News : Property

Compliance, Property, SMSF, Tax

Incorrect loan details a stamp duty trap

SMSF Loans Property Deposit Stamp duty

Electing to pay the deposit of an SMSF property loan using an individual’s name, rather than that of the fund, could attract a stamp duty liability when the asset is transferred.

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ASIC, Property, SMSF

SMSF firm received conflicted remuneration

SMSF Real estate conflicted remuneration RM Capital The SMSF Club ASIC Federal Court

A court has found a Queensland-based SMSF advice business received conflicted remuneration when advising clients to purchase property.

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Compliance, Contributions, Property

Property improvements a cap risk

Property assets Improvements Contributions Contribution caps SMSFs

Changes to property assets in an SMSF are likely to be considered contributions to the fund as they meet the definition of a contribution under taxation law.

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Property, Regulation, SMSF

Be wary of trust control trap

SMSF Property In-house assets Related-parties Unit trust Ownership

Scrutinising the structure and governance of a unit trust tied to a property development is critical to the success of an SMSF’s investment in the project.

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Compliance, Documentation, Property

Long-term record-keeping recommended

SMSF property development record keeping ATO NALI audit

Lengthy retention of records related to property development by an SMSF is recommended given the ATO’s increased focus on the past actions of some funds.

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NALI/NALE, Property

NALI used to identify property issues

SMSF property development NALI ATO Sladen Legal Phil Broderick

A legal expert has identified the ATO is using NALI compliance to target property development in SMSFs while hardening its stance on penalties.

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Property, Regulation

Avoid in-house asset trap

SMSF Property development Non-geared unit trusts Related party In-house asset

SMSF trustees must meet a specific set of conditions to avoid falling into the trap of turning a non-geared unit trust into an in-house asset when investing in property.

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Property, SMSF

Clean energy a BRP issue

Green energy Business real property SMSF

It remains unclear as to whether clean energy equipment fits the definition of business real property for SMSF purposes.

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NALI/NALE, Property, SMSF

Cheap finance creates NALI trap

NALI NALE Property development Unit trusts family trusts SMSF

SMSFs drawing on cheap sources of finance for property developments are likely to breach the NALI rules, costing them many times more than the interest saved.

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Compliance, Property, SMSF

Zoning does not define BRP

SMSF Business real property Zoning

The zoning rules applying to a piece of real estate have no significance in determining whether the asset can be considered business real property.

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