SYDNEY: November 2013 The suggestion that limited recourse borrowing by SMSFs is overheating the property market cannot be taken seriously, a leading lawyer says. ‘The suggestion that limited recourse borrowing by SMSFs can overheat the market cannot be taken seriously,’ says Michael Hallinan special counsel superannuation Townsends Business & Corporate Lawyers. ‘It’s been suggested by […]
Townsends Law
SMSF borrowing – The bare facts on LRBA trusts from Peter Townsend
It is not recommended that the lender act as the bare trustee in a bare trust. The rights over the property as the lender would likely conflict with the obligations as bare trustee and would erode the bare trust status.
ATO asset ruling to hit SMSFs and APRA funds
SYDNEY September 2013 – Both APRA-regulated super funds and SMSFs will be hit with the ATO’s latest asset ruling, with SMSFs feeling it ‘more keenly’. Michael Hallinan special counsel superannuation Townsends Business & Corporate Lawyers says the ATO’s draft determination on asset segregation supporting pension payments will apply to both MSFs and APRA-regulated funds, but ‘its […]
Beware the seven types of marriage, lawyer warns
There are the 7 Deadly Sins, the 7 Dwarves, the Magnificent 7 and now there’s the 7 different types of marital status. When considering estate planning it is vital to know which type applies, says Townsends Business & Corporate Lawyers principal Peter Townsend. 1 Single, never married. This person is probably young with a limited […]
Newsflash: Qld changes to LRBAs ‘positive’ for trustees
Changes to the duties law in Queensland will ‘positively’ affect an SMSF buying property in Queensland through a limited recourse borrowing arrangement (LRBA), says Townsends Business & Corporate Lawyers principal Peter Townsend.
newsflash: Advisers warned on pension-date starts
SYDNEY Friday 02 August 2013 – Advisers are being warned to pay very close attention to the starting dates for pensions. ‘The ATO has retained its strict adherence to its views as to the “commencement date” of a pension,’ warns Townsends Business & Corporate Lawyers special counsel superannuation Michael Hallinan. ‘Advisers will have to […]
Top 10 tips for SMSFs in new 2013 Financial Year
SYDNEY – 29 July 2013: Super changes galore post July 1. After surviving June 30 there are changes aplenty in the superannuation arena, says Michael Hallinan special counsel superannuation Townsends Business & Corporate Lawyers. 1. New powers for the ATO: the ATO will have the power to make mandatory directions in relation to education of trustees, directions […]
newsflash: Don’t discount changes to pension payment amounts
SYDNEY 31 July 2013 – For pension accounts to remain tax-exempt, investors must be aware of the government changes to the minimum payment amounts for pensions effective from 1 July 2013. ‘Those pesky minimum payment calculations’ must factor-in recent changes, warns Townsends Business & Corporate Lawyers principal Peter Townsend. In 2008 the Government introduced a […]