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There has been uncertainty as to how the following two provisions interact: (1) the non-arm’s length income (NALI) provisions in s 295‑550 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997); and (2) the Capital Gains Tax (CGT) provisions in s 102‑5 of the ITAA 1997. The ATO has recently released Draft Taxation Determination TD 2023/D1. [read more]
From July 2021 changes to the Australian Accounting Standards (AAS) have meant that many SMSFs and trusts (including discretionary and unit trusts) are required to prepare general purpose financial statements that comply with AAS. Importantly, SMSFs and trusts are impacted by the changed standards where: The SMSF or trust deed or other document requires the [read more]
A recent AAT decision illustrates the sorts of evidence that might be necessary in order for an SMSF to not have non-arm’s length income (NALI). Accordingly, advisers working with SMSFs should pay close attention to this decision and the evidence that an SMSF should collect and retain. The decision is BPFN and Commissioner of Taxation [read more]
SMSF trustees must only pay expenses that belong to the fund’s activities. They should not pay expenses for anyone else. Conversely, SMSF trustees and members must not pay an invoice (outside of the fund) if the expense is properly payable by the fund. Moreover, some invoices need to be split between the SMSF and another [read more]
The Federal Court of Australia held that a self managed superannuation fund (SMSF) could recover the amount of an Australian Financial Complains Authority (AFCA) determination relating to a compensation claim against a financial adviser for an investment loss. This article focuses on SMSF trustees rights to complain and seek compensation via AFCA for inappropriate financial [read more]
Introduction With the penalty unit increasing from $275 to $313 from 1 July 2023, SMSFs need to be extremely careful as this results in most administrative penalties increasing from $16,500 (ie, 60 penalty units x $275) to $18,780 (ie, 60 penalty units x $313). This article discusses administrative penalties under s 166 of the Superannuation Industry [read more]
In January 2023 Treasury proposed a lower than arm’s length (or nil) expense (NALE) be multiplied by five. For example, NALE of $1,000 would therefore give rise to $5,000 (5 x $1,000) of non-arm’s length income (NALI), taxed at 45% ($5,000 x 45%); resulting in $2,250 tax or an effective tax rate of 225%. (See our [read more]
This article provides important background context on why SMSF trustees may wish to consider using the ATO’s early engagement and voluntary disclosure service to notify the ATO regarding contraventions of the Superannuation Industry (Supervision) Act 1993 (SISA) or Superannuation Industry (Supervision) Regulations 1994 (SISR). There are significant advantages that can result from making a voluntary [read more]
DBA Lawyers latest SMSF governing rules and related documents include many value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2023-24) comes with the following upgrades: express power for the proposed $3m+ tax on [read more]
The issue of a lost deed can create uncertainty and complications within a trust, including a superannuation fund. When critical documents are lost, the effects can be far-reaching and cause legal and administrative complexities. Over the past four months, six important judgements have significantly evolved the law on lost deeds, providing greater certainty for trustees. [read more]
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