It has been a requirement for a SMSF to prepare financial statements with fund assets to their market value in accordance with SIS Regulation 8.02B since 1 July 2012. Prior to this regulation taking effect, unless the fund was paying a pension or held in-house assets, trustees could provide a valuation for fund assets every…
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The publication of draft Law Companion Ruling, LCR 2019/D3 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement was certainly the most controversial topic impacting the SMSF sector over the past 12 months, with this legislative interpretation bringing into focus a range of circumstances that aim to clarify the distinction between personal and…
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The introduction of the transfer balance cap from 1 July 2017 created an interesting reporting challenge for the SMSF sector that had historically dealt with compliance on an annual basis. The decision to finally land on a two-tiered system based upon a Total Super Balance (TSB) threshold of $1 million to determine quarterly or annual…
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Now that we finally have some legislative certainty around various aspects of paying a Transition to Retirement Income Stream (TRIS), the Australian Taxation Office (ATO) has issued Guidance Note, GN 2019/1 that provides guidance on the changes to transition-to-retirement income streams that commenced from 1 July 2017. How they apply within the APRA-regulated environment as…
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The Australian Taxation Office (ATO) as part of its response to the coronavirus pandemic (COVID-19) indicated that it would not apply compliance resources for the 2019-20 and 2020-21 financial years for SMSFs that sought loan relief for LRBA related party loans. This relief applied for related party loans that complied with the safe harbour guidance…
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