Resolving and avoiding internal disputes in SMSFs
Sladen Snippet - ATO releases PSLA in relation to when it will remit super guarantee penalties once the amnesty period ends
In anticipation of the conclusion of the superannuation guarantee (SG) amnesty (discussed here) on 7 September 2020, the Australian Taxation Office (ATO) has released a draft Law Administration Practice Statement PS LA 2020/D1 (PSLA 2020/D1) in relation to how, post amnesty, the ATO officers may exercise their discretion to remit Part 7 penalties.
Sladen Snippet - ATO releases draft legislative instrument to deal with in-house asset issues for SMSFs offering rent deferrals to related party tenants
The Australian Taxation Office (ATO) has released a welcome draft legislative instrument, Self Managed Superannuation Funds (COVID-19 Rental income deferrals - In-house Asset Exclusion) Determination 2020 (SPR 2020/D2), that will exclude COVID-19 related rental deferrals from being ‘loans’ under the in-house asset rules.
Sladen snippet - dentist found to be “employee” for the purposes of superannuation guarantee
In the recent decision of Dental Corporation Pty Ltd v Moffet [2020] FCAFC 118 (16 June 2020) , the Full Federal Court found that a dentist fell within the extended definition of ‘employee’ under s12(3) of the Superannuation Guarantee (Administration) Act 1992 (Cth) (SG Act). Section 12(3) broadly provides that an employee is a person who is working ‘under a contract that is wholly or principally for the labour of the person.’
Judge sets aside contributions to SMSF as part of family law proceedings
In the recent decision of R -v- T [2020] WASCA 109, the Western Australia (WA) Court of Appeal has upheld interim property orders of the WA Family Court to set aside contributions made by a de facto husband to an SMSF.
Sladen Snippet - ATO rules that super benefit called before, but paid after, death is a member benefit
Sladen snippet - Certain JobKeeper payments don’t trigger superannuation guarantee – regulations made
As part of the broader framework of the JobKeeper scheme (discussed here) established by the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020, the Superannuation Guarantee (Administration) Amendment (Jobkeeper Payment) Regulations 2020 (Amending Regulations) have now been made.
COVID-19 - SMSF landlords and offering rent relief
Sladen snippet - Legislative Instrument permits LRBA borrowings by the bare trustee
As previously discussed here, the ATO has now finalized the Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020 (Determination).
Sladen Snippet: legislation introduced to increase the age at which work test applies from 65 to 67
As part of the 2019-20 Budget and as previous discussed here, the Australian Government announced that Australians over age 65 would have greater flexibility in making voluntary concessional and non-concessional superannuation contributions from 1 July 2020.
COVID-19: JobKeeper – further details on Alternative Decline in turnover test
As part of the continued economic response to COVID-19, the Deputy Commissioner of the Australian Taxation Office (ATO) has recently made a determination pursuant to subsection 20(4) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020, outlining further tests under which an entity may satisfy the decline in turnover required in order to receive JobKeeper payments. This article discusses the various new “alternative” tests that an entity may utilise under the determination.
COVID-19: “JobKeeper is Go” - legislation passed
COVID-19 – more superannuation measures from the ATO – LRBAs and SMSF residency
COVID-19: The ATO announces further superannuation measures
Further to the COVID-19 superannuation measures that we discussed here, the Australian Taxation Office (ATO), on 3 April 2020, announced further details around, and new measures concerning, COVID-19 and superannuation.
Government and ATO COVID-19 superannuation measures
Sladen snippet – extension of the work test and bring forward rule – draft legislation released
As announced in 2019/20 budget, the Government has released draft legislation and draft regulations to extend the work test start date to age 67 and to allow the use of bring forward contributions for persons aged 65 and 66.
SMSF and Asset Protection from Creditor Claims
Sladen snippet – super guarantee amnesty to become law
After being in limbo for a number of years, the bill to introduce the super guarantee amnesty has now passed both houses of parliament and awaits Royal Assent.
Sladen snippet – proposed legislative instrument to permit LRBA borrowings by the bare trustee
The ATO has released a draft legislative instrument and explanatory statement that would permit a holding trustee/bare trustee to borrow under a limited recourse borrowing arrangement (LRBA).