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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As practitioners start to undertake the completion of the financials and SMSF Annual Return for the year ended 30 June 2020, many pension members are likely to have withdrawn more than the temporary 50% reduced minimum pension for the 2019/20 as a result of this amended legislation only taking effect from 24 March 2020. It…
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