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April 2008
ClearLaw April 2008 summary
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 Lawyer in Profile  Bernie O'SullivanPartner of Maddocks Phone: 03 9288 0555 Bernie specialises in all areas of superannuation, managed investments, trusts and estate and business succession planning. Before joining Maddocks Bernie was a senior associate in the Melbourne office of Mallesons Stephen Jaques. Prior to this he was State Manager, New South Wales, for a major trustee company. Bernie has a unique combination of extensive practical experience in the marketing and sale of financial and trust services as well as a thorough understanding of the legislation underpinning such services. Bernie specialises primarily in superannuation and managed investments and succession planning and trusts. Bernie advises leading financial institutions, statutory trustee companies, superannuation fund trustees, accountants, financial advisers and high net worth individuals. Bernie is secretary of the ASFA Compliance Discussion Group (Victoria), a member of the Taxation Institute of Australia's Education Committee (Victoria), chair of the Securities Institute of Australia's Graduate Diploma taskforce 'Risk Management and Estate Planning'. He is a lecturer and examiner for the Securities Institute and presents extensively for the Taxation Institute of Australia, Financial Planning Association and Australian Society of CPA's on topics such as superannuation, business and estate succession planning and trust law developments.  
Publications issued in April 2008 have given us an insight into what's preoccupying the Government's and the ATO's thinking on trusts and SMSFs.
Julian Smith
All the publications reviewed in this ClearLaw, show that — particularly in relation to SMSFs and borrowing — important aspects of the regulatory approach are becoming clearer. And the new federal Government and the ATO seem to be singing the same tune. For those interested in limited recourse lending, the regulatory approach is moving in the right direction. Taxpayers and their advisers should always exercise caution. As the detail in this particular area continues to be completed, the need for caution applies particularly to the area of limited recourse borrowing by SMSFs. Only time will tell whether the commonality of thinking between the new Government and the ATO concerning SMSFs will translate into changes to the new borrowing rules. Perhaps the budget on 13 May 2008 will give us a clearer picture. Questions?If you have any questions in relation to this article, or trusts, superannuation or tax generally, please call Maddocks in Melbourne on (03) 9288 055 or in Sydney on (02) 8223 4100 and ask for a member of the Maddocks Commercial Team.
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