News : LRBA

Auditing, LRBA

Auditors must still check LRBA offsets

ADI, ASF Audits, ATO, Auditors, Authorised Deposit-taking Institution, limited recourse borrowing arrangement, LRBA, management letter, non-ADI, offset accounts, self-managed super, Self-managed superannuation fund, Shelley Banton, SMSF

Recent ATO comments on LRBAs with offset accounts have changed little for auditors, who must check them as part of their reports.

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LRBA

Safe harbour changes require action

SMSF, self managed superannuation fund, self managed super, related-party, limited recourse borrowing arrangement, LRBA, documentation, safe harbour rates, Accurium, Mark Ellem, NALI, ITAA 1997, ATO, PCG 2016/5, loan, interest rate, repayment

A change in the safe harbour rate for related-party LRBAs will require prompt action after the start of the new financial year.

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Division 296, LRBA, SMSF, Superannuation, Tax

LRBA carve-out inconsistent

Plans to carve out LRBAs from the total super balance figures used to calculate Division 296 tax highlight the irregularities around their inclusion within TSBs.

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LRBA

Bare trust restricts asset treatment

Bare trust, limited recourse borrowing arrangement, LRBA, loan SIS Act, ASF, Shelley Banton, single acquirable asset, SMSF, self-managed super, self-managed superannuation, charge over an asset, related party, PCG 2016/5

Certain restrictive conditions will apply to an asset that is left in a bare trust after an LRBA has been paid off.

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LRBA

One LRBA can apply to multiple assets

LRBA, borrowing,

More than one property asset title can be acquired using a single limited recourse borrowing arrangement in certain situations.

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Education, LRBA, SMSF, Superannuation

LRBA rate gap a driver for change

The growing gap between the safe harbour interest rate for an LRBA and those on offer from commercial lenders may push some SMSFs to seek new borrowing arrangements.

The growing gap between the safe harbour interest rates for an LRBA and those on offer from commercial lenders may push some SMSFs to seek new borrowing arrangements.

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LRBA

LRBA and release conditions warning

The combination of certain conditions of release and an LRBA may close off an SMSF to future contributions.

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