away in June 2017. He was survived by his wife Mrs Narumon Giles to whom he had been married for almost 19 years and had one son with. Mr Giles also had four adult children from a previous marriage, Patricia Giles, Gregory Giles, Anthony Giles and Kelly...
not. Mr Townsend used the example of Fred and Wilma Flintstone who wanted to leave their SMSF death benefit to their friends’ son, Bam Bam, who had intellectual difficulties but did not qualify for NDIS support. “The SIS Act lists three main categories...
A test case involving the son of one of Australia’s best-known SMSF advisers may establish that Australian superannuation funds are taxable under US law, bringing wide-ranging implications for Australian and US citizens working across both countries,...
first before going down this avenue.” Ms Wang used the example of Bob and Barbara, who want to admit their 17-year-old son, Ben, as a member of their SMSF. She said Bob and Barbara would need to firstly consider whether their fund’s trust deed permits...
it’s not only the tax you have to pay, it’s the interest and penalties,” he said. “If you are considered not to have used reasonable care, that’s starting at 25 per cent; if it’s considered reckless, that starts at 50 per cent — so you have to justify...
19 September 2016, probate of which was granted on 20 September 2017 to the respondents his daughter Nicole Shannon and his son James Steinmetz. In the will, the deceased gave a legacy of $15,000 to his godson John Anthony Steinmetz; the contents of his...
The recent case of Burgess v Burgess continues a line of cases that consider the conflict that arises where a person acts as executor of a deceased estate while also receiving superannuation death benefits in their personal capacity. Broadly, Burgess v...
In Part 2 of our series, we examine how successor directors are the much better tool to use. We provide a brief comparison table below to support our view that alternate directors are not of much use in an SMSF and indeed can give rise to a number of...
In June 2016, a company called S & A Chalhoub Nominees Pty Ltd, controlled by two directors, Mr Akram El-Fahkri (Snr) and his son, Mr Hayaf El-Fahkri (Jnr), applied to ASIC for an AFSL. Mr El-Fahkri (Snr) is an accountant and wanted to establish a...
an alternate director compare with nominating a successor director in the context of an SMSF? We also provide a brief comparison table below to support our view that alternate directors are not of much value in an SMSF context and indeed can give rise...
had not considered the interests of the dependants of the fund when distributing benefits. The case has brought up comparisons to a similar case, Katz v Grossman, of which the NSW Supreme Court handed down its decision in 2005. But according to Shaun...
Davern. “It is a mystery as to how Pamela and not Matthew became the sole trustee of the fund [as] she was not the legal personal representative of the deceased trustee,” Townsends noted. Ms Ainsworth requested that she receive a monthly benefit from...
of $500,000. The SMSF paid the insurance premium of $2,000 on 1 February 2018,” she continued. “After David’s death, Julia’s son Michael joined the fund and also became a trustee of the fund. As trustees, Julia and Michael seek tax advice and are...
$200,000 in superannuation, with Hesta and Cbus. They had several liabilities, including a mortgage of $404,000 and a personal loan with Westpac of $44,000. From their meetings with Westpac, coupled with their own aspirations, the McDowalls understood...
accepting the role? When will an advisor be asked to act? Sometimes it is the case that a client does not have any other person or is not comfortable asking another person to act as executor of their estate. For others, it is a question of wanting an...
window inviting people to click onto our website. It says, ‘Find out why we’re different’. We’re not a bank and we offer a personal service, we’re 100 per cent owned privately.” Condell Financial prides itself on taking a personal approach to financial...
one of the things I’ve been telling people to do is a check of their own family situation. A ‘what if’ scenario. What if the son or daughter arrives back on your doorstep with two kids after a marriage breakdown, for example. What I’m seeing is a lot of...
court. By this stage, we’ve done an audit, we’ve done a review, but they’ve failed to tell us [for example] that they have a son who is ill and have been using their assets for that. “I can tell you we haven’t lost a court case in a long time," Mr...
authorisation system like this to prevent occurrences such as the case of Triway Superannuation Fund. “What happened was the son, who was a partaker in illegal drugs of various sorts, convinced his parents to set up a SMSF,” Mr Negline explained. “There...
where there’s been no real thought put into it, and it’s not really clear who’s going to be controlling what or what the person actually wanted.” One important aspect of a death benefit strategy is considering who will control the fund and making sure...
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