Thurston & Loomis

This matter came before Forrest J concerning a dispute between Mr Loomis and Ms Thurston, who were directors of R Pty Ltd, the trustee of the R Superannuation Fund. The proceedings involved property adjustment and the operation of the superannuation fund.

The court was required to determine the necessary steps to ensure the financial statements and tax returns of the R Superannuation Fund were submitted to the Australian Tax Office. Additionally, the court needed to address the payment of a Transition to Retirement Pension to Mr Loomis, its subsequent repayment to the fund, and the transfer of existing fund assets to a new trustee account. The court also had to consider the timing of the final orders in the property adjustment proceedings.

Forrest J ordered that Mr Loomis and Ms Thurston, as directors, must sign all necessary documents and take all steps directed by Mr BG of E Accountants to submit the fund's financial statements and tax returns to the ATO. If they refused, the Senior Registrar was authorised to sign these documents. The court further ordered that Mr Loomis must sign documents to facilitate a Transition to Retirement Pension payment to himself, which was to be immediately repaid to the fund in part repayment of his and Ms Thurston's debt to the fund. Again, the Senior Registrar was authorised to act if Mr Loomis refused. The court also directed the transfer of funds from existing bank accounts to a new account held by Mr RO as trustee, pending further order, and stipulated that the original accounts be closed. The delivery of judgment and final orders were stayed pending the completion of an Australian Tax Office review of the fund, expected by mid-March 2017. Mr BG was ordered to inform the court of the review's completion and provide a report on the fund's status.