What happens when a trustee places the beneficiary’s money into their own account?
SMSF
Pension asset CGT exemption from NALI ends 30 June 2021
From 1 July 2021, if a non-arm’s-length capital gain is made by a segregated current pension asset on or after 1 July 2021, it will be treated as non-arm’s length income (“NALI”), meaning that it will be taxed at the highest marginal rate of 45% under section 295-550 of the Income Tax Assessment Act 1997 (“ITAA97”).
A philosophy to help build wealth
Imagine what would happen if you started to build a house with no plans? The wrong amount of concrete may be ordered for the foundations. The Foundations may not match how big you want the house to be. Ultimately, the building may not be able to support the roof and that whole house will fall down.
Controlling commutation of a child pension
Husband (H) and wife (W) are members of a self-managed superannuation fund, and as part of their estate planning, they want to direct the trustee of the fund to set up child pensions for their eligible children if either of H or W die early.
The 6-member super fund is for more than just big families
Jumbo funds may open the opportunity for self-managed super to be seen more as an asset holding structure rather than simply a tool for families.
Can an SMSF member with a majority interest expel another member?
If there is an unfortunate falling out, can a member with majority interest in the SMSF expel another member?
SMSF death benefits – the case for flexibility
We often want certainty. In a world where there is increasing conflict between family members after a parent dies, and a greater propensity for children to challenge a deceased person’s estate, anything that promotes greater certainty with regard to estate planning is usually seen as a good thing.
Uncertain future of attorneys making BDBNs for their principals
While the facts of a recent NSW Supreme Court case, G v G (No.2) [2020] NSWSC 818, relate to a financial manager appointed under the NSW Trustee and Guardian Act 2009 (NSW) and retail super funds, the decision that the fiduciary office has no authority to make a binding death benefit nomination seems to raise an interesting question quite relevant for SMSFs.