40:
668:, which considered the law relating to the duties, powers and rights of a bare trustee in a winding up. This case is an important reminder to practitioners of some of the difficulties that can arise where an insolvent company owns property as a corporate trustee. Care should be taken to carefully review the trust deed on appointment to ensure the trustee retains its powers to sell trust assets.
660:
The Bare Trust Deed is a key document. Care is required to ensure there are no adverse GST, taxation or stamp duty consequences. The legal and beneficial interests in the property must be separated, so that an entity separate from the
Superannuation Fund Trustee holds the legal title, while the
655:
any recourse the lender has under the arrangement against the SMSF trustee is limited to rights relating to the asset acquired (or, if applicable, the replacement asset). For example, the lender can have the right to recover outstanding amounts where there is a default on the borrowing by
742:
641:
allow superannuation funds to invest in any kind of asset and to borrow, charging those assets so long as there is no recourse for the borrowing against the superannuation fund. New section 67A & 67B provides that a fund can borrow money if:
746:
652:
the SMSF has the right to acquire legal ownership of the asset (or, if applicable, the replacement asset) by making one or more payments after acquiring the beneficial interest
656:
repossessing or disposing of the asset being acquired under the arrangement, but cannot have the right to recover such amounts through recourse to the fund's other assets.
576:
786:
649:
the asset acquired (or a replacement asset) is held on trust (the holding trust) so the fund receives a beneficial interest in the asset
629:). Bare trusts are often used to pass assets to young people - the trustees look after them until the beneficiary is old enough.
743:"Limited recourse borrowing arrangements by self-managed super funds - questions and answers | Australian Taxation Office"
569:
399:
621:, but the beneficiary has the right to all of the capital and income of the trust at any time if they are 18 or over (in
270:
203:
562:
189:
493:
415:
277:
72:
31:
646:
the borrowed monies are used to acquire an asset which the fund is not otherwise prohibited from acquiring
123:
822:
465:
196:
790:
363:
728:
706:
472:
392:
351:
65:
817:
138:
770:
441:
406:
319:
177:
8:
664:
A case that deals with the limited powers of a bare trustee to deal with trust assets is
606:
598:
358:
263:
385:
448:
339:
245:
109:
56:
22:
622:
312:
215:
164:
307:
284:
116:
91:
682:
503:
477:
294:
238:
152:
145:
16:
Trust in which the beneficiary, if of legal age, can claim the assets at any time
702:
550:
378:
346:
210:
84:
811:
677:
460:
289:
233:
79:
545:
538:
508:
131:
498:
453:
224:
26:
39:
518:
48:
626:
590:
424:
184:
96:
610:
528:
429:
618:
434:
602:
614:
157:
787:"Limited powers of a bare trustee to deal with trust assets"
767:
Caterpillar
Financial Australia Ltd v Ovens Nominees Pty Ltd
666:
Caterpillar
Financial Australia Ltd v Ovens Nominees Pty Ltd
661:
Superannuation Fund
Trustee holds the beneficial interest.
533:
809:
729:Superannuation Industry (Supervision) Act 1993
639:Superannuation Industry (Supervision) Act 1993
570:
617:in a bare trust are held in the name of a
577:
563:
810:
781:
779:
13:
776:
14:
834:
204:Acts of independent significance
38:
632:
494:Advance directive (Living will)
393:Hague Convention (conflict law)
760:
735:
721:
695:
1:
688:
609:and may call for both to be
271:Accumulation and maintenance
73:Joint wills and mutual wills
7:
671:
10:
839:
124:Incorporation by reference
637:Recent amendments to the
791:Corrs Chambers Westgarth
771:[2011] FCA 677
707:HM Revenue & Customs
597:is a trust in which the
400:Application in civil law
197:Satisfaction of legacies
613:into their own name.
