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Recently there have been a lot of discussions regarding the use of Limited Recourse Borrowing Arrangements to acquire property within self managed superannuation funds (SMSFs). The regulator of SMSFs (ATO) is concerned that certain arrangements entered into by SMSFs to acquire property do not comply with superannuation law and has issued a Tax Payer Alert outlining some...
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Yesterday the Federal Government released its Mid-Year Economic and Fiscal Outlook (MYEFO) update. Announcements that will have a direct impact on SMSF’s are as follows: CGT & Income Tax Relief With effect from 1 July 2012, super fund trustees will be able to dispose of pension assets on a tax-free basis to fund the payment...
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Yesterday the Federal Government announced the deferment of its proposed off-market transfers ban between self managed super funds and related parties until July 1, 2013. The ban was to come into effect on July 1 this year but, according to the Federal Treasury website, the proposed ban is now planned to take effect from July...
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The ATO has clarified what is meant by a ‘single acquirable asset’ and what constitutes repair or maintenance of an asset. The release of the Self Managed Superannuation Funds Ruling SMSFR 2012/1 by the Tax Commissioner has brought some clarity to issues surrounding borrowing and single assets by self managed super funds. The ruling has...
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