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Author Archive | Bryce Figot

About Bryce Figot

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How to benchmark related party LRBAs when a bank won’t lend … including where buying a reg 13.22C unit trust!

How to benchmark related party LRBAs when a bank won’t lend … including where buying a reg 13.22C unit trust!

Related parties can lend to SMSFs. However, it is critical to watch out for non-arm’s length income. The solution is to benchmark. But how do you benchmark in situations where banks won’t lend? This is particularly an issue where the asset being acquired is units in a reg 13.22C unit trust. I have a solution! [read more]

WA Court of Appeal hands down appeal decision for Ioppolo v Conti: the implications are critical

WA Court of Appeal hands down appeal decision for Ioppolo v Conti: the implications are critical!

In late 2013, the WA Supreme Court handed the decision of Ioppolo v Conti [2013] WASC 389. It contained many important implications for SMSF advisers. The decision was appealed and on Tuesday the WA Court of Appeal handed down the outcome of the appeal in Ioppolo v Conti [2015] WASCA 45. This article discusses some [read more]

Deductible personal contributions: a critical trap!

Deductible personal contributions: a critical trap!

In certain cases, members can claim a deduction for personal contributions made to a superannuation fund. In order to claim this deduction, it is essential that the appropriate paperwork is in place. However, there is a trap that many unknowingly trigger, rendering many personal contribution deductions invalid! Background Section 290-150 of the Income Tax Assessment [read more]

Can death benefits be paid by journal entry

Can death benefits be paid by journal entry? The ATO releases ATO ID 2015/2 and ATO ID 2015/3

Many have wanted to pay superannuation benefits — particularly death benefits — by way of mere journal entry. The ATO have clarified their position in this regard by publishing two interpretive decisions on Friday, namely, ATO Interpretive Decision ATO ID 2015/2 and ATO Interpretive Decision ATO ID 2015/3. The facts Each of ATO ID 2015/2 [read more]

Draft legislation released: limited recourse borrowing arrangements

Draft legislation released: limited recourse borrowing arrangements

Treasury released draft legislation today that will impact limited recourse borrowing arrangements. We consider the major changes for SMSFs and limited recourse borrowing arrangements. Background Naturally, in order for a trustee of a superannuation fund to be allowed to borrow, the asset must be held on trust for the trustee of the superannuation fund. To [read more]

Recent case provides valuable insights for SMSFs

Recent case provides valuable insights for SMSFs

The recent decision of Deputy Commissioner of Taxation v Lyons [2014] FCA 1353 provides various insights for self managed superannuation fund trustees, as explained in this article. Facts of decision On 6 June 2008, the Lyons Family Superannuation Fund (‘Fund’) was registered as a self managed superannuation fund. At all relevant times, Mr Lyons and [read more]

More ATO guidance for related party limited recourse borrowing arrangements

More ATO guidance for related party limited recourse borrowing arrangements

The ATO has just released more guidance for limited recourse borrowing arrangements (‘LRBAs’). This guidance is in addition to last week’s ATO ID 2014/39 and ATO ID 2014/40. Although this new guidance is ostensibly aimed at ‘non-commercial’ LRBAs, it should also be very relevant when setting the terms of any related party LRBA loan agreement. [read more]