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Generic and Tailored “MySuper” Products
13/10/2011
The draft legislation distinguishes between “generic” and “tailored” products. A tailored “MySuper” product is a “MySuper” product which satisfies either the separately branded requirement or is issued only for employees of large employers (ie 500 employees or more).Can an SMSF acquire an asset which is mortgaged?
13/10/2011
Yes, according to a recently released Interpretative Decision – ATO ID 2011/81. However, there are limits to this Decision.When does a Step-Child cease to be a Step-Child?
13/10/2011
The ATO has concluded that an individual who is a step-child will cease to be a step-child upon the termination of the member’s marriage with the child’s parent.Former Spouse as a Tax Act Dependant
13/10/2011
The ATO has, in a recently issued Interpretative Decision ATO ID 2011/83, indicated that the concept of “former spouse” as used in the Tax Act includes a same sex spouse even if the relationship with the member ended before the 2008/09 financial year. The significance of the 2008/09 financial year is that before this year, same sex marriages were not recognised for taxation and super purposes.The Draft Ruling
25/09/2011
This Draft Ruling, SMSF 2011/D1, released by the ATO on 14 September 2011 deals with a number of controversial issues relating to limited recourse borrowing.