Categories | ATO

ATO’s revised view on LRBAs and the NALI risk

By Daniel Butler on 21/10/2016 in Announcements, ATO, Investments, Limited recourse borrowing arrangements, Taxation

By: Daniel Butler, Director and Rebecca James, Special Counsel Overview of TD 2016/16 The Australian Taxation Office (‘ATO’) released Taxation Determination TD 2016/16 — Income tax: will the ordinary or statutory income of a self-managed superannuation fund be non-arm’s length income under subsection 295-550(1) of the Income Tax Assessment Act 1997 (ITAA 1997) when the parties to [read more]

Are you disqualified from having an SMSF?

By Daniel Butler on 01/09/2016 in ATO, SMSF compliance, SMSF strategy, Trustee education

A disqualified person is not permitted to be an SMSF trustee. If a disqualified person knows they are disqualified and nevertheless acts as an SMSF trustee, they will be committing an offence. However, some may not realise they are a disqualified person. This discussion covers the three main ways that a person becomes a disqualified [read more]

What the Budget means RIGHT NOW for personal deductible contributions

By Bryce Figot on 30/05/2016 in ATO, Contributions, Federal Budget, Taxation

The recent Federal Budget promised to simplify and streamline the rules on personal deductible superannuation contributions. This is welcome news and I commend the government for this announced change. However, the change won’t take effect until the 2018 financial year. Further, given the upcoming election, it’s also possible that a new government will be elected [read more]

Spotlight on concessional contributions

By Daniel Butler on 27/05/2016 in Announcements, ATO, Contributions, Federal Budget, SMSF strategy, Succession planning, Taxation

The May 2016 budget proposals have generated an incredible amount of commentary, not only from industry participants, but also from the mainstream media outlets. There is no doubting the importance of superannuation and the role it plays for many in ensuring they have an adequate standard of living in retirement. This article considers the impact [read more]

Is a lifetime pension a viable option?

By Daniel Butler on 24/05/2016 in ATO, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Taxation

This article considers some of the issues associated with whether a pension payable to a member can be converted to a ‘lifetime’ pension, such that the pension is automatically reversionary to the member’s spouse on their death, and then any remaining capital reverts, for example, to the deceased member’s children from a previous marriage. Case [read more]

Free tool for related party LRBAs

By Bryce Figot on 18/04/2016 in Announcements, ATO, Limited recourse borrowing arrangements, Taxation

All SMSF LRBAs where the lender is not a financial institution might need to take urgent action by 30 June 2016 or possibly face significant tax bills. We have previously written about this. We have drafted a free tool for non-arm’s length LRBAs. This tool is designed for advisers to use to contact their clients. [read more]

ATO releases safe harbours for non-bank SMSF limited recourse borrowing arrangements

By Bryce Figot on 06/04/2016 in Announcements, ATO, Audit, Limited recourse borrowing arrangements, Taxation

The ATO have released important information detailing interest rates, loan-to-value ratios (‘LVRs’) and other terms that constitute safe harbours for SMSF limited recourse borrowing arrangements (‘LRBAs’) so that arrangements will be taken to be consistent with an arm’s length dealing. The ATO is officially calling their release a ‘Practical Compliance Guideline’. Broadly speaking, LRBAs consistent [read more]

Tips and traps on transferring life estate interests to an SMSF

By Daniel Butler on 01/02/2016 in ATO, Contributions, Investments, SMSF compliance, SMSF strategy, Taxation

There has been recent press publicity regarding SMSF members transferring life estate interests in business real property (‘BRP’) by way of an in kind or ‘in specie’ contributions to self managed superannuation funds (‘SMSF’). This article briefly examines some of the key points relating to these transactions and provides an update on my latest experience [read more]

Reconsidering Incorporated Contractors In An SG Context

By Daniel Butler on 29/01/2016 in ATO, Contributions, SMSF compliance

Determining whether payments to a contractor are covered by the superannuation guarantee (‘SG’) regime can be a vexed and difficult exercise. Of particular interest is whether an incorporated contractor is automatically outside the scope of the SG regime, such that SG contributions are not required to be made on their behalf to avoid a shortfall [read more]

TRIS payments taxed as lump sums … and tax free under low rate cap amount

By Bryce Figot on 21/12/2015 in Announcements, ATO, Taxation

If someone is between preservation age and 60, generally TRIS payments are taxable. However, reg 995-1.03 suggests that there’s a way for them to be treated as a lump sum … this can make the amounts tax free under the low rate cap amount. A recent article suggests that the ATO have issued a private [read more]

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