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(there is a point to my message above)....I think you know what I am getting at. I want us to consider the definition of a "bare trust". “trust under which the trustee or trustees hold property without any interest therein, other than that existing by reason of office and the legal title as...

Manoj, What about the rental income of the trust? Does the special trustee need to lodge a tax return?

Manoj, I am not sure I agree with you. Note I have not seen the MGS deed - no idea if it is good or not. I appreciate that 67(4A) does not require the beneficiaries to have an "absolute entitlement", but what do you think of the E5 argument? Also, what are the tax repercussions...

Hi PJ, Haha, yes, good point!!!

Mate, good idea to have these thoughts, however, go to a solicitor, request plain english drafting of these ideas, and be done with it. The agreement is full of holes, but I certainly can't fault the creativity of it all.

Zaph, actually, yes, you may be able to rent to your sister. Of course, you would consider the definition of an "associate" under Part 8 of the SIS Act. Your sister would be an "associate", and therefore, a "related party", so you must see if the in-house asset rules will cause concerns for...

Zaph, Don't forget the business real property exception to in-house assets. Provided the asset falls within the definition of "business real property" in the SIS Act, and all the arms length and ancillary provisions are satisfied, you can rent the business real property to a related party of...

Pat, great post!!!!!

Hi, Please be careful with TR 2009/D3. First, it is a draft ruling. Second, It is not specific in dealing with whether or not a member of a SMSF can give a guarantee to a Lender under an instalment warrant loan transaction alleged or purported to comply with s67(4A) of the SIS Act. I...

Jo, I hope you are comfortable with TA 2009/16. P.S there is a third way that a property can be aquired by a trustee of a regulated SMSF. If the SMSF has the cash, the trustee of the SMSF can acquire the property in that capacity from the outset (subject to the asset being a complying...

Gearing is one only one part of consideration. The aquired properties (I'm keping this point specific to real property), which, of course, cannot be owner occupied in a strict sense) are rented or licensed or otherwise generate income (I would hope, or you may have some very difficult questions...

Wylie, You are correct for the sign off - the sign relates to your liability as regards the ATO. That said, there is always the separate civil proceedings you may bring against your accountant. In that regard, my comment was made. For instance, there may be a claim against your client for...

Respect for all of you that you do your own accounting when IP's are involved!!! I've tried, but got lost in the numbers too many times, and I don't have the patience. Depreciation....I can barely spell it let alone understand it. P.S get an accountant, there is much to be said about being...

Hi Bricks, Simple set of questions.... 1. Is the vendor (you, your company etc), as the supplier under the agreement, registered for GST? 2. Is the supplier making the supply in the course of the supplier's enterprise? 3. Are the residential premises new residential premises (ie have...

Generally speaking, I agree with SMSF Lending.com. Good work. Re whether numerous Warrant Trust Deeds are necessary, note, however, that is actually POSSIBLE to use the same "Warrant Trust" deed to for the acquisition of assets at different times. What is important is the actual Warrant Trust...

Please excuse the tone of this reply - frustrated at the time of writing it. The changes to non-concessional contributions are pending as a result of the recent Federal Budget. See http://www.ato.gov.au/super/content.asp?doc=/content/60489.htm&page=4&H4 In addition, some of the comments I...

Steve at Heidtman & Co. Lawyers in Sydney - (02) 9267 3388. Used him for a few years now.

Sounds risky for the vendor.

Definitely call a lawyer called Steve at Heidtman & Co Lawyers in Sydney (02 9267 3388). He is contactable 24-7, experienced in property, finance and banking work, and he delivers results, quickly. Steve is great - I've used plenty of lawyers, and I wouldn't use anyone else.