As trustees and practitioners work through the annual compliance work for the 2021 financial year, the Australian Taxation Office (ATO) is provided a timely reminder (QC 67071) that SMSFs need to regularly review the fund’s SMSF investment strategy to help meet their investment and retirement goals. The investment strategy is not designed to be a…
Investment strategies have been a topic of significant importance within the SMSF sector over the past few years. There has been a much higher expectation being imposed on trustees by the Australian Taxation Office (ATO) and fund auditors to demonstrate how trustees have adequately considered all of the requirements of an investment strategy…
The past couple of years has seen an increased focus on investment strategies within SMSFs. This focus, whilst initially targeted to a particular segment of the market with LRBAs and heavy asset concentration, has broadened significantly as to the expectations of the Commissioner. Just by looking at the data from our Smarter SMSF platform, we…
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…
The Australian Taxation Office (ATO) has now registered SPR 2020/2 which applies to the trustee(s) of a SMSF where the fund acquires an in-house asset from a deferral of rental income under a lease due to COVID-19. This determination became effective from 27 November 2020. As a result of the financial impacts of COVID-19, some…
