Categories | Audit

Unlocking potential and avoiding pitfalls in SMSF property development

By Daniel Butler on 27/06/2017 in Audit, Investments, Limited recourse borrowing arrangements, SMSF compliance, SMSF deeds, SMSF strategy, Taxation

Some may think that property development in an SMSF contravenes superannuation law. However, that is overstating the position. There is no blanket ban on property development in SMSFs. Rather, like many investments an SMSF can make, the key to compliance is on how the investment occurs. Extreme caution should be exercised before and during, since [read more]

Many strategies are based on the proportioning rule

By Daniel Butler on 28/04/2017 in Audit, Contributions, Investments, Pensions, SMSF compliance, SMSF strategy, Taxation, Trustee education

Co-author by Daniel Butler, Director, DBA Lawyers Introduction We have had numerous queries about the proportioning rule over recent times. A common query is how does the proportioning rule apply and how do you calculate the tax free and taxable components in a superannuation benefit. This article is to assist you understand the fundamentals of [read more]

Death benefits dependant: Can an interdependency relationship exist between deceased child and parent?

By Daniel Butler on 22/06/2016 in Audit, SMSF cases & decisions, SMSF compliance, SMSF strategy, Succession planning, Taxation, Trustee education

This article looks at whether a parent and deceased child can be in an interdependency relationship for the purpose of satisfying the definition of death benefits dependant in the Income Tax Assessment Act 1997 (Cth) (‘ITAA97’). This article follows the AAT decision in TBCL and Commissioner of Taxation (Taxation) [2016] AATA 264 (‘TBCL’). [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]

Collectables and personal use assets in an SMSF

By William Fettes on 15/12/2015 in Audit, Investments, SMSF strategy, Trustee education

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]

ATO disqualifies an increasing number of SMSF trustees with adverse consequences

By Daniel Butler on 28/11/2014 in ATO, Audit, SMSF compliance, Trustee education

The Commissioner of Taxation’s recently released annual report for 2013-14 discloses an alarming increase in the number of self managed superannuation fund (‘SMSF’) trustees (and directors of SMSF trustee companies) that are being declared disqualified persons by the ATO. The figures below on the ATO’s other compliance activities are not remarkable. This other activity includes [read more]

ATO ID 2014/23 and loans to trusts

By Daniel Butler on 21/07/2014 in ATO, Audit, SMSF compliance, SMSF strategy, Taxation

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]

Watch out for early release of super schemes – Vuong and FCT [2014] AATA 402

By Daniel Butler on 07/07/2014 in ATO, Audit, SMSF compliance, Taxation

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]

FY2014 SMSF Checklist

By Bryce Figot on 16/06/2014 in Audit, Investments, SMSF compliance

The end of the financial year is fast approaching. We now address some of the key items that should be considered in the lead up to 30 June 2014. DBA Lawyers offers a range of kits that can assist SMSF trustees and advisers in meeting their end of financial year obligations. For more information click [read more]

TR 2010/1: Did the ATO get it right? Liwszyc v Commissioner of Taxation tells all!

By Daniel Butler on 27/02/2014 in Audit, Contributions, Taxation

In taxation ruling TR 2010/1 the ATO consider what is a contribution to a superannuation fund and when a contribution is made. A recent court case, Liwszyc v Commissioner of Taxation [2014] FCA 112, answers the question of whether the ATO actually got it right in TR 2010/1. Liwszyc v Commissioner of Taxation also contains [read more]

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