473:Disclaimer of interest
278:Interest in possession
66:Legal history of wills
625:), or 16 or over (in
416:Estate administration
334:Reversionary interest
139:Testamentary capacity
601:has a right to both
442:Power of appointment
407:Dishonest assistance
178:Lapse and anti-lapse
172:Property disposition
773: (14 June 2011)
373:Governing doctrines
449:Simultaneous death
364:Supplemental needs
110:Attestation clause
623:England and Wales
587:
586:
216:Pretermitted heir
165:No-contest clause
830:
823:Wills and trusts
802:
801:
799:
797:
783:
774:
764:
758:
757:
755:
754:
745:. Archived from
739:
733:
725:
719:
718:
716:
714:
699:
579:
572:
565:
386:Cy-près doctrine
352:Asset-protection
117:Residuary clause
92:Holographic will
42:
19:
18:
838:
837:
833:
832:
831:
829:
828:
827:
808:
807:
806:
805:
795:
793:
785:
784:
777:
765:
761:
752:
750:
741:
740:
736:
726:
722:
712:
710:
701:
700:
696:
691:
683:Nominee account
674:
635:
583:
504:Forced heirship
478:Inheritance tax
370:
299:
250:
169:
153:Insane delusion
146:Undue influence
128:
101:
29:
17:
12:
11:
5:
836:
826:
825:
820:
804:
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775:
759:
734:
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553:
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542:
541:
536:
531:
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522:
514:
513:
512:
511:
506:
501:
496:
488:
487:
486:Related topics
483:
482:
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480:
475:
469:
468:
463:
457:
456:
451:
445:
444:
438:
437:
432:
427:
419:
418:
412:
411:
410:
409:
403:
402:
396:
395:
389:
388:
382:
381:
379:Pour-over will
369:
368:
367:
366:
355:
354:
349:
343:
342:
336:
335:
331:
330:
326:
325:
322:
320:Life insurance
316:
315:
310:
298:
297:
292:
287:
281:
280:
274:
273:
267:
266:
261:
249:
248:
242:
241:
236:
228:
227:
221:
220:
219:
218:
213:
211:Elective share
207:
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200:
199:
193:
192:
187:
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168:
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161:
160:
155:
149:
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142:
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127:
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113:
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100:
99:
94:
88:
87:
82:
76:
75:
69:
68:
60:
59:
53:
52:
44:
43:
35:
34:
15:
9:
6:
4:
3:
2:
835:
824:
821:
819:
816:
815:
813:
792:
788:
782:
780:
772:
768:
763:
749:on 2015-04-02
748:
744:
738:
731:
730:
724:
708:
704:
703:"Bare trusts"
698:
694:
684:
681:
679:
678:Nominee trust
676:
675:
669:
667:
662:
654:
651:
648:
645:
644:
643:
640:
630:
628:
624:
620:
616:
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600:
596:
592:
580:
575:
573:
568:
566:
561:
560:
558:
557:
552:
549:
547:
544:
543:
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537:
535:
532:
530:
527:
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510:
507:
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502:
500:
497:
495:
492:
491:
490:
489:
485:
484:
479:
476:
474:
471:
470:
467:
464:
462:
461:Laughing heir
459:
458:
455:
452:
450:
447:
446:
443:
440:
439:
436:
433:
431:
428:
426:
423:
422:
421:
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417:
414:
413:
408:
405:
404:
401:
398:
397:
394:
391:
390:
387:
384:
383:
380:
377:
376:
375:
374:
365:
362:
361:
360:
359:Special needs
357:
356:
353:
350:
348:
345:
344:
341:
338:
337:
333:
332:
329:Life interest
328:
327:
323:
321:
318:
317:
314:
311:
309:
306:
305:
304:
303:
296:
293:
291:
288:
286:
283:
282:
279:
276:
275:
272:
269:
268:
265:
264:Discretionary
262:
260:
257:
256:
255:
254:
247:
244:
243:
240:
237:
235:
232:
231:
230:
229:
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217:
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201:
198:
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166:
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125:
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118:
115:
114:
111:
108:
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98:
95:
93:
90:
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80:Will contract
78:
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64:
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61:
58:
55:
54:
50:
46:
45:
41:
37:
36:
33:
28:
24:
21:
20:
818:Equity (law)
794:. Retrieved
766:
762:
751:. Retrieved
747:the original
737:
727:
723:
711:. Retrieved
697:
665:
663:
659:
638:
636:
633:In Australia
594:
588:
546:Criminal law
509:Totten trust
372:
371:
340:Testamentary
301:
300:
258:
253:Common types
252:
251:
246:Constructive
171:
170:
130:
129:
103:
102:
47:Part of the
599:beneficiary
499:Blind trust
466:Advancement
454:Slayer rule
313:Spendthrift
302:Other types
812:Categories
753:2015-03-15
689:References
595:bare trust
519:common law
308:Protective
285:Charitable
49:common law
796:August 4,
713:April 12,
591:trust law
425:Intestacy
324:Remainder
295:Incentive
239:Resulting
190:Abatement
185:Ademption
97:Oral will
672:See also
627:Scotland
611:remitted
551:Evidence
539:Property
529:Contract
430:Testator
347:Honorary
104:Sections
619:trustee
607:capital
435:Probate
290:Purpose
234:Express
132:Contest
85:Codicil
32:estates
615:Assets
603:income
517:Other
225:Trusts
51:series
27:trusts
769:
732:(Cth)
521:areas
158:Fraud
57:Wills
23:Wills
798:2014
715:2012
709:, UK
605:and
593:, a
534:Tort
259:Bare
30:and
589:In
814::
789:.
778:^
705:.
25:,
800:.
756:.
717:.
578:e
571:t
564:v
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