The High Court has granted an application for special leave to leave to appeal the decision in Hill v Zuda Pty Ltd as trustee for The Holly Superannuation Fund & Ors [2021] WASCA 59. The WA Court of Appeal had held that reg 6.17A of the SIS Regs, which concerns the payment of benefits after the death of a member of a super fund, does not apply to SMSFs and therefore clauses in an SMSF’s deed operated as a binding death benefit nomination (BDBN). See the article on this case by the leading SMSF lawyers, in Melbourne: DBA Lawyers. Ms Hill was the only daughter of the deceased member, who had made a binding death benefit nomination in favour of his defacto. The daughter attempted to upset this nomination, by arguing that the nomination was longer than reg 6.17A allowed, but the finding that this reg did not apply to SMSF’s left the nomination binding.
The High Court has rejected the taxpayer’s special leave application to appeal the decision of the Full Federal Court in Mussalli v FCT [2021] FCAFC 71. The Full Federal Court had upheld the decision that upfront payments to secure a rent reduction under long-term leases were on capital account and not deductible under s 8-1 (see related TT article about the Full Federal Court decision and another TT article about the first instance Federal Court decision).
[LTN 222, 17/11/21]
[Tax Month – November 2021 – Previous 2021] 18.11.21