11 APRIL 16
The ATO has released Practical Compliance Guideline PCG 2016/5 which looks at arm's length terms for related party Limited Resource Borrowing Arrangements. This Guideline considers terms such as maximum loan duration, interest rates, LVR ratios and security when related parties are lending to the Fund.
The ATO has advised that when a related party loan does not meet their published safe harbor terms the Trustee should consider refinancing with a bank, refinance with more appropriate terms or repay the loan prior to 30 June 2016.
The ATO has previously advised they will not be allocating any resources to look related party loans in the context of non-arm's length income prior to 30 June 2016.
27 MAY 14
The government yesterday announced that the date by which superannuation funds must comply with the SuperStream contributions data standards has been pushed back, a move which is said to provide “certainty” to SMSF trustees.
In a statement released yesterday, assistant treasurer Mathias Cormann said superannuation funds will have up to 1 July 2015 to meet the new standards.
The ATO will provide more information to industry through its regular consultative forums, according to the statement.
1 MAY 14
It has finally happened Opulen now has a new website presence. We are pleased to welcome you to our page and invite you to find out more about us and the services we offer.
Also ensure you check our website regularly for updates in superannuation law, Government proposals and ATO interpretations and rulings. Alternatively follow us on Twitter or Facebook to get our updates automatically.