LRBAs – Does the Bare Trustee Need to Prepare Accounts?
LRBAs - Does the Bare Trustee Need to Prepare Accounts?This is a quite reasonable question. Remember that, under a bare trust LRBA, the bare trustee (usually a company) holds legal…
Are Undistributed Unit Trust Distributions “Loans”?
Are Undistributed Unit Trust Distributions “Loans”?It is standard practice in many accounting firms to place any undistributed profits from a family or unit trust into a beneficiary loan account, as…
Can A Super Fund Run A Business?
Can A Super Fund Run A Business?For years, the unofficial answer to this question has always been, “No, because it would breach the ‘sole purpose test’, which requires that the…
How Does a Child Under 18 Years of Age Become a SMSF Member, if They Need to be a Trustee?
How Does a Child Under 18 Years of Age Become a SMSF Member, if They Need to be a Trustee?A SMSF may establish a member’s account for a child under…
What Rate of Interest Should a Fund Charge on In-house Asset Loans?
What Rate of Interest Should a Fund Charge on In-house Asset Loans?There is no established rate of interest chargeable on loans which are in-house assets, however there is a general…
Can a Trust Deed Defeat a Trustee in Bankruptcy?
Can a Trust Deed Defeat a Trustee in Bankruptcy? Sometimes, sometimes not. Often it is the legislation itself which either commands recovery or prevents access. This is a complex area, so…