The Australian Tax Office (ATO) has consistently stated that upon full payment of a Limited Recourse Borrowing Arrangement, the property must be then transferred to an SMSF trustee. If this is does not take place, the entire investment will be considered an in-house asset. This...
The Australian Tax Office (ATO) continues to make new regulations regarding super contributions. In February 2014, letters were sent out to SMSF trustees with associations to employers with 20 employees or more. In the letter, new compliance obligations were outlined relating to SuperStream. Now, instead...
By now you’ve surely heard about various pros and cons of taking advantage of a SMSF. However, given their quick rise in popularity over the past few years, there is a lot of misguidance going on between interested parties. To help you to determine whether...
Letters to more than 2000 SMSFs have been sent out by the Australian Tax Office (ATO). In it, it cautioned against engaging in ‘dividend washing’ or risk facing harsh penalties. According to the ATO, dividend washing is the practice by which taxpayers will “seek to...
Should there be regulations on who can establish an SMSF? Many investors and SMSF advisors believe that a minimum of $200,000 should be needed to invest in an SMSF. In fact, there is a further larger group that recommends a minimum of $500,000 along with...
The SMSF Professionals’ Association of Australia (SPAA), says any potential trustee of a SMSF should think carefully before accepting any offers of free establishment services. Graeme Colley SPAA Director for technical and professional standards feels the concept of such a service is not necessarily wrong,...