Can an SMSF sell a collectable to a related party?

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Can SMSF trustees sell a collectable (artwork) to a relative and does it require a valuation report? John and Mary’s SMSF has purchased a collection of artwork as an allowable investment under s62A of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SIS Act’). John and Mary want to know whether it is possible for their SMSF to sell

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Are you up to speed on the latest process to rollover a member of an SMSF?

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Rollovers from one SMSF to another must comply with the technical requirements. Elizabeth Wang from Townsends Law has summarised those requirements to save you time. John and Mary have an SMSF. John has decided to establish his own SMSF where he will be the sole member of the Fund and will act as the sole

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What happens when the last surviving trustee dies?

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Mary being the sole individual trustee of her trust has recently passed away. Her daughter Sarah is her executor. Because Mary was the sole individual trustee of the trust this raises the issue of whether the trust has automatically vested on her death. If the trust has vested this could be very unfavourable from a

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Buy your retirement home now in your SMSF and use it when you retire?

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Garry and Betty are the directors of the corporate trustee of their SMSF.  They are contemplating acquiring a property through their SMSF, which they plan to lease to an unrelated third party at market value until both of them reach their preservation age and retire as a condition of release. They want to know whether

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Five traps for SMSFs buying off-the-plan

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John and Mary are looking to acquire an off-the-plan property through their SMSF. They need to consider the five following points. 1. Purchaser named on the contract It is important that the correct entity is named on the contract of sale to avoid any adverse tax consequences. If John and Mary’s SMSF will not be

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Electronic company document execution

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Electronic execution of documents is bedevilling lawyers across the country because of the complex interweaving of various statutes and the common law. John and Mary have an SMSF and are the directors of the corporate trustee. They have recently changed the trustee of their SMSF from individual trustees to a corporate trustee. This was a

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What trustees need to consider in closing an SMSF

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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

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Do bushfires + financial hardship = early access to your super?

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Given all the talk about the dreadful bush fires you’d be forgiven for thinking victims could access their super to help with their recovery.  Think again, as Elizabeth Wang reports. Robert and Mary have been affected by the devastating bushfires. They are struggling financially and are wondering whether it is possible to withdraw some of

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Substituting your SMSF when off-the-plan is off-the-rails

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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

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Is it possible to admit your child as a member to your SMSF?

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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

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