Winding up a SMSF may occur for a number of reasons but what needs to be done and what documents need to be prepared? There is a compliance/legal path to follow and this article outlines key points along that path. Note: This article is a general guide to winding up. Each fund will be different […]
ATO
Federal Court finds AAT misapplied special circumstances test
The Full Federal Court has held that the Administrative Appeals Tribunal misapplied the “special circumstances” test. The Tribunal had held that there were no special circumstances in relation to Mr Ward’s excess non-concessional contributions which warranted the ATO to disregard or reallocate the excess contributions to another tax year. The Full Federal Court set aside […]
Townsends Lawyers Business Law Brief Newsletter – April 2016
Getting that related party loan back on track It’s about 2 months away from the 30 June 2016 deadline the ATO has set in relation to fixing any non-arm’s length related party loans advanced for limited recourse borrowing arrangements. Key assets and estate planning considerations for businesses This article discusses some of the key estate […]
The Dos and Don’ts of running an SMSF – How to deal with the ATO
To err is human and it is the ATO’s job to make sure trustees understand when they have done something wrong and why it happened. So while trustees may get nervous knowing the regulator is coming to knock on their door, here’s a list of ‘do’s and don’ts’ to help in dealing efficiently with the […]
ATO guidelines on safe harbour for related party LRBAs
The ATO has issued its Practical Compliance Guidelines as to what constitutes a “safe harbour” for related party LRBAs. The Guidelines provided guidance only in relation to real property LRBAs and listed shares/securities LRBAs.
SMSFs that breach their obligations – penalties often apply
Being in control of a superannuation fund does not come without responsibilities or obligations and the ATO is now able to hit trustees where it hurts the most (their wallet!) if they forget this. If a trustee breaches any of the sections in the below table, the ATO can impose a fine which is payable […]
Poor documentation puts SMSFs at risk of extra tax
The peace of mind of a retiree happily taking a pension from their SMSF could be shattered by the news that their pension was in fact not commenced properly and both they and their fund owe the tax office a lot more money. This is a real prospect if SMSF trustees and their advisers don’t […]
New ATO ruling on paying pension to non-resident member
Does the fact that an Australian superannuation fund pays a pension to a non-resident member jeopardise the fund’s residency status? This was the question recently put to the ATO and their answer is contained in a new Private Binding Ruling 1012821532232. The ruling reviews the law and the ATO’s guideline (TR 2008/9) about what constitutes […]