News : Property

Property

No grace for slow related-party rent

SMSF Self-managed superannuation Sole purpose test Related party Rental income Collateral purpose Cooper Partners Financial Services Jemma Sanderson

SMSFs receiving rental income from a related party cannot extend charity if they fall behind in payments as assistance may breach the sole purpose test.

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Compliance, Property, SMSF

SMSF in administration can sell property

Re Absolute Vision Technologies SMSF Property Administration Sladen Legal Terence Wong Self-managed superannuation

The NSW Supreme Court has ruled a former SMSF trustee can sell a property while in administration on the provision the fund’s existing members consent to the sale.

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Compliance, NALI/NALE, Property

Use separate deals to avoid in-specie NALI

In-specie transfer Property NALI Non-arm's-length income SMSF Self-managed superannuation

SMSF trustees can steer clear of NALI with a simple adjustment when acquiring property via a part purchase and in-specie transfer transaction.

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Investments, Property, SMSF

New NDIS offering aids better outcomes

NDIS National Disability Insurance Scheme SMSF Investment Housing

SMSF members can receive solid returns and address some housing issues by investing in certain accommodation associated with the NDIS.

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LRBA, Property

LRBA housing market impact overstated

LRBA Limited recourse borrowing arrangement SMSF Association Property

Data has been presented to a parliamentary committee showing the effect LRBA use has had on Australia’s housing market has been exaggerated.

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Property, SMSF

Joint ventures risky in property projects

SMSF Self-managed superannuation joint venture property development Sladen Legal Phil Broderick

SMSF property development projects conducted through a joint venture require careful management to mitigate the risk of scrutiny from the ATO.

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Property

Fit-outs could raise SIS issues

Heffron Lyn Formica Annie Dawson commercial property SMSF Self-managed superannuation fit-out

Trustees have been urged to tread carefully when undertaking work on SMSF-held commercial properties as charging the fund for such services can lead to compliance breaches.

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Property

Property upgrade funding tricky

Related party Accurium Mark Ellem SMSF Self-managed super commercial property improvements

Having a related-party tenant of an SMSF commercial property pay for improvements to the asset can pose a real risk of breaching the SIS Act.

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LRBA, Property

No LRBA changes for property upgrades

Limited recourse borrowing arrangements LRBA Self-managed superannuation SMSF capital improvements rental properties petition Jim Chalmers

The government will not change the existing rules on using limited recourse borrowing arrangements to allow for energy-efficient improvements on rental properties.

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Property, Tax

GST a must for high-yield properties

GST Goods and services tax Yield Commercial property Registration

SMSFs holding commercial property generating over $75,000 in rent must register for GST, while those not required to should carefully assess the benefits and costs of doing so.

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