News : Property

Downsizer, financial advice, Property, SMSF

Property, tax lead new year concerns

SMSF Business property Downsizer contributions tax Financial advice LRBA

The use of business property inside an SMSF and downsizing the family home will be key issues for advisers and clients next year due to cost-of-living pressures.

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Property

Vacant land can be BRP

SMSF business real property vacant land wholly and exclusively threshold

Advisers should note in some circumstances pieces of vacant land can be considered business real property and may be held in an SMSF for that purpose.

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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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