In a recent speech James O’Halloran, Deputy Commissioner, Superannuation, outlined the ATO’s current areas of focus in the SMSF sector. They include:
Sladen snippet – ATO’s focus – top 100 SMSFs to be reviewed
Sladen Snippet – off and running (almost), Senate passes tightened requirements to CGT concessions for companies and trusts from 8 February 2018
Sladen snippet - Narumon part 3 – can a BDBN be renewed or made by an attorney?
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds
Sladen snippet - Narumon part 2 – proving whether a pension and a reversionary nomination exists without original pension documents
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds,
Sladen snippet - Narumon part 1 – defects in an SMSF chain of deeds
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds
Sladen Snippet – Sladen Legal Principal Daniel Smedley Again Named As One Of Australia’s Best Lawyers
Sladen Snippet - Aussiegolfa part 1 - the in-house asset rules and what is an interest in a trust?
Sladen Snippet - Aussiegolfa part 2 – Court finds SMSF to be in breach of the sole purpose test
Sladen Snippet - Additional stamp duty trigger for option agreements
As part of the Victorian State Budget, a number of stamp duty changes have been proposed, many of which have received significant media attention (including the abolition of the off the plan duty concession for investors, the abolition of stamp duty for some first home buyers, and the removal of the blanket duty exemption for transfers between spouses).
Sladen Snippet – ATO to extend transitional period for new SMSF TBAR reporting regime
Sladen Snippet - Commissioner is under no duty to issue amended land tax assessments
Sladen Snippet - Lawyer's immunity from suit
Australia has for a long time been one of the only common law countries to enshrine a lawyer’s immunity from suit. The common law principle provides lawyers with an immunity from any claim made against them for negligence arising out of their conduct of a Court case and/or work undertaken outside of Court that results in a decision affecting the conduct of the case in Court.
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.
Sladen Snippet - Strategies for Estate Planning and Asset Protection Following New High Court Decision
n Fischer & Ors v Nemeske Pty Ltd & Ors ([2016] HCA 11; [2014] NSWSC 203), the High Court yesterday upheld the decisions of the Supreme Court of New South Wales and Court of Appeal.
The High Court’s decision confirmed that the resolution of a trustee of a discretionary trust to distribute an amount equal to the value of shares owned by the trustee to a beneficiary (Nemes) created a debt payable upon demand enforceable against the trustee by Nemes’ executor upon Nemes’ death.
Sladen Snippet - ATO gives further guidance on how related party LRBA loans can be rectified by 30 June 2016
Practical Compliance Guidelines PCG 2016/5 Income tax - arm's length terms for Limited Recourse Borrowing Arrangements established by self managed superannuation funds (Guideline) sets out further guidance as to how existing non-commercial limited recourse borrowing arrangement (LRBA) loans from related parties to self managed superannuation funds (SMSFs) can be put on commercial terms by 30 June 2016. If such loans are on commercial terms by that date and with effect for the 2015/16 year then the ATO will accept that such loans are on commercial terms and that they will not trigger the application of the non-arm’s length income (NALI) rules. The ATO has said that it will not select an SMSF for a review purely on the basis that it had a loan on a non-commercial basis for previous years.
Sladen Snippet – ATO releases safe harbour for related party LRBA loans
The ATO has released Practical Compliance Guidelines PCG 2016/5 Income tax - arm's length terms for Limited Recourse Borrowing Arrangements established by self managed superannuation funds (Guideline) which sets out 2 safe harbours for limited recourse borrowing arrangement (LRBA) loans from related parties to self managed superannuation funds (SMSFs). If such loans comply with the terms of the safe harbours then the ATO will accept that such loans are on commercial terms and that they will not trigger the application of the non-arm’s length income (NALI) rules.
Sladen Snippet – Primary Production Land Tax exemption for property developers
In a recent decision the New South Wales Supreme Court held that although the subject land had been purchased for future residential development, during the years relevant to the disputed Land Tax assessments, the dominant use of the land related to cattle-grazing operations under an agistment agreement. The taxpayer property developer was therefore eligible to apply the exemption applicable to land used in primary production in s 10AA(2) of the Land Tax Management Act 1956 (NSW).
Sladen Snippet – Super contribution caps, rates and thresholds for 2016/17 year released
The Australian Taxation Office (ATO) has released key super contribution caps, rates and thresholds for the 2016/17 year. These include:
- Concessional contribution caps – for persons aged less than 49 on 30 June 2016 the cap will remain at $30,000 - for persons aged 49+ on 30 June 2016 the higher cap of $35,000 will apply;
- Non-concessional contributions cap- will remain at $180,000, while the “bring forward” cap will remain at $540,000;
- CGT contributions cap - will increase to $1,415,000.
- Super guarantee maximum super contribution base- will increase to $51,620 per quarter, while the super guarantee rate will remain at 9.5%;
- Lump sum low rate cap- will increase to $195,000.
Sladen Snippet – SMSFs, unit trusts and the public trading trust rules – the end is nigh?
The draft legislation of the Government’s proposed new tax system for managed investment trusts proposes that super funds (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.