27/02/2019Mary and John purchased a property in NSW using their SMSF in 2012 under a limited recourse borrowing arrangement. Their SMSF has recently repaid the loan and they are now wanting to transfer the property back to their SMSF. Elizabeth Wang discusses.
27/02/2019John and Mary, a married couple, are members and individual trustees of their SMSF and their benefits in the fund represent 10% (John) and 90% (Mary) of the total value of the fund respectively. John is a foreign person for the purposes of the surcharge duty in NSW. Is the SMSF subject to surcharge duty in NSW? Jeff Song outlines the position.
27/02/2019Many clients complete a Will and then fail to revisit it for years, and it is concerning that some never do. However, an estate plan is not static; it cannot be set and then forgotten about. It is not difficult, or necessarily expensive to change a Will - it can be amended, modified, updated or even revoked at any time. Elizabeth considers the issues.
27/02/2019In a recent case in the Supreme Court of Western Australia an undischarged bankrupt SMSF member has successfully applied for leave to act as a director of the corporate trustee of his SMSF. The bankrupt was one of two members of the fund, along with his former spouse. Jeff Song considers the issues.
27/02/2019Once a limited recourse borrowing arrangement has been repaid, the trustees of a Fund can decide that they would like to sell the property to a third party.