An article on the website Professional Planner talks about a new legislation which deals with the limited recourse borrowing arrangement (LRBA). While the bare trustees are involved in the acquisition of assets through LRBA, the ATO feels that what is being referred to as a bare trust can be a holding trust in actuality.
There are certain tax issues that could arise out of the present imbroglio. These include, but may not be restricted to, 