Following our advice last week we am pleased to announce the release of our Analysis Tool. The tool provides an accurate assessment of what is required for an existing loan to satisfy the Practice Compliance Guideline for related party limited recourse loans. As an indication of the potential problems and solutions available we have applied the...
The ATO has just released their much anticipated Practice for related party limited recourse loans. As previously established, the ATO have determined that all income and realised capital gains from non-commercial related party loans will be taxed as non arm’s length income. Such income may only be reduced by expenses relating directly to the asset. The tax,...
We are pleased to announce our first ever special offer! Transfer any existing SMSF to our service & we will not charge our standard administration fee for completing the 2015/2016 financial year work. This is a saving of at least $1,132. This is a limited offer commencing now and expiring on the earlier of September 1st or when...
The ATO have previously announced that they will not take any action against non commercial related party loans provided that they were brought to order by the end of this financial year. They have now clarified their position by stating that this will require a commercial rate of interest to be paid by the fund in...
We have been told of a recent scam which, though it did not involve any of our clients, we thought worthy of sharing. Over the Christmas break a trustee's email account was hacked and revealed email correspondence between the trustee and their adviser. The hackers, using the trustee's email account, gave direction to the adviser to...