News
SMSFs can now have up to 6 members!Since their introduction in Australia, SMSFs have only been able to have up to four members.
It has been proposed for some time that this maximum limit should be increased, and this has in fact just become reality. Pursuant to the recent passage of legislation (refer to the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021), as from 1 July 2021, an SMSF may have up to six members.
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The Latest on Electronic SigningHere is a round-up of the current state of electronic execution of documents , as at 30 June 2021.
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New ASIC fees effective 1 July 2021We are happy to say that our fees will not be changing in the new financial year, however, ASIC's fees increase from 1 July. In line with ASIC's fee increase, {{contact_name}}'s company products will be priced as follows from 1st July 2021. |
Electronic Execution Changes - DocsCentreWhether or not legal documents can be executed electronically is complicated and the effectiveness and legality of electronic execution differs around the country, both from state to state and between the states (and territories) and the Commonwealth. In particular, documents that need to be witnessed personally (such as deeds) almost certainly cannot be witnessed electronically without extraordinary legislative intervention. However, in response to the coronavirus pandemic, various states have recently enacted legislative measures in relation to the electronic execution of documents. |
Victorian SRO about to take a more strict approach regarding “foreign” trustsSince 1 July 2015, specific laws in Victoria imposed a stamp duty surcharge, and, in some cases, a land tax surcharge on certain foreign purchasers of residential land in Victoria. These laws may extend to discretionary trusts. Specifically, if any of the beneficiaries under the trust are “foreign” (as defined by the relevant Act), the trust could be deemed to be a “foreign trust” (and, therefore, possibly subject to stamp duty and/or land tax surcharges).
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Why do you review structures before creating documents?Sometimes, we’re asked why our documents aren’t generated automatically, when there are a lot of online providers who offer an immediate document service. The reason is that once you have submitted an order to us, we will review your order to ensure the structure is legally sound, before creating the documents. Our members are appreciative that we take the time to review and check any issues with them, saving a potentially awkward situation with their clients.
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BDBNs and reversionary beneficiary nominations - which take precedence?Succession planning is obviously a very important element of being a member of a superannuation fund, as the benefits are basically expected to be paid to the member when they retire, or to their dependants should they pass away. |
Why it is Best to Change Trustees by Executing a DeedA recent court case has put the manner of changing trustees in an SMSF in the spotlight and the following article outlines the views of our in-house legal team on the matter. We explore why it's best to change trustees via executing a deed and further, why it's important the deed be prepared by a qualified legal practitioner, as happens when you order an SMSF change of trustee online with us. |
A Partnership of Trusts or a Hybrid TrustA Partnership of Trusts or a Hybrid Trust - which would be right for you? |