Sladen Snippet - second tranche of super changes released
Sladen Snippet – complicated draft laws for the $1.6 million super pension cap released
Sladen Snippet – ATO releases further determination on the application of NALI to non-commercial related party LRBA loans
The Australian Taxation Office (ATO) has released Taxation Determination TD 2016/16 which provides further guidance on its view as to the application of the non-arm’s length income (NALI) rules to the non-commercial limited recourse borrowing arrangement (LRBA) loans from related parties to the trustees of self managed superannuation funds (SMSF).
Sladen Snippet – Government dumps lifetime $500K NCC cap – alternative measures announced
Sladen Snippet - First tranche of budget super changes released for consultation
Complex estate planning in a complex world.
SMSFs and Dividend Stripping and Dividend Washing Arrangements
Sladen Snippet – ATO gives further guidance on its 2016/17 priorities for SMSFs.
Sladen Snippet – Court confirms judicial advice not always needed for SMSFs
The Supreme Court of New South Wales, in the decision of Bideena Pty Ltd as trustee for the Bideena Pty Ltd Superannuation Fund, has confirmed that the trustee of a SMSF does not always require judicial advice as to whether the trustee will have a right to indemnify itself out of the SMSF assets for legal costs in pursuing litigation.
Sladen Snippet – ATO announces SMSF areas of focus for 2016/17
In a recent speech, James O’Halloran, Deputy Commissioner of Superannuation, Australian Taxation Office (ATO), announced that the ATO will focus on the following self managed superannuation fund (SMSF) issues during 2016/17:
Sladen Snippet – SMSFs cannot qualify as a QROPS if they have members aged less than 55
Sladen Snippet - $40K fine for super breaches
Sladen Snippet – when does a de facto relationship end for superannuation death benefit purposes?
Recent Tax and Regulatory Developments Affecting SMSF Audit
Sladen Legal’s Phil Broderick was recently invited to present at the Television Education Network’s 4th Annual SMSF Audit Conference. His topic was titled “Recent Tax and Regulatory Developments Affecting SMSF Audit”.
Sladen Snippet - super funds can now qualify for the primary production land tax exemption (s 67 Land Tax Act)
In in an unheralded move, the Victorian government has extended the land tax exemption for primary production land in an urban zone (contained in section 67 of the Land Tax Act 2005) to include land owned by a trustee of a super fund of which all the members or beneficiaries are relatives and at least one of those members or beneficiaries is normally engaged in a substantially full-time capacity in the business of primary production of the type carried on on the land.
Sladen Snippet – Date to fix up non-commercial LRBA loans extended to 31 January 2017
Sladen Snippet – Back to the future – public trading trust rules will not apply for super funds from 1 July 2016
Sladen Snippet – super changes in the 2016 Budget
It’s hard to know what to do with a budget handed down by a Government that will not have enough time to pass any measures before it goes into an election. Do you follow the current laws or the laws as they are proposed to be changed in the future (if the Government is re-elected and if it can pass the measures in the newly constituted parliament)? That is the situation we currently find ourselves in with the proposed super changes and in particular the lifetime non-concessional contributions cap.
Sladen Snippet – public trading trust rules here to stay? - changes lapse in Parliament.
We have previously noted in our Snippets in September and December 2015 that, under the legislation to introduce the new managed investment trust rules, it was proposed that self managed superannuation fund(s) (SMSFs) (and other exempt entities that are entitled to a refund of excess imputation credits) be excluded from the 20% tracing rule for the public trading trust rules. This would have resulted, from 1 July 2016, in the public trading trust rules not applying to unit trusts merely because a SMSF held more than 20% of the units in the trust.