News : In-house assets

Administration, Contributions, In-house assets, Strategy

More pressure on fund administrators

The information needs of advisers and trustees is placing more pressure on SMSF admin providers to deliver real-time data.

The information needs of advisers and trustees is placing more pressure on SMSF admin providers to deliver real-time data.

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ATO, Compliance, In-house assets

The section 66 blind spot

The ATO’s enforcement policy could be providing trustees with an opportunity to breach SIS Act section 66 without any compliance consequences.

The ATO’s enforcement policy could be providing trustees with an opportunity to breach SIS Act section 66 without any compliance consequences.

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ATO, Compliance, In-house assets, Legislation, Regulation

Ignoring in-house asset breaches unwise

Trustees dealing with a breach of the in-house asset rules should not believe inaction provides a satisfactory solution to the problem.

Trustees dealing with a breach of the in-house asset rules should not believe inaction provides a satisfactory solution to the problem.

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Documentation, In-house assets

Loan evidence can refute early-access claim

The intention behind a loan to a related party by an SMSF is central in defending against any claims the fund allowed the illegal early access to take place.

The intention behind a loan to a related party by an SMSF is central in defending against any claims the fund allowed the illegal early access to take place.

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In-house assets, SMSF, Superannuation

DBA Lawyers promotes senior members

A Melbourne-based SMSF specialist legal firm has promoted two of its senior staff members to the role of directors of the practice.

A Melbourne-based SMSF specialist legal firm has promoted two of its senior staff members to the role of directors of the practice.

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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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