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Trusts are a fundamental element in the planning of business, investment and family financial affairs. Although trusts are commonplace, they are frequently misunderstood. There are many examples of how trusts figure in everyday transactions.
Fundamentally a SMSF Trustee must act in accordance with its SMSF Trust Deed and the Law - and auditors are increasingly facing pressure to ensure that SMSF trust deeds are up to scratch. We therefore recommend to our clients that any SMSF Trust Deed older than five years should be reviewed to ensure they remain compliant and reflect industry best practice. Importantly when a significant change in the law occurs, such as in July 2017, the SMSF Trust Deed should be revised as a matter of course.
The Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP, announced an implementation study will be undertaken on the ‘single business identifier’. This measure was announced in the 2015-16 Budget’s Growing Jobs and Small Business Package, for Australian Company Numbers (ACNs) and Business Tax File Numbers (BFTNs) to be replaced with just the Australian Business Number (ABN).
Owning a small business can be a risky venture. One way to limit your personal liability is by incorporating your business. Incorporation may require more paperwork and expense than a sole proprietorship or a Partnership, it offers important legal and tax advantages.