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This case shows that it is important to review all prior SMSF deeds to make sure they contain only the absolutely necessary clauses to avoid sticky situations.
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After his death, a dispute arose, surrounding whether Mr Munro’s nomination for a BDBN had to comply with reg 6.17A of the Superannuation Industry (Supervision) Regulations 1994 (Cth).
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This case should teach that a trustee of a SMSF has enormous power over the benefits once the principle trustee has passed away.
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His widow stated that it did not constitute a BDBN as it did not show intention that it would bind the trustee of the Fund and therefore the trustee had discretion to distribute the funds elsewhere.
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The matter was on appeal from the supreme court regarding whether the Trustee was bound by the BDBN which she contended that it had not been properly given to the trustee in accordance with the Deed.
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The issue was whether the applicant, a trustee of the superannuation fund was validly removed in 2015, whether the respondent was validly appointed at that time as a trustee and whether a Binding Death Benefit Nomination (BDBN) dated 4 January 2017 is invalid?
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The COVID-19 Business Hardship Grant that was introduced by the SA Government for businesses impacted by health restrictions that were in place from 27 December 2021 to the 9th of January 2022.
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Trusts and companies are used to stream income between partners with unequal income rates. Millions of companies and trusts exist for the sole purpose of alienating income.
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Trusts developed in feudal England as a legal mechanism for protecting assets and financial planning.
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Unlike many taxes which are generally passive in nature, the New Land Tax provisions allow you to make a number of active choices including nominating a designated beneficiary of a Discretionary Trust, Notifying the Commissioner (or not) of Unit Holders of a unit trust, or choosing who will be the director of a land owning company.
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So, you an employed physiotherapist who travels with the South Australian Men’s and Mixed Netball Championships to the Gold Coast for a week. You didn’t get paid but you did pay for food, travel, and tubs full of that magical cream that gets really hot when you rub it on things… are all these expenses deductible?
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Double taxation treaties as they apply to the treatment of capital gains.
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You may be aware that the Premier of South Australia, Steven Marshall, spoke on the interception of rapid antigen tests by, allegedly, the Commonwealth Government and the Governments of New South Wales and Victoria. If this is true then it indicates an intriguing issue of the legality of compulsory procurement.
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If no defence is filed by the debtor, the Magistrates Court will enter judgment against the debtor at your request 21 days after the date of service of your claim. Similarly, the District Court may enter judgment against the debtor if they fail to file a Notice of Address for Service within 28 days.
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If your letter of demand or Final Notice fails to obtain payment, you can commence court action. Firstly, consider which court to issue the legal action from.
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Debt recovery in South Australia is basically a three-step process. Your customer may pay at any stage during the process.
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Terms of Trade are important for businesses because they record the terms on which you provide goods or services to your customers. It constitutes a contract between you and your customer. Without Terms of Trade in place, you can be left with limited legal recourse against your debtors. Good Terms or Trade improve your chances of recovering bad debts.
Latest Post
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Narumon Pty Ltd (2018) QSC 185
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Munro v Munro [2015] QSC 61
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Ioppolo v Conti [2013] WASC 389
March 1, 2022
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