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The recently released ATO taxpayer alert TA 2014/1 spells good news for SMSFs! It should serve to remind us of a special exception that differentiates SMSFs from other types of trusts … and how this can save SMSFs extra tax in addition to the usual tax concessions that SMSFs are used to. What taxpayer alert [read more]
A common strategy implemented by business clients is to acquire business real property (usually the premises from which their business is run) via their SMSF and then lease this property to a related party. Borrowings are often used to finance the acquisition. The above is typically a standard transaction. However, where the complexity arises [read more]
The ATO has released taxpayer alert TA 2014/1. It describes trusts that engage in property development and questions whether the proceeds are on capital account or rather on revenue account. However, there is something that the taxpayer alert does not state: the alert broadly has no application for an SMSF! Consider an SMSF that runs [read more]
Australian Taxation Office Interpretative Decision ATO ID 2014/23 confirms that a loan to an unrelated trust will not constitute an in-house asset of an SMSF. However, advisers must exercise a high degree of caution — as all is not as ‘simple’ as it seems. This article highlights the need for caution before applying the result. [read more]
This Administrative Appeals Tribunal decision involved a member of a large fund becoming implicated in an early release of superannuation scheme. It is a very interesting insight into how some of these schemes are undertaken. Also, it has some very interesting tips for advisers especially tax agents of how deep they should investigate dubious or [read more]
Can an SMSF trustee purchase a trauma insurance policy in respect of a member? Many might think the answer is yes and that the ATO said so in SMSFD 2010/1. However, yesterday the ATO prospectively withdrew SMSFD 2010/1 with effect from 1 July 2014. Accordingly, SMSFD 2010/1 is now in fact SMSFD 2010/1W (the ‘W’ [read more]
Superannuation funds Regulated superannuation funds (ie, both APRA funds and SMSFs) must plan when they will become ready to receive contributions and data in the new SuperStream electronic standard. Originally this date was 1 July 2014, however this is now the voluntary induction date for funds and employers. There have been a number of extensions [read more]
Until 4 April this year, SMSF trustees with limited recourse borrowings that were ending were faced with a problem. With the loan paid off, there was the prospect of being forced to transfer the asset to the SMSF trustee. The fear had been that to keep the asset inside the trust would give rise to [read more]
Overview There have been two recent decisions in which taxpayers have won the independent contractor argument in the Administrative Appeals Tribunal (‘AAT’). Naturally, if the contractor is an employee, then the PAYG withholding and superannuation guarantee obligations fall on the employer (head contractor). Moreover, other obligations such as those under state and territory legislation regarding [read more]
Overview This article provides a brief summary of the excess contributions tax (‘ECT’) regime. It also summarises the latest developments including the May 2014 Federal Budget announcement, the latest statistical information and covers several key recommendations made by the Inspector-General of Taxation (‘IGT’). Brief summary The ECT regime was introduced in July 2007 as a [read more]
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