No Comments

Implications – SMSF Record Keeping (or lack thereof)

Following on from the previous blog on record keeping, below is yet another example which highlights the importance of record keeping for SMSFs.

Where it can go wrong – another real life example

Lost Deeds 

L and M are members of the L & M Super Fund and are the original trustees.  In 1993 a newly incorporated company called LM Holdings Pty Ltd was appointed trustee.

In 1997 the Fund buys a property.  A title search for the property shows that ‘LM Holdings Pty Ltd’ is the registered owner.

In 2014 L and M divorce and M becomes the sole member of the Fund. A new trustee, Life after L Pty Ltd is appointed.

The appropriate forms are completed to change the name on the title of the property. An application is submitted to the Office of State Revenue (OSR) for concessional stamping.

OSR requests evidence that LM Holdings Pty Ltd owns the property as trustee of the Fund. The records showing that company’s appointment as trustee in 1993 have been lost.  The contract of sale (which showed ‘LM Holdings Pty Ltd as trustee for the L & M Super Fund’ as purchaser) has also been lost.
Continue reading…

No Comments

Coup for Matthews Folbigg Lawyers – National Law Firm Partner Joins The Firm

Coup for Matthews Folbigg Lawyers – National Law Firm Partner Joins The Firm 

In a significant boost to its Corporate capability, MatthewsFolbigg is thrilled to announce the appointment of Andrew Bristow as Director and Catriona Glover as Special Counsel with effect from 31 March 2014.

Andrew and his team joins Matthews Folbigg from national law firm Herbert Geer.  Andrew’s specialty is in Mergers and Acquisitions law with a broad range of corporate clients listed on the ASX and NSX.  In addition, the team undertakes commercial work for clients from a range of industries, including some based in Norwest.

Matthews Folbigg’s Managing Director, Stephen Jenkins, said these appointments marked a further boost to the firm’s Corporate offering in Western Sydney. “This is an exciting development for Matthews Folbigg as we are now the only law firm outside the Sydney CBD that can offer Corporate Listing skills to the business community of Western Sydney.  With their extensive corporate experience and strong relationships within the market they are an excellent fit for the firm and our clients and we are looking forward to welcoming Andrew and his team to Matthews Folbigg.”