SMSF

The Australian Taxation Office (ATO) has set out the test it will apply when determining whether an “intermediary limited recourse borrowing arrangement” is an in-house asset of a self-managed superannuation fund (SMSF). The ATO has issued a legislative instrument to clarify the position of SMST trustees who use intermediary arrangements to structure fund borrowings. Such…

If financial advice is provided to an SMSF it is important that the adviser consider both the personal circumstances of the members and of the fund itself, the ombudsman has ruled. A husband and wife, both directors of a self-managed super fund corporate trustee and also the members of the fund, visited a financial planner…

The Australian Taxation Office has deferred lodgement of self-managed super fund annual returns. The ATO says returns due on 15 May and 5 June are now due on 30 June. The tax office says there is no need for a trustee of their tax agent to request a deferral. The new date applies to all…

The Australian Taxation Office needs to provide greater clarity about its announcement that it will not take compliance action if a self-managed super fund landlord gives a tenant a temporary rent reduction to a related party, a leading SMSF consultant says. The executive manager of SMSF technical services at SuperConcepts, Mark Ellem, says the ATO…

The Government is urging the owners of commercial property to work out arrangements with tenants whose businesses are struggling as a result of the COVID-19 crisis. But for trustees of self-managed super fund that own property, there are added complications; that is because their tenants are often related parties. A common financial planning strategy is…