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BGLCorp

BGL / XERO two-way integration released

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BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, has released two-way integration with Xero Practice Manager to automatically synchronise contacts in Simple Fund 360 and CAS 360 with Clients in Xero Practice Manager.

“We have had this integration available in closed beta for a few months now, but today we have commenced the roll out to all BGL Simple Fund 360 and CAS 360 clients, says BGL’s Managing Director, Ron Lesh.

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Limited recourse borrowing arrangements can use one bare trustee for multiple bare trusts

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By Gary Chau ([email protected]), Lawyer, and David Oon ([email protected]), Senior Associate, DBA Lawyers

A common question we get asked when a client’s self managed superannuation fund (‘SMSF’) is undertaking a limited recourse borrowing arrangements (‘LRBA’) is whether there needs to be a separate bare trustee (usually a company) for each bare trust. The short answer is no. However, it is helpful to also go through the other aspects of LRBAs to give more detailed guidance.

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Demystifying the tax treatment of death benefits paid to the estate

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By Joseph Cheung ([email protected]), Lawyer and William Fettes ([email protected]), Senior Associate, DBA Lawyers

The tax treatment of death benefits paid from an SMSF to a deceased member’s estate can be complex. Tax law contains a ‘look through’ provision in respect of death benefits paid to an estate (ie, to a legal personal representative being the executor of a will or the administrator in the case of intestacy). This article examines the key criteria of this ‘look through’ provision and the resulting tax treatment.

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