When Super Outlives Its Usefulness
When Super Outlives Its UsefulnessThe taxation of superannuation death benefits in the hands of adult children means that the time may come where you and your clients face the fact…
LRBAs – Does the Bare Trustee Need to Prepare Accounts?
LRBAs - Does the Bare Trustee Need to Prepare Accounts?This is a quite reasonable question. Remember that, under a bare trust LRBA, the bare trustee (usually a company) holds legal…
Are Undistributed Unit Trust Distributions “Loans”?
Are Undistributed Unit Trust Distributions “Loans”?It is standard practice in many accounting firms to place any undistributed profits from a family or unit trust into a beneficiary loan account, as…
Can A Super Fund Run A Business?
Can A Super Fund Run A Business?For years, the unofficial answer to this question has always been, “No, because it would breach the ‘sole purpose test’, which requires that the…
How Does a Child Under 18 Years of Age Become a SMSF Member, if They Need to be a Trustee?
How Does a Child Under 18 Years of Age Become a SMSF Member, if They Need to be a Trustee?A SMSF may establish a member’s account for a child under…
What Rate of Interest Should a Fund Charge on In-house Asset Loans?
What Rate of Interest Should a Fund Charge on In-house Asset Loans?There is no established rate of interest chargeable on loans which are in-house assets, however there is a general…