News : Property

Property, Superannuation

Retaining rent charge not NALI

SMSF rent NALI

An SMSF landlord that does not reduce a tenant’s existing rental expense under the COVID-19 economic relief measure will not trigger a breach of the non-arm’s- length income rules, a specialist sector auditor has said.

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Property, Superannuation

Govt code provides rent relief clarity

leasing code rent relief

The government’s code of conduct on leasing principles under COVID-19 is an ideal reference for trustees struggling to understand the provision of rent relief to tenants.

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Property, Tax

Related-party rent relief has NALI catch

rent relief NALI

SMSF trustees not offering rent relief need to consider if that move may trigger NALI when dealing with related parties.

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ATO, Property

Rent records vital to ATO no-action position

Rent relief SMSF

Trustees must ensure any changes to property leases are well documented in order to be included in the ATO’s updated no-action position on COVID-19 rent relief provided by SMSF landlords, a legal expert says.

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Property, Superannuation

Rent relief still unclear for 13.22c trusts

rent relief 13.22c trusts

SMSFs holding property via 13.22c unit trusts should hold off on providing rent relief until confirmation has been provided the measures will extend to these arrangements.

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ATO, Property

SMSFA applauds ATO rent stance

ATO rent reduction

The ATO’s approach toward compliance regarding rental reductions for SMSF-held properties due to the financial impact of COVID-19 has been endorsed by the SMSF Association.

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ATO, Property, Superannuation

Don’t game early release provisions

superannuation early release provisions

Superannuation money accessed under early release provisions should not be funnelled back to offset tax in or outside the fund, an SMSF administrator has warned.

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Property

Current property prices unrepresentative

property prices COVID-19

Current property prices should not be given too much importance due to the market effect of COVID-19, a fund manager has said.

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Property, Superannuation

Downsizer contributions need own strategy

Downsizer contributions strategy

A specialist lawyer has suggested advisers need to strategise to maximise downsizer contributions if the proceeds of a property sale are under $300,000.

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ATO, Property

ATO flags in-house asset exception concerns

SMSF property development

Trustees need to understand the key conditions for meeting the in-house asset exception before using ungeared related companies or unit trusts to invest in property development via their SMSF.

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