The ATO has been highlighting their concerns with related party loans in SMSF borrowing arrangements (LRBAs), and particularly whether they have been made on commercial terms. ...
The ATO has been highlighting their concerns with related party loans in SMSF borrowing arrangements (LRBAs), and particularly whether they have been made on commercial terms.
The South Australian case of Brine v Carter [2015] SASC 205 is a warning to executors who wish to claim the deceased’s superannuation for themselves.
Recent changes to the tax legislation will require a purchaser to withhold and pay 10% of the purchase price to the ATO in certain circumstances.
In December last year, the Financial Systems Inquiry recommended removing the ability of SMSF trustees to borrow to acquire assets using limited recourse borrowing arrangements.
There has been controversy over the impact of low or no interest related party loans to self-managed superannuation funds (SMSFs) since the release last year of the ATO’s view that these loans can result in non-arm’s length income for SMSFs.
The Federal Court has again imposed pecuniary penalties on trustees of an SMSF for breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Draft legislation (the Tax Laws Amendment (New Tax System for Managed Investment Schemes) Bill 2015) has been released to amend the public trading trust rules so they no longer apply to unit trusts where superannuation funds (including SMSFs) hold 20% or more of the issued units. These amendments will apply
On 25 March 2015, the Queensland Supreme Court in Munro v Munro [2015] QSC 61, handed down a decision in which a document that was expressed to be a ‘binding death benefit nomination’ (BDBN) was found to be invalid, allowing the trustees of the SMSF to distribute the deceased’s death
At the SMSF Association (formerly SPAA) National Conference, being held this week in Melbourne, the ATO has confirmed they are taking a new approach when an Auditor Contravention Report (ACR) is lodged for an SMSF.
The correct tax treatment of income from assets held by the trustee of a trust for an SMSF under a limited recourse borrowing arrangement (LRBA) has been unclear.
1 July 2014 saw the commencement of the new administrative penalty regime, introduced to give the ATO options for trustees who breach the Superannuation Industry (Supervision) Act 1993 that are not as extreme as making the SMSF non-complying.
On 15 December 2014 the ATO finally published its formal view in ATO IDs 2014/39 and 2014/40 on interest-free (0%) or low rate loans to self-managed superannuation funds (SMSFs) from related parties for limited recourse borrowing arrangements (LRBAs) and whether that gives rise to non-arm’s length income in the SMSF.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.