Every time the markets collapse, there is a particular group of investors that is hit the hardest. The reason why is that this group of investors don’t just lose a big portion of the value of their accumulated investment – they lose doubly, because they don’t have the time to redress the fall. They are... Read more continue reading
17
Jun
2020
The ATO has issued SMSFRB 2020/1 (“SMSFR”) to highlight its main concerns in relation to SMSF property development. It is comprehensive and traverses structuring, investment rules, NALI and the anti-avoidance provisions. SMSF trustees that enter into property development projects must understand the complexity of such ventures and implement all the applicable rules from start to... Read more continue reading
11
Jun
2020
Investment values have nosedived but an SMSF is still required to pay the minimum pension amount – Townsends Lawyers believe it’s time for Plan B. Retirement is supposed to be the time when a person enjoys their hard-earned savings, i.e. superannuation. However when the value of investments made by the SMSF in the financial markets... Read more continue reading
28
May
2020
If your SMSF can’t hold on any longer and must sell a parcel of shares or units which it borrowed to purchase, there are compliance issues which must be remembered, pandemic or no pandemic. The pandemic is threatening the health of people as well as the economy. The circumstances might provoke trustees to rush into... Read more continue reading
21
Apr
2020
What do trustees need to consider when winding up an SMSF? Mary is the sole member and one of two individual trustees of her SMSF – the other being her daughter. Mary’s health is starting to deteriorate and she no longer wishes to run the fund in the future. She now wishes to wind up... Read more continue reading
16
Apr
2020
A slowdown in growth for the big four and regional banks is being offset by investor interest in the burgeoning growth of non-bank lenders. This is evident in the recent capital raising by Australasia’s leading non-bank lender Metrics Credit Partners (Metrics), for its ASX listed MCP Master Income Trust (ASX:MXT). Its current $638 million Entitlement... Read more continue reading
26
Feb
2020
Townsend Lawyers’ Jeff Song explains that this strategy, though perhaps not quite as attractive, is still viable. From 1 July 2018 new law provides that in certain circumstances the outstanding amount of a limited recourse borrowing arrangement (LRBA) will count towards the relevant member’s total superannuation balance (TSB). How will these new provisions affect the... Read more continue reading
11
Dec
2019
Bob and Susan can’t afford to complete their off-the-plan purchase unless they use their super. Bob and Susan signed a contract and placed a deposit in their personal capacity some time ago to acquire an off-the-plan apartment which is now nearing completion. The bank has valued the property lower than the original contract sale price... Read more continue reading
27
Nov
2019
It seems that the ATO will change the status of SMSFs which fail to lodge their SMSF annual returns by the due date (subject to a 2-week grace period) from “complying” to “regulation details removed”. This will effectively be social exclusion for those SMSFs. Whilst this change does not alter the complying fund status of... Read more continue reading
11
Oct
2019
Bob and Barbara have recently established an SMSF with a corporate trustee and want their 17-year-old son, Ben, to join their SMSF. Can Ben join? We often get asked by our clients who are contemplating establishing an SMSF whether they can admit a child member to their SMSF. While it is not uncommon to admit... Read more continue reading
16
Sep
2019
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