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KYC principle important to avoid legal consequences of lost trust deeds, advises lawyer
Keeli Cambourne
Advisers need to adhere to the KYC (Know Your Client) mantra in light of a rash of court cases in relation to lost trust deeds.
Advisers need to adhere to the KYC (Know Your Client) mantra in light of a rash of court cases in relation to lost trust deeds.
The implications of a lost trust deed can be disastrous because without it every trustee action or decision can be called into question, but
Access to excepted trust income is only possible while the assets of the deceased are owned via the testamentary trust under that person’s
SMSF trustees have to ensure funds are set up with a clear sole purpose or face the possibility of court challenges.
Most jurisdictions in Australia have a form of foreign purchaser surcharge duty and/or land tax. The specific legislative definitions, as we
A recent ruling from the Victorian Court of Appeal highlights the importance of securing the safety of trust deeds.
Failing to keep your SMSF deed up to date can lead to the SMSF failing to optimise tax and contribution concessions, unnecessarily restricti
A review from ASIC has highlighted areas where trustees need to improve, including life insurance provided to members.
According to Vanguard, strong weightings towards shares and cash in SMSFs may expose a need for greater asset diversification.
On the back of recent amendments to the Superannuation Industry (Supervision) Act allowing a change in financial statement signatory require
The SMSF Association has called for changes to non-geared unit trust breaches as the current compliance approach has continually created unn
From an asset protection perspective, most specialist advisers recommend that an SMSF intending to invest in real property (ignoring any bor
With BDBNs a significant part of SMSFs death benefit strategy, practitioners will need to consider changing factors impacting the setup of a
SMSFs with discretionary trusts will need to consider a range of safeguards effects on beneficiaries that can have different risk outcomes w
SMSFs considering an update to their trust deed that was prepared quite some time ago will need to assess a range of new changes to the gove
The ability of the Family Court to attack assets held via a discretionary trust has been in little doubt, at least since the decision in Ken
SMSFs will need to be increasingly cautious of various risks arising from the recent NALI ruling impacting unit trusts and LRBAs, according
In a range of respects, binding death benefit nominations (BDBNs) are often seen as analogous to a key aspect of any holistic estate plan, n
SMSFs have been flagged on different approaches on managing traps from duty triggering when resettling a discretionary trust.
A sole practitioner has been found guilty of professional misconduct and has been reprimanded for mixing trust money into his office account
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