News : In-house assets

ATO, In-house assets, Regulation

Complexity raises sole purpose risk

SMSF Self-managed superannuation Sole purpose test Related party transaction current day benefit Cooper Partners Financial Services Jemma Sanderson

SMSF trustees and practitioners should look beyond obvious issues regarding the sole purpose test when dealing with related parties as greater complexity raises the likelihood of breaching it.

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In-house assets

In-house asset breach not deferrable

SMSF auditors Self-managed superannuation In-house assets 5 per cent limit SIS Act Red Willow Super Marjon Muizer

Breaches of the in-house asset rules cannot be treated as an end-of-financial-year event, despite some auditors stating this is so, but have an impact on a fund the moment they take place.

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Auditing, Compliance, In-house assets

ASIC check crucial for IHA compliance

ASIC register in-house assets Related party Auditor SMSF

To avoid running into in-house asset issues, auditors should review company details held on the ASIC register to determine if an SMSF is dealing with a related party when conducting a transaction.

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Compliance, In-house assets, Investments, Regulation

Related-party challenge recognised

ATO Paul Delahunty Related parties In-house assets Part 8 associates

The difficulty trustees may have in complying with the related-party rules has been noted by the ATO in the context of the total number of SMSF members.

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Administration, Commercial Property, Compliance, In-house assets, LRBA, Property, SMSF

Dual-use properties a compliance risk

SMSF business real property in-house asset

SMSF trustees must use acquired business real property solely for the purposes of operating a business to avoid triggering in-house asset rules.

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Compliance, In-house assets, LRBA

Loan key to holding trust asset

LRBA gearing strategy

An LRBA of any magnitude should be used for compliance purposes if an associated holding trust has acquired the asset in question.

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In-house assets

Exercise caution with in-house asset exemptions

SMSF property development in-house asset related parties

Trustees should be wary of relying on exemptions in the SIS Act to avoid a property development project becoming an in-house asset.

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In-house assets, LRBA, Trusts

Trusts not an ownership workaround

trusts SMSF assets

Trustees must ensure they are registering assets purchased on behalf of SMSFs in the fund’s name and refrain from using trusts as a measure to compensate for poor documentation.

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In-house assets

SMSF loans go beyond in-house assets

SMSF loan in-house asset

When SMSF trustees are looking for their fund to make a loan to their business, advisers must look beyond the in-house asset rules for compliance purposes.

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