SUPERCentral News
We are pleased to advise that Townsends Lawyers have now updated our Company Establishment documentation.
This important new client support service document lists all of the legislative and regulatory changes that have been incorporated into the SUPERCentral Governing Rules from inception in 2006 to today.
The Auditing and Assurance Standards Board (affectionately known as "AUASB") has revised its Guidance Statement 009 which relates to the auditing of self managed superannuation funds.
A South Australian accountant has had a lucky experience with the Courts. The accountant was advising on a complex asset transfer of primary production land held by three brothers.
The current version of the SUPERCentral Governing Rules - Version 10/15 - which version applies on and from 30 October 2015, has now been registered in Queensland as a standard terms document.
If a self managed super fund is registered with the ATO on or after 1 January 2015, an annual return in respect of the 2014/15 financial year must be lodged with the ATO whether or not the fund holds any assets and whether or not a nil tax assessment is expected.
While the Government has clearly rejected the recommendation of the Financial System Inquiry to stop geared property acquisitions by super funds, it has, however, also requested that the ATO and the Council of Financial Regulators monitor leverage and risk in the superannuation system.
While self managed superannuation funds are not subject to the jurisdiction of the Superannuation Complaints Tribunal, the annual report of the Tribunal makes interesting reading.
The AAT has upheld a Veterans' Affairs assessment of a trust as a controlled private trust for the purposes of applying the Veterans' Affairs means test to the principal of the trust.
The Townsends Guides to SMSF Borrowing provide accountants and financial planners with an indispensable roadmap that clearly outlines the fundamental principles of an SMSF gearing.
The ATO has reconsidered its position on actuarial certificates for account-based pensions which commence part-way during a financial year.
The ATO has released its June 2015 quarter SMSF statistical report and the key items are summarised below.
For the 2014/15 financial year the ATO has achieved the following enforcement results against SMSFs.
A husband and wife who were trustees of their own SMSF have each been fined $20,000 for 68 lending breaches of the SIS Act.
The Government released on 20 October 2015 its response to the Review's recommendations.
It seems, based upon a speech recently given by an Assistant Commissioner, that the best way to minimise the risk that the ATO will take an interest in your SMSF is not to be known to the ATO.
Townsends' Guides to SMSF Borrowing are now available.
One of the practical difficulties of setting up an SMSF for those over 65 has now been solved by the ATO.
Look through tax treatment for limited recourse borrowing arrangements (LRBAs) means that most income and capital gains tax consequences associated with the asset, which has been acquired on a geared basis and held by a holding trust, will be borne by the relevant superannuation fund.
Once the borrowing under the limited recourse borrowing arrangement has been repaid, will the statutory look through treatment continue to apply?