Issue: 293
Sent: 06-03-2012 11:46:03
In this issue:

Australia's Productivity DeclineA How To Book Of Self Managed Super FundsA Messy Federal Court Case
Return to full article list
HomeFree weekly newsletterSelf Managed Super Fund ArticlesContact usLogin AllThingsConsidered.biz

A Messy Federal Court Case

Click here to buy - A How To Book of SMSF's by Tony Negline
Tony Negline

A few weeks ago the Federal Court handed down a judgement involving a Self Managed Super Fund.

The fund's members were business partners - a business man and woman who fell out.

The businessman wanted out and asked for his money. He was removed as a director of the corporate trustee and hence the fund ceased to be a SMSF.

The fund agreed with the Tax Office that it would pay the benefit to the departing member and do all it could to receive unpaid unit trust distributions which were owed to it

The business partners have been engaged in a great deal of litigation since the fell out in 2004. Some of this legal action stems from the fact that a property owned by a related unit trust was incorrectly registered in the business man's name. He said he would fix this but didn't seem in any great hurry to complete this task.

There is much more that could be said but clearly it was a mess. At the time of writing the Court hadn't made a decision about costs.

More to come about this case in future articles.

You can read the Court case here: http://www.austlii.edu.au/au/cases/cth/FCA/2012/120.html

Here is a clear sign of what can happen when SMSFs can become too complex for their own good.

Version 6.0 of my SMSF book is now available.

You can see all the changes that have been made between Version 5.1 and 6.0 (the latest edition).

You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne

For details of the changes made from version 5 to version 6 visit: http://www.atcbiz.com.au/r.php?r=d5xcpch

As you'll see from the list there have been many changes.

Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb


Share this article
Click to share this article on Facebook Click to share this article on Twitter

Previous article         Next article

 
If you liked this article and would like more by email, subscribe! It's free.

[Bold fields are required]

Your details

Your alternate email address is used only if messages to your primary email address are returned to us.

Industry

Do you work in the financial services industry?

This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

 
 
Site design by Raycon