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Record Keeping for a SMSF

Record Keeping for SMSF’s

Introduction (SMSF)
Most SMSF trustees are aware that record keeping is important to ensure their fund remains compliant and eligible for tax concessions, but few trustees understand the actual ramifications of what happens when you don’t keep the right records.

Record Keeping Requirements
The ATO website contains a great deal of helpful information for SMSF trustees including the records a fund must keep. See https://www.ato.gov.au/super/self-managed-super-funds/administering-and-reporting/record-keeping-requirements/

For example, copies of annual returns must be retained for at least 5 years but records of changes of trustees and minutes recording investment decisions must be kept for at least 10 years.

Wrong Turns – Real Life Examples

1. Maintaining the Chain of Deeds
A and B set up the AB Super Fund in 1987.  They are the trustees of the fund in their own capacity.

In 1990 and again in 1998 they updated the provisions of their SMSF trust deed.  Their accountant arranges this for them.

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Workers Compensation

Workers compensation claims time limits?

If you are injured at work, you should notify your employer as soon as possible after your injury, so the incident can be recorded and your rights to workers compensation are protected.
If time is needed to be off work because of the injury, you should see your general practitioner and any other doctor as soon as possible. The doctor can complete a certificate of capacity and this certificate can be given to the employer.
A workers compensation claim should be made as soon as possible and certainly within 6 months of the date of accident. Otherwise, there will be an explanation needed for the delay.
If you are thinking of making a workers compensation claim, please call us to arrange a Telephone Conference to discuss your compensation entitlements with one of our experts. Call 1300 773 529 or email a Personal Injury lawyer at info@matthewsfolbigg.com.au.
Our Personal Injury Lawyers can provide practical solutions and exceptional results in relation to your worders compensation claim on a No Win, No Fee basis.

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Important GST Withholding Legislation

On 1 July 2018, a new regime of GST withholding obligations comes into effect and is set to create considerable change to property transactions which property lawyers should be aware of.

Where a supplier (the vendor) makes a taxable supply of new residential premises or a subdivision of potential residential land by way of sale or long term lease, the recipient of the supply (the purchaser) is required to withhold an amount from the contract price and remit it to the Australian Taxation Office on or before settlement.

As a result, new vendor disclosure obligations apply to all Contracts for Sale of Land. This means property lawyers will need to revise the Contract for Sale to ensure vendors are not in breach of legislation. Failure to provide disclosure will result in penalties.

The amended legislation includes a transitional arrangement that excludes sale contracts entered into before 1 July 2018 as long as the property transaction settles before 1 July 2020. This will provide certainty for sale contracts that have already been signed.
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Giant new role for Matt de Boer!

Matthews Folbigg is excited to announce that they will again be the corporate sponsor of Matt de Boer of the GWS Giants in 2018! The former 138-game Fremantle Docker had a phenomenal 2017 season with the Giants even after battling with three hamstring injuries. “I still tried to lead and drive standards wherever I could in the meeting room and build relationships with players as well. Then I got fit and was able to play a role for the team,” he said when reflecting over the past year.

His efforts around the club have led to his promotion into the leadership group for 2018, “I’m excited to try and bring a certain level of effort and intensity to the role and try and do it justice… It’s about doing everything to be excellent. I’ve tried to make the most of every opportunity.”

We are very proud of Matt and his continued efforts over the past year and we are excited to see him on the field in his new role in 2018!

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PRIORITY PAID?

By Darrin Mitchell, Senior Associate at Matthews Folbigg in the Insolvency, Restructuring and Debt Recovery Group.

The Australian legal system has of late become a confusing morass of conflicting judgments on the order of priority of payment of creditors of insolvent trustees from trust assets. This has a significant impact on creditors, particularly employees, whose priority payment is no longer assured, by quirk of the structuring advice given to an employer without their knowledge or consent. Well the landscape was twisted again recently with a decision today by a five member panel of the Victorian Court of Appeal.

A number of States in the Commonwealth of Australia have issued judgments that differ in how to apply trust assets for trust creditors. In New South Wales, the 2016 decision of Brereton J in Re Independent Contractor Services (Aust) Pty Ltd (in liq) (No 2) held that the property of the trust was (perhaps unsurprisingly on one view) trust property. More surprisingly, his Honour found it was NOT company property distributable in the priorities provided for under section 556 of the Corporations Act 2001. His Honour relied upon the on the 1983 South Australian Supreme Court decision by then Chief Justice King in Re Suco Gold who held that trust assets are to be applied in accordance with the terms of the trust.
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Compensation Law – Court Costs

Court Costs – Compensation Law

Criticism from the Courts in relation to the costly nature of all Court proceedings is not lost on our Compensation Law Team at Matthews Folbigg. We know the importance of balancing our duty to you to achieve maximum compensation with a just outcome for all of our clients, including the duty to keep costs to a minimum.

If you have any concerns or require a more information regarding your Personal Injury or Compensation claim, please call our Personal Injury team at Matthews Folbigg:

Matthews Folbigg Pty Limited
Level 7
10-14 Smith Street
PARRAMATTA NSW 2150
Ph: (02) 9635 7966
E: Paulo@matthewsfolbigg.com.au

 

Our Personal Injury Lawyers can provide practical solutions and exceptional results in relation to your personal injury claim on a No Win, No Fee basis. 

Matthews Folbigg has over 50 years’ experience protecting personal injury and compensation rights of people living in Parramatta and the Hills. 

 

 

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AIRBNB – LEASE OR LICENCE?

Does an AirBnb arrangement create a lease or licence?

Due to the advent of online letting platforms such as AirBnb, short-term rentals have become increasingly popular. However, these kinds of arrangements present many legal ramifications.  The case of Swan v Uecker [2016] VSC 313 is a recent example of how AirBnb can create confusion about whether such arrangements can be classified as a lease or licence.

The Facts:

A landlord leased a two bedroom apartment to a tenant under a lease. The terms of the Lease permitted subleasing but required the consent of the landlord. . However, without consultation with the landlord, the tenant entered into what they classified as “licences” with Airbnb guests. These “licences” allowed AirBnb guests to stay in the apartment for between three and five days and occupy the entire apartment without the tenant being present. As part of the arrangement, all of the bookings were made online, the guests agreed to leave at the end of their stay and the premises were said to be the tenant’s principal place of residence.
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CREDITORS AND THE INSOLVENCY LAW REFORM ACT 2016

By Darrin Mitchell, Senior Associate at Matthews Folbigg in the Insolvency, Restructuring and Debt Recovery Group.

As the 2017 year draws to a close, creditors would be aware that both instalments of the Insolvency Law Reform Act 2016 (“the ILRA”) have come to pass.

What should creditors be aware of under the new regime?

The ILRA is an attempt to reform the insolvency law but also to provide an improvement in the confidence of the public in the overall performance of the trustees and liquidators appointed to the various estates and administrations that are commenced every day.

Under the Corporations Act 2001 only the liquidator of the company can commence an action for preference payments or voidable transactions. The ILRA allows a liquidator to assign a voidable transaction to a third party (including creditors!). This may result in claims being commenced which the liquidator thought were not commercial to pursue.

Under the ILRA creditors are given significant additional powers to call meetings, request information, and documentation regarding the administration of a bankrupt or corporate insolvency administration. This gives control, upon the passing of a resolution, to give certain directions to the trustee or liquidator and in addition, to remove the trustee or liquidator, although the practitioner has a right to apply to the Court to avert removal.
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