Companies, Trusts, Partnerships and Superannuation

DECEMBER

• New Precedent – Hybrid Trust Deed – A hybrid trust is one that combines the efficiency of a fixed trust with the flexibility of a discretionary trust.

NOVEMBER

• New precedent – Discretionary trust deed – No appointor
• Costs Agreements – Reference to interstate costs laws added and updated interest clauses
• ‘Further Information’ options added
• Self Managed Superannuation Funds commentary – Updated information regarding non-lapsing binding nominations and stamp duty

OCTOBER

• Costs Agreements
  • WA and SA – added client and firm fields company execution clause trust account details solicitor’s lien.
  • WA – added clause on scale fees.
  • NSW/VIC – included reference to time limit for bringing costs assessment included total estimate of legal costs section with provision for variables and included authority to receive money into trust.
  • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
• Commentary – Update income tax – corporate beneficiary Div 7A loan

SEPTEMBER 

• Amended tax amount where necessary to $175,000

AUGUST

• Costs agreements have been added for Tasmania and Northern Territory.

JULY

• Companies, Trusts, and Partnerships Commentary – The land tax sections of the comparative business structures table have been updated to include the foreign purchaser surcharge in NSW and the increase in absentee owner surcharge in VIC.
• Self Managed Superannuation Funds Commentary – The commentary was amended to expand the definition of a dependent for the purposes of determining superannuation death benefit recipients.

JUNE

• Self Managed Superannuation Funds Commentary – updates regarding amendments to superannuation fund balance caps introduced by the 2016 – 17 Federal Budget and updates for lender requirements in limited recourse borrowing arrangements also applied bringing commentary into alignment with arm’s length principles discussed in ATO practical compliance guideline 2016/5.

MAY 

• Commentary added on discussing foreign resident capital gains withholding payments.

APRIL

• File Cover Sheets for all publications have been completely re-formatted for a better look.

MARCH

• Superannuation commentary now discusses replacement assets.
• New precedents added:

1. Custodian Deed
2. Resolution of the directors – Act as custodian – Bank limited recourse borrowing arrangement
3. Resolution of director as trustee – Limited recourse borrowing arrangement
4. Resolutions for sole director – Limited recourse borrowing arrangement
5. Limited recourse borrowing deed

FEBRUARY

• A general minutes precedent has been added to the companies trusts and partnerships guide.
• Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

JANUARY

• Considered the forthcoming amendments to the Associations Incorporation Act 2009 and the regulations planned for later in this year.
• Added a new Combined Shareholder and Unitholder agreement precedent into Companies, Trusts and Partnerships Guide.