All newly acquired investments by SMSF trustees in collectables and personal use assets since 1 July 2011 have been subject to strict rules under reg 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). However, SMSF trustees should be aware that the grandfathering relief in relation to such investments that were held prior to [read more]
The Federal Parliament recently passed legislation which affects the tax treatment of limited recourse borrowing arrangements. The Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 (Cth) (‘Act’) received Royal Asset on 16 September 2015. We consider relevant aspects of the amendments made to the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’) [read more]
A new Federal Court case underscores the continuing relevance of pecuniary penalties under the civil penalties regime to the ATO’s enforcement toolkit. Facts of the case The facts in Deputy Commissioner of Taxation (Superannuation) v Ryan [2015] FCA 1037 (‘Ryan’) involve a husband and wife, Mr Joseph Ryan and Mrs Carolyn Ryan, who were the [read more]
