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. ...
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.
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.
In the final report for the Financial Systems Inquiry handed down on Sunday 7 December 2014, chairman David Murray recommended that: Government should restore the general prohibition on direct borrowing by superannuation funds by removing Section 67A of the Superannuation Industry (Supervision) Act 1993 (SIS Act) on a prospective basis.
On 28 July 2014, the ATO released its taxpayer alert TA 2014/1: Trusts mischaracterising property development receipts as capital gains.
It is common for families and businesses to consider establishing their own charitable foundation at this time of year, particularly private and public ancillary funds.
The ATO has consistently accepted that ‘fixed entitlement’ is not a defined term for the purposes of the non-arm’s length income rule in section 295-550(4) of the Income Tax Assessment Act 1997.
The ATO’s additional powers to deal with breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by self-managed superannuation funds (SMSFs) is now law and will apply to breaches of the SIS Act from 1 July 2014.
Interest-free or low rate loans to self-managed superannuation fund (SMSFs) from related parties have been the flavour of the month since the ATO’s comments in the National Tax Liaison Group meeting of December 2012
The ATO’s additional powers to deal with breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by self-managed superannuation funds (SMSFs) is now law and will apply to breaches of the SIS Act from 1 July 2014.
The ATO has announced ‘Project DO IT’, under which they are offering a ‘last chance’ for taxpayers to disclose offshore income.
After reviewing literally thousands of trust deeds, it still amazes us to see how many have not been updated, or at least reviewed, by a tax professional following Bamford and the 2011 ‘trust streaming’ amendments to the Tax Acts.
The GasFields Commission Queensland has recently published a ‘Land Access Checklist for Landholders’, which lists seven general principles to assist landholders in negotiating land access agreements with coal seam gas operators.
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.