SUPERCentral News
The ATO has also expressed concerns with LRBAs involving unit trusts.
Buy/sell arrangements set the ground rules between co-owners of a business (shareholders in a company, partners in a firm or unit holders in a unit trust) as to what is to happen if a co-owner dies, becomes totally and permanently disabled or suffers some illness or trauma that will likely require them to leave the business.
What happens when you take a super benefit before the permitted time?
In this ATO alert, the ATO has provided advance warning as to its concerns with limited recourse borrowing arrangements entered into by self managed superannuation funds.
New ATO Taxpayer Alert not a problem for our clients.
Click here to see what main areas the ATO will be looking at in 2012/13
Click here to see latest updates to the Townsends' Guide to SMSF Borrowing Volumes I & II.
Defined benefit pensions were used to address RBL problems - that is removing RBL problems.
Proposed amendments to the WA Duties Act will permit transfers of real estate from SMSFs to the Legal Personal Representative or dependants of a deceased member to be charged with nominal duty (ie $50) rather than normal duty rates.
In a recently released Interpretative Decision, the ATO was asked whether a trustee could refund an in specie contribution of listed shares, the value of which exceeded $150,000.
Possibly the most important thing about the MYEFO is that the Government did not announce any changes to transition to retirement pensions or limited recourse borrowing arrangements.
Another taxpayer has had a win against the ATO. The taxpayer was issued with an excess contributions assessment and, after the required objection procedures had been completed, referred the matter to the AAT.
While the most significant of the reforms arising from the Cooper Review apply to the non-SMSF superannuation section, some reforms do affect the SMSF superannuation sector.
Super Assets Keep Increasing
What happens when the trustees of an SMSF become dysfunctional and cannot manage the fund?
What would happen if contributions were to a non-complying superannuation fund? Would those contributions be counted for contribution cap purpose?
The Government proposes to require all auditors undertaking audits of SMSFs to be registered with ASIC.
Currently there are a number of States which offer concessional duty on transfers of business real property from a member into their SMSF including NSW (s62A), WA (s122) and VIC (s41).
The Government also announced that other Stronger Super Reforms applying to SMSFs will be deferred to 1 July 2013 (previously the intended commencement date was 1 July 2012).
The ATO has issued a new “Valuation Guide” for SMSFs. The new guide replaces Superannuation Circular 2003/1.