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 SIS consequences of an ATO audit?

• Is it too late to comply with the safe harbour provisions?

The safe harbour deadline may have passed, but the importance of rearranging any non arm’s length LRBAs has not.

How Can TriSuper Auditors assist?

We now offer a service to accountants and advisors to review and report on existing SMSF Related Party LRBA’s compliance with the Non-Arm’s Length Transaction (SIS Act) and Non Arm’s Length Income (ITAA 97) provisions.

Specifically we will

• Review in detail the existing Related Party LRBA

• Compare the arrangement against requirements of section 109 of the SIS Act and Section 295-550 of the ITAA 1997 – taking into account ATO Guideline PCG 2016/5 and TD 2016/6

• Provide a diagnostic report on current compliance of the LRBA with Non Arm’s Length Rules and ATO Guidance.

A detailed information sheet on this service is available for download here.

We are here to help so don’t hesitate to contact me.