The Australian Taxation Office (ATO) is about to write to approximately 17,700 SMSFs to highlight their concerns that the fund may hold more than 90% or more of its assets in one asset, or a single asset class. From this evidence, the letter from the Regulator raises the issue that the fund may be at…
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The Australian Taxation Office (ATO) has decided to extend for a further 12 months the current transitional compliance approach set out in PCG 2020/5 to allow additional time to finalise its position on non-arm’s length expenditure (‘NALE’) within the NALI provisions (section 295-550 of the ITAA 1997). The ATO issued draft ruling, LCR 2019/D3 in…
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The Australian Taxation Office (ATO) has announced that it has updated Practical Compliance Guidance, PCG 2020/5 – Applying the non-arm’s length income provisions to ‘non arm’s length expenditure’ to extend their compliance approach by another 12 months to 30 June 2023. Prior to the Federal Election we saw the Senator Jane Hume announce that the…
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Due to the ongoing financial effects of COVID-19, a number of SMSF have continued to find themselves in a position where they, or a related party, are having to provide rental deferral relief to tenants. For example, in Victoria the current Commercial Tenancy Relief Scheme remains in place until 15 January 2022. As a result…
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Whilst many within the SMSF sector have the occasional and often necessary grumble at the pain points experienced when trying to do rollovers via SuperStream , mandatory for an SMSF since 1 October 2021, recent concessions by the ATO highlight that the Regulator is both willing and able to act when approached directly about impractical…
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