Having recently launched the ability to establish a new SMSF directly from within Simple Fund 360, we are pleased to advise that users can now order and incorporate a new special purpose trustee company. Referring to the ATO statistical data from 2017-18, more than 80% of new SMSFs are now established with a company as…
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The recent release of Law Companion Ruling, LCR 2019/D3 provided some important feedback regarding arrangements where trustees of a SMSF may be acting within an individual capacity and have non-arm’s length expenditure that will have a sufficient nexus with income derived by the fund for the non-arm’s length income (NALI) provisions to apply. Where the…
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With recent enactment of Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019, we have seen important changes made to the operation of the non-arm’s length income (NALI) provisions that now apply retrospectively from 1 July 2018. In this first blog post on the topic, we are focusing on the issue of non-arm’s length…
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Since the release of the ATO’s letter to 17,700 trustees regarding concerns of the diversification requirement within their fund’s investment strategy, we have seen a significant level of activity and discussion around this topic… and in many respects that a good thing. Let me explain why… A view held by the Regulator is that some…
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The ATO has advised that from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, they will change their status on Super Fund Lookup (SFLU) to ‘Regulation details removed’. The Regulator is taking this approach because non-lodgment combined with…
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