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3 recent issues that trustees of a Self Managed Super Fund must be aware : Batallion Legal - our solicitors

 
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August 2009
 Issue 17 of 2009
 
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3 Recent issues that trustees of a SMSF must be aware : Articles from Batallion Legal; law firm which provides our SMSF trust deed.
 
 
 
1.  SIS Act breaches & ATO's discretion - factors

 
A failure to comply with the in-house asset rule in the SIS Act results in the
relevant SMSF losing its concessional tax treatment for the income year in which the breach happens. However, an application may be made to the ATO, for the ATO to exercise its discretion to treat the fund as complying despite the breach.
 
This article examines the factors that should be considered by the ATO in the exercise of its discretion. The factors to consider are found in the recent AAT decision of JNVQ and Commissioner of Taxation [2009] AATA 522.
 
 
 
2. Meaning of superannuation contributions
 
The ATO recently released Draft Taxation Ruling TR 2009/D3 on the meaning of the expression "superannuation contribution". In particular, the draft ruling explains the ATO's views on the ordinary meaning of the word "contribution" which is of relevance for income tax purposes.
 ATM
It should be noted that while parts of the ruling are also relevant to the meaning of "contribution" for SIS Act purposes, superannuation law has its own definition of "contribution" which actually modifies the ordinary meaning of the expression (TR 2009/D3, paragraph 1).
 

 
3. Related party agreements & in-house asset rule
 
In Taxpayer Alert TA 2009/16, the ATO identifies an arrangement whereby an SMSF enters into an agreement with a related trust in order to acquire certain assets. The ATO considers whether this arrangement contravenes the in-house asset rule in section 71 of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act).
 BALLONS
This article discusses the ATO's views and how SMSFR Ruling SMSFR 2009/4 relates to TA 2009/16.

Click here to read this article
 
 
 
 
 
 
 
 
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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.

New / Update SMSF Trust Deeds cost only $110 and can be created in 20 minutes, Trust Deeds are emailed instantly! 
 
 
 

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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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If you are an advisor and use our website for your clients SMSF SMSF Specialist AdvisorTrust 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 9684 4199 or email [email protected]

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In This Issue
3 RECENT SMSF ISSUES
Live Online Help
Additions to our website


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12th March 2009
 
Launched Deed of Confirmation
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April 08

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