Recent Tax and Regulatory Developments Affecting SMSF Audit

Recent Tax and Regulatory Developments Affecting SMSF Audit

All references in this paper are to the Superannuation Industry (Supervision) Act 1993 (SIS Act), the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) and the Income Tax Assessment Act 1997 (ITAA97) and the Income Tax Assessment Act 1936 (ITAA36) unless otherwise stated.

Estate Planning and Blended Families

Estate Planning and Blended Families

Striking a balance between providing for a spouse and children from a previous relationship is a challenge many of us as professional advisers have encountered. As advisers, careful advice needs to be given to clients outlining their obligations, risks and the consequences of their instructions and intentions. Blended families are more prone to dispute than is the case with first relationships and face a range of challenges, practically and legally. Superannuation, estate planning and family law disputes can often be avoided with proper planning and strategic decision making.  

CGT Hotspots in Restructuring Trusts in Estate Planning

CGT Hotspots in Restructuring Trusts in Estate Planning

There are significant tax issues, especially in relation to possible capital gains tax (CGT) liabilities, which should be considered whenever a client intends to restructure a trust.  This is particularly the case in the restructuring of entities, particularly trusts, in a family group

Seamlessly Integrating Superannuation into Effective Estate Planning

Seamlessly Integrating Superannuation into Effective Estate Planning

This paper examines how to incorporate super into the succession process. In particular, the use of BDBNs and reversionary pensions and the interaction between the two and the succession of the super fund trustee is examined.

Director’s breach of fiduciary duties results in a clawback of super contributions

Director’s breach of fiduciary duties results in a clawback of super contributions

The decision of the Victorian Court of Appeal in Australasian Annuities Pty Ltd (in liq) v Rowley Super Fund Pty Ltd 1 (Rowley Super) concerns the ability of a liquidator to claw back contributions made to a superannuation fund where such contributions are made as a result of a director breaching his fiduciary duties to the corporate trustee of a discretionary trust.