SISAct — Pioneering thought — Sladen Legal

SISAct

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Tribunal upholds penalties for an SMSF’s breach of the borrowing restrictions

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Tribunal upholds penalties for an SMSF’s breach of the borrowing restrictions

In the recent decision of FYYB v FC of T 2021 ATC 10-592; [2021] AATA 3567, 5 October 2021, the Australian Administrative Tribunal (AAT) affirmed the Commissioner of Taxation’s (Commissioner) decision to disallow an objection by the taxpayer to an administrative penalty of $7,500 imposed on a self managed superannuation fund (Fund) under the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act).

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Sladen Snippet - Retirement income covenant will not apply to SMSFs

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Sladen Snippet - Retirement income covenant will not apply to SMSFs

On 27 September 2021 the government released exposure draft legislation to introduce a retirement income covenant (Draft Bill).

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Managing rental properties found to be a business (and business real property?)

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Managing rental properties found to be a business (and business real property?)

In the recent decision of Allen and Commissioner of Taxation (Taxation) [2021] AATA 2768 (6 August 2021), the Australian Administrative Tribunal (the Tribunal) overturned a private ruling of the Commissioner of Taxation (Commissioner) and found that an individual taxpayer was personally carrying on a business of managing rental properties.

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Sladen Snippet - ATO finalises legislative instrument to deal with in-house asset issues for SMSFs offering rent deferrals to related party tenants

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Sladen Snippet - ATO finalises legislative instrument to deal with in-house asset issues for SMSFs offering rent deferrals to related party tenants

As previously discussed here, the ATO has now finalised the legislative instrument Self-Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 (Determination). The Determination does not materially differ from the draft version.

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Sladen Snippet - ATO confirms that auditors must report COVID-19 contraventions

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Sladen Snippet - ATO confirms that auditors must report COVID-19 contraventions

In June 2020, the ATO updated the independent auditor's report instructions (IAR) so that auditors would not need to modify their opinion in Part B of the IAR with respect to certain contraventions arising from the impacts of COVID-19 for the 2019-20 and 2020-2021 financial years.