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LRBA News: Borrowing by SMSFs is Here to Stay – for now!

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 […]

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A Monet, a bottle of Grange and a SMSF walk into a bar….

Sadly, from 1 July 2016 your client’s SMSF may no longer be able to hold investments in collectables and personal use assets. Tougher, stricter rules will apply. New investments were caught from 1 July 2011, but by 30 June 2016 the new rules will apply to all. What investments are caught? A complete list is […]

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The top four SMSF audit issues that are consistently arising

By Joel Curry   2015 FY SMSF Audit update: 11 weeks down; 15 weeks till Christmas…. Is it mid September already and was I imagining the Christmas decorations I saw in stores this week? Hopefully we are all well into completing compliance work for our clients and their SMSFs in the run down (run up?) […]

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London buses

Members living overseas – does this result in a SMSF becoming non–complying?

  Possibly – but don’t panic!  There are practical steps that can be taken to allow members to maintain their SMSF even whilst living overseas.   What is the issue?  A SMSF ceases to be a complying Fund in a year in which it is not an Australian superannuation fund.   What problems does this […]

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Changes to taxation of excess non-concessional contributions receive royal assent

Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 received royal assent on the 19 March 2015. As a result taxpayers should now be able to avoid paying excess contribution tax on excess non-concessional contributions made in the 2014 financial year and later. The amendments give the taxpayer the option of withdrawing the amount […]

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SMSF News 2014/4 ATO gives the OK to loans to unrelated trusts – but there is a catch…

The ATO has confirmed in ATO ID 2014/23 that a loan from a SMSF to an unrelated trust will not be treated as an in-house asset. We believe however there are some hidden catches to consider when advising clients: 1.  Be careful the Trust is not related.    Review the definition of “control of a trust”  and […]

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SMSF News 2014/3 – Individual Trustees – Time to reconsider?

The new SMSF penalty regime starting on 1 July 2014 is an opportunity to review whether your SMSF clients with individual trustees should consider moving to a sole purpose Corporate Trustee. We all know the main reason clients reject a corporate trustee are the initial setup and ongoing costs.  We are also too aware of the problems that arise by having individual trustees. […]

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SMSF Audit Alert 2014/2 – New penalty regime starts July 2014

From 1 July 2014 new penalties will apply for contraventions of specific sections of the SIS Act.  The table below outlines the applicable sections and the penalty for each contravention. This new penalty regime is designed to give the ATO greater options in dealing with breaches without having to go through the exhausting process of […]

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