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News

SMSF Status on SuperFund Lookup - the new rules

26/08/2021

The Australian Taxation Office (ATO) maintains a publicly accessible website of Self Managed Superannuation Funds (SMSFs) - called SuperFund Lookup. This data base contains basic information about an SMSF such as its name, its ABN, contact details and, most importantly, its "status". Neither the name of the trustee nor the names of the members of the SMSF are disclosed on the website.

LRBA safe harbour interest rates

28/07/2021

The ATO PCG 2016/5 sets out the "safe harbour" terms on which SMSF trustees may structure their LRBAs consistent with an arm's length dealing. Further to this, the ATO publishes annually the safe harbour LRBA rate for SMSFs. This article provides the applicable rates for 2021-22i (both safe harbour and Division 7A benchmark interest rates), the related proposed Division 7A changes and implication for LRBAs that do not meet the safe harbour rates or other terms.

Proposed Division 7A changes

28/07/2021

In the 2016-17 Federal Budget, the Government announced targeted amendments to Division 7A. A single 10 year loan model will be used instead of the existing 25 year and 7 year loans. The interest rate will also be revised to the RBA overdraft rate for small business which is usually 2% higher than the current benchmark rate.

LRBAs that do not meet PCG 2016/5

28/07/2021

An ATO SMSF News Alert summarises the position.

Downsizer contributions - what evidence is required for the auditor?

28/07/2021

Hippolyte and Dido have just successfully made downsizer contributions of $250,000 and $290,000 to their Self Managed Superannuation Fund. As the close of the financial year is fast approaching and Hippolyte wants to impress the auditor of the fund with his record keeping, what evidence must he obtain in relation to the downsizer contributions?