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ATO warns on negative gearing in SMSF
The ATO has warned taxpayers and self-managed super fund trustees to be
careful when claiming deductions in relation to negatively geared hybrid trust
arrangements.
Tax
commissioner Michael D'Ascenzo said people needed to be cautious before
claiming negative gearing deductions for borrowings used to fund
interests in trusts with discretionary features, where the income is diverted to the lowest income tax paying individual and the capital gain to another individual.
"Before claiming such deductions, people
should make sure the relevant expense is sufficiently connected to the
income and capital gains they could reasonably expect to receive from
their investment," he said.
Under these trust arrangements, a taxpayer
can use borrowed funds to acquire an interest in a trust, which then
uses funds to purchase income producing property.
"These arrangements seek to provide income
tax deductions to the taxpayer for all their interest payments, even
though income or capital gains from the property may be derived by
other beneficiaries of the trust, including SMSFs."
According to D'Ascenzo, the ATO is not
concerned with 'hybrid arrangements' but negatively geared trust
arrangements, "which involve the taxpayer incurring expenses where all
or a proportion of the borrowed funds could be used for the benefit of
the beneficiaries, or where the taxpayer's interest in the trust could
be brought to an end before their costs if investments have been
recouped".
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FREE TICKETS - INVESTMENT EXPO 28TH TO 30TH MARCH 2008
Our Technical Director Mr Manoj Abichandani will be speaking at the Sydney Investment Expo.
For free tickets (Value $15) click here complete your online registration form and enter "Universal" at the Promotional code.
Super & Financial Planning Theatre
28th March Friday 1.30PM
29th March Sat 3.30 PM
30th March Sun 11.30 AM
If you want your friends to get free tickets to the Expo - click here to forward this email to them.
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Topic - Instalment warrants
What is a SMSF - how to setup and run a fund - trust deed - trustee responsibilities - managing the fund year to year - type of investments - purchasing property with super - Instalment warrants - funds joint venture with trustee - Salary Sacrifice - Reduce interest on own home loan - Pensions - TRIP - who gets your super when you die.
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www.trustdeed.com.au provides online service for creating, storing & managing legal documents for Companies and Trust deeds for SMSF, Family, Unit & Hybrid Trusts, click here for more information.
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FIRST TRUST DEED FREE |
if you are an advisor, financial planner, accountant or a solicitor, we can offer you to create one trust deed on our system for free. This offer is valid provided you purchase 10 or more new SMSF deeds or update 10 SMSF trust deeds for your clients. To claim your first free trust deed, first register on our website www.trustdeed.com.au and phone our office on 02 9638 2807 for a promotional code.
If want to communicate with your clients, advising them the need & advantages to update their trust deed, click here to download a pro-forma letter to your clients.
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| remeber you can create a SMSF trust deed at any time 24 / 7 |
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www.trustdeed.com.au goes on live help
If you are an advisor and use our website for your clients SMSF  Trust Deed. You now have access to SMSF Specialist Advisor who will answer all your technical questions online for you. Simply click the button above and start chat.
New or update your existing SMSF Trust Deed for $110 You can keep the trust deed up to date for the next five years for only $165.
Our SMSF trust deed has been prepared with input from accountants who have over two decades of experience in setting up structures for their clients and have combined knowledge of auditing and lodging tax returns for more then 2000 SMSF's, their practical experience is an invaluable contribution.
For further questions on our trust deed, ring 02 9638 2807 or email sales@trustdeed.com.au |
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