Are you excited about the New LRBA disclosure? In a move of greater anticipation than a Star Wars trailer teaser, the ATO has released the 2017 SMSF annual return and instructions. Of interest are the new disclosure requirements for LRBA arrangements. In our previous blog we discussed the ATO’s safe harbour guidelines on related party […]
What now? The 31 January 2017 safe harbour deadline to rearrange your clients’ non-arm’s length related party LRBAs arrangements has come and gone. What does this mean and what can you do now? Importantly: Is the LRBA arrangement non arm’s length? Will you automatically be subject to ATO review? What are the income tax and […]
The ATO has given notice that all non-commercial LRBA arrangements must be at arm’s length by the 31st January 2017. Thereafter they will be subject to close scrutiny and penalties may arise for those in breach. We recommend that you urgently review all your clients SMSFs that have LRBA arrangements to ensure that they are […]
Non-commercial SMSF LRBA arrangements are high on the ATO’s radar. Following the recent release of new guidelines and rulings it is essential that you review every related party LRBA held by your clients’ SMSFs. The ATO have given until 31 January 2017 to ensure all affairs are in order. We recommend that your reviews be […]
Keeping your New Year’s Resolutions? For most people they go out the window within the first few weeks no matter how good their intentions. Yet when it comes to our clients there is one fundamental tenet we must keep – taking care of their best interests. In the complex ever changing world of SMSFs there […]
LRBA News: The Government has now released its response to the 2014 Financial System Inquiry. Importantly they will not go ahead with the recommendation to prohibit limited recourse borrowing arrangements (LRBAs) by SMSFs. New and existing LRBAs will continue to operate under existing rules for at least the next 3 years, at which time the […]
Another financial year is coming to a close and once again we are all busy undertaking tax planning for our business and high wealth clients. Reviewing and planning for your client’s SMSF is just as, if not more, important. Here are 7 common problems that can be avoided with pre 30 June planning.
It is now time to review your SMSF clients who have LRBA arrangements with related parties. The ATO in ATO ID 2014/39 and ATO ID 2014/40 outline their concerns where a related party acts as the lender in a LRBA arrangement on non commercial terms. In certain circumstances the ATO’s view can result in the net […]