SUPERCentral News
The maximum dollar value for the loan is determined by applying 70% (or 50% in the case of marketable securities) to the market value of the property as at 1 July 2015 (or if the arrangement was established after 1 July 2015, then the market value of the property at the time the arrangement was established is to be used).
Six important points need to be made in relation to the guidelines.
The ATO has issued two sets of parameters: one for real estate investments and the other for listed securities. No parameters have been issued for LRBAs which involve other types of assets such as private company shares and units in private unit trusts
The ATO issued on 6 April 2016 what it termed "practical compliance guidelines" in relation to limited recourse borrowing arrangements (LRBAs). These guidelines are referred to as "safe harbour" guidelines as the ATO will accept that any related party LRBA (that is a limited recourse borrowing arrangement where the lender is not a commercial lender
You may have seen in the news recently the Women and SMSFs report, jointly released by the CBA and the SMSF Association, indicating that more than half of SMSF members do not have an up-to-date Will or a succession plan...
You know your client needs to get their Will and other important estate planning documents done. But that means sending your client off to someone else leaving them to control the task...
To ensure that all clients SMSF funds are fully SIS compliant, or to update a number of funds from an individual SMSF structure to corporate, your firm may wish to use our special bulk update service.
"What is the point of Super?" asked Dr Watson of Holmes. Holmes replied "Quick, Watson, the games afoot"!
While superannuation funds can (if so permitted by the relevant trust deed or governing rules) invest in Collectables and Personal Use Assets - simply referred to as "collectables" - significant changes were introduced from 1 July 2011.
The ATO has just released its Safe Harbour Guidelines in relation to limited recourse borrowing arrangements (LRBAs).
The Superannuation Thresholds for the 2016/17 financial year have now been released by the ATO.
One would have thought that issues relating to SMSF pensions are relatively well settled. However, two private binding rulings have been recently issued which have upset the neighbourhood.
The banana sundae of a transition to retirement pension is to have the earnings of the superannuation interest supporting the pension to be tax free and to have the pension payments themselves tax free as well.
APRA has shed some statistical light on Australia's $2,000b superannuation sector with the release of its Quarterly Superannuation Performance Report (in respect of the December 2015 Quarter).
Much TV and newspaper time has been consumed by the topic of superannuation. In particular, for the need to reform (read change) the superannuation system.
We have recently increased the value of our company registrations, by comprehensively updating the legal documentation and providing it at the lower cost of $606 for an electronic copy or $683 for hard copy and special presentation binder from January 1.
When putting a new SMSF onto the SUPERCentral system the application form for the fund's Australian Business Number (ABN) and Tax File Number (TFN) is now automatically populated.
Both the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) have recently released superannuation statistics. The former deals with the superannuation sector while the latter is concerned with self managed superannuation funds.
One of the more significant statistics from the ATO overview was that for the 2013-14 year, the estimated average operating expense ratio of SMSFs increased to 1.06% (compared with 0.65% over the three years to 2012) and average value of $11,200 (compared with $5,900 in 2010).
This controversy is whether which of the following benefit succession devices takes precedence: a reversionary pension or a binding death benefit nomination (assuming that they are inconsistent and both are valid).