It wasn’t necessarily the outcome that the SMSF industry strategy was hoping for, but we have seen the Australian Taxation Office (ATO) finalize its public guidance, LCR 2021/2, on the application of the NALI provisions where expenditure is incurred under a non-arm’s length arrangement. It has arguably been one of the most consulted public rulings…
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As parts of Australia work through further periods of lockdown, the Australian Banking Association (ABA) has once again provided an update as to how banks will continue to support customers in NSW and Victoria with loan deferral support. Throughout the COVID-19 emergency period in 2020, the ABA provided loan repayment relief, whereby borrowers were provided…
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The have been a number of important changes from July 2021, from the increase in allowable SMSF members from 4 to 6, through to indexation of contribution caps and the transfer balance cap. As a result, the team at Smarter SMSF has been working on a number of amendments and updates to fund documents and…
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With the Australian Taxation Office (ATO) having information available on an individual’s personal transfer balance cap (‘personal cap’) from 15 July 2021, the reliance on such information is going to present significant problems due to the current transfer balance account reporting (TBAR) framework that exists for SMSFs. Much like the concept of ‘garbage-in, garbage-out’ (GIGO),…
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Whilst much of the media attention focuses on the Senate finalising the ‘Your Future, Your Super’ bill (after a number of amendments), we have seen today as part of the same Senate sitting, two other superannuation-related Bills that have finally been passed. These Bills, having been in ‘limbo’ for some time are: Treasury Laws Amendment…
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