May 4th, 2020 by dbalawyers
In this first episode of this brand new podcast by DBA Lawyers, we discuss the topics of SMSFs and rent relief due to COVID-19 and how to make a binding death benefit nomination ('BDBN') in a world where it may be difficult, if not illegal, to have two independent witnesses present.
Our aim with this podcast is to keep you, especially our clients and other listeners educated and up to date with what is going on in the world of SMSFs and what we at DBA Lawyers are doing.
Firstly, we discuss the importance of ensuring that an SMSF remains compliant with all regulations and ATO guidance during these difficult times. While it may be tempting for SMSF members to withdraw funds while undergoing financial stress, it is important that they only access their super savings under a prescribed condition of release.
Secondly, we discuss SMSFs giving rent relief to both arm's length and related party tenants and the various steps and potential risks involved. Further, we also discuss what needs to be managed if the SMSF purchased the property under an limited recourse borrowing arrangement (LRBA).
Finally, we discuss how to make BDBNs during these difficult COVID-19 times and how you can make a BDBN via technology like Zoom and similar platforms if you have a recent version of the DBA Lawyers SMSF deed. Further, we discuss our SMSF deeds prepared from 4 May 2020 also allow a member to make their BDBN without any witness. Unlike many other SMSF document suppliers, being Australia’s leading SMSF law firm DBA Lawyers is making sure it a serving its clients with not only the best but also the most practical SMSF legal documents.
All articles referenced in this show are linked below.
COVID-19 Info Centre
Temporary Early Access to superannuation – COVID-19
SMSFs and rent relief due to COVID-19
SMSF Lease Review Service – COVID-19
DBA Lawyers – the best BDBN is now even better
DBA Network Pty Ltd - SMSF Online Update Webinars
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Daniel Butler, Director, Bryce Figot, Special Counsel and Shaun Backhaus, Lawyer