News : Property

Auditing, Property

Valuation guidelines misunderstood

SMSF property comparable valuations auditor

Certain ATO valuation guidelines for SMSF properties are not properly understood by trustees, subsequently resulting in significant angst.

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LRBA, Property, Regulation, SMSF

Track funding for property repairs

Property repair Property improvement LRBA Limited recourse borrowing arrangement SIS Act

Trustees should be certain of the origin of the funds used to complete a repair or improvement to a property acquired under an LRBA to avoid breaching their fundamental obligations.

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Property, Tax

GST on property costs essential

SMSF trustees commercial property lease agreement GST

Trustees with a commercial property lease agreement must apply GST to any outgoing costs they expect to recover from a tenant.

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Commercial Property, Compliance, NALI/NALE, Property

Lease pre-payment a NALI risk

NALI Lease pre-payment Business real property Related-party tenant

SMSFs accepting advance payments from a related-party tenant for leasing business real property have been warned such an arrangement may expose the fund to NALI.

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Administration, Property, SMSF

Non-bank lender to offer SMSF loans

SMSF loans Pepper Money

A non-bank lender has expanded its operations to include SMSF loans available to funds with corporate trustees and relatively low minimum asset balances.

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Auditing, Property

Annual valuation requirement clear

SMSF annual audit auditor property asset valuation

Regulations outlining the requirement for the annual valuation of an asset are clear cut and should not lead to confusion around what auditors are required to do.

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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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Compliance, Documentation, NALI/NALE, Property

Evidence key to navigating NALI

SMSF property development NALI documents

SMSF auditors and their clients must furnish essential documents to demonstrate compliance with non-arm’s-length income and expenditure rules in property development projects.

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Auditing, NALI/NALE, Property, SMSF

ACR key to property project probes

ACR NALI SMSF property development

It is expected the ATO will use a multipronged approach to examine SMSF investments in property development schemes for non-arm’s-length income breaches.

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ATO, Downsizer, Property

Downsizer timeframe absolute

Downsizer timeframe

The timeframe within which a downsizer contribution has to be made is definitive for all circumstances relating to this type of strategy.

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