News : Property

Property

Map transactions before developing property

property development transactions

SMSFs considering property development should map out the transactions required to avoid being accused of conducting a business within the fund.

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ATO, Property, Strategy

Downsizer contribution conditions clarified

downsizer contribution funds

Downsizer contributions will not be restricted only to funds secured from a property sale, with the ATO confirming its focus is on the amount and eligibility of the contribution.

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Property

Property developments can’t deprive SMSF members

Property developments SMSF members

Property developments operating within an SMSF will be in breach of the sole purpose test if they ultimately deprive members of any potential retirement savings benefits.

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Property

Property shifts into funds need scrutiny

SMSF property sole purpose

SMSF trustees looking to move property into their fund should be questioned as to what their plans and motives are to avoid breaches of the sole purpose test.

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Property, Tax

COVID-19 NALE impact still possible

COVID NALE

SMSF practitioners should be mindful of the link between COVID-19 rent relief deferrals and non-arm’s-length expenditure (NALE), a technical specialist has warned.

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Property

DomaCom retirement income role twofold

DomaCom retirement income

Fractional property investment manager DomaCom has stated it can play a dual role in improving the retirement incomes of average Australians.

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ATO, Property

ATO announces rent relief determination

rent relief determination

The ATO has released a legislative instrument determination addressing COVID-19 rent relief deferrals granted by SMSF landlords to related-party tenants.

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ATO, Property

Rent relief determination close

Rent relief determination

A legislative instrument determination from the ATO is imminent to address in-house asset-related issues arising from situations where SMSF landlords have granted rent relief to related-party tenants.

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LRBA, Property

LRBAs really only for property

LRBAs property

A panel of technical experts has declared limited recourse borrowing arrangements to be viable for the purchase of property only.

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Auditing, Documentation, Property

Evidence key to reporting property valuations

property valuations evidence

Funds must ensure they provide sufficient evidence to back up market valuations when reporting real property assets, an SMSF technical expert says.

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