unrealisedgains
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
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
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 4 – advice on varying the fund trust deed
In this six part series on the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, we’ll examine various aspects of this case.
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.
SMSFs and NALE That Triggers NALI Let's Get Specific
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). Recently, the long debated amendments to NALE provisions were passed in Parliament and received Royal Assent in June 2024.
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 - 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 - Cihan - Transfer of land to an SMSF reversed for unconscionable dealing
The NSW Supreme Court decision of Cihan Family Trust v Cihan Family Superannuation Fund [2023] NSWSC 1289 found that a transfer of land from a family trust to a SMSF should be reversed on the basis of unconscionable conduct of a son against his father.
Sladen Snippet – Corbisieri – BDBN invalid due to relationship breakdown
The case of Corbisieri v NM Superannuation Proprietary Limited [2023] FCA 1319 involved an appeal by the mother of a deceased against the decision of the Australian Financial Complaints Authority (AFCA) to uphold a BDBN to benefit the de facto spouse of her late son, which was to be funded out of life insurance proceeds in AMP Superannuation.
Sladen Snippet – van Camp – deathbed BDBN found to be valid
In this Judgment of the NSW Supreme Court, a binding death benefit nomination (BDBN) signed on the date of death of the sole member of a self managed superannuation fund (SMSF) was upheld. Challenges to the BDBN’s validity, by the SMSF trustee and two of the deceased’s executors, based on lack of capacity and unconscionability both failed.
Who’s Running The Show: Keeping Control Of An SMSF
Sladen Snippet – Loans in breach of SIS Act unenforceable – End of the world or confined to its facts?
In Colaciello Super Pty Ltd v Christensen [2023] VSC 568 the Supreme Court of Victoria held that a loan in breach of sections 62 and 65 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) was unenforceable under the defence of illegality.