LRBAs

Super changes from July 1 amended, but passed

  The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017, containing further amendments to the new superannuation rules kicking in on the 1 July 2017, has passed both houses of Parliament (on 15 June 2017). It is going to be possible for the government to prescribe additional transfer balance debits and transfer balance credits

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More super reform changes being made on the fly

Further rumoured amendments to the superannuation reforms taking effect on July 1, 2017, just over two months away, are seeding further panic among the superannuation industry. The document circulated by the ATO lists seven areas where further amendments, termed “minor and technical”, are being sought. It is proposed that the government intends to enact these

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Related-party LRBAs: Deadline is less than a week away

SMSF trustees and their advisers have less than a week left to re-arrange their LRBAs if they want to utilise the safe harbour LRBA terms contained in PCG 2016/5. According to PCG 2016/5, the terms of the fund’s LRBAs will not be subject to any further compliance action by the ATO for the 2014-15 income

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LRBAs with non-arm’s length terms: More guidance (and a warning) from ATO

Back in April this year, the ATO issued a “practical compliance guideline” regarding limited recourse borrowing arrangements (LRBAs) established by SMSFs. The guideline (PCG 2016/5) set out when the Commissioner will accept that an LRBA is structured on arm’s length terms. Following on from this guidance, the ATO has recently published further guidance on these

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