The Australian Taxation Office (ATO) has recently published their SMSF statistical overview for 2017-18 which provides key insights from the published data about the health and performance of the SMSF sector. There’s always a lot of focus on some of ‘headline’ statistics, which this year was around operating expenses. The ATO has done some excellent…
The ability for people impacted by COVID-19 to gain early access to super has seen nearly two million applications made to super funds for payment under the compassionate ground due to coronavirus, representing approximately 1 in every 6 Australians in the workforce. Source: https://www.apra.gov.au/covid-19-early-release-scheme-issue-7 We’ve seen over this pandemic period, concerns with identity theft on…
Where a fund has entered into a limited recourse borrowing arrangement (LRBA) with a related party that is utilising the safe harbour set out in PCG 2016/5, the interest rate is required to stay in line with the published rate each year by the Australian Taxation Office (ATO). The rate utlised by the ATO is…
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…
We understand that many people are struggling through the impact of the Government’s economic response to the coronavirus pandemic (COVID-19). It may be that they require dipping into their super fund to access an early release amount on compassionate grounds due to COVID-19, have been impacted by an inability of a tenant (related party or…
