COVID-19 rent deferral IHA relief

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The ATO has issued draft SPR 2020/D2 which when registered will exempt SMSFs that allow a rent deferral to a related party tenant from the in-house assets (“IHA”) provisions in the following situations. The transitional measure applies to the 2019-20 and 2020-21 financial years. The moratorium A deferral of rental income under an arm’s length

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Superannuation proceeds trust: excepted income changes

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The recent Tax Act amendment on excepted income of testamentary trust distributions may potentially affect superannuation proceeds trusts (“SPT”) that are structured as testamentary trusts.  The amendment is an integrity measure to prevent assets unrelated to the estate being injected into the testamentary trust for the purpose of generating concessionally taxed excepted income.  Importantly, the

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ATO concerns with SMSF property development

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The ATO has issued SMSFRB 2020/1 (“SMSFR”) to highlight its main concerns in relation to SMSF property development.  It is comprehensive and traverses structuring, investment rules, NALI and the anti-avoidance provisions.  SMSF trustees that enter into property development projects must understand the complexity of such ventures and implement all the applicable rules from start to

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COVID-19: Summary on early release of superannuation

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The Coronavirus Economic Response Package Omnibus Act 2020 (“the Act”) received assent on 24 March 2020.  Schedule 13 of the Act amends the SIS regulations to make provision for COVID-19 temporarily early release of superannuation.  Application for this early release must be made within the period of 6 months starting on the day the new regulation

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Maria Siu joins Townsends Lawyers and SuperCentral as Special Counsel

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Townsends Lawyers and its associate SuperCentral Pty Limited are pleased to announce the appointment of Ms Maria Siu LL.B. (Hons), Dip Fin Serv, Cert Adv Tax to the position of Special Counsel – Superannuation. Maria will provide superannuation research and advice across both Townsends and SuperCentral legal staff and their clients. Ms Siu brings a

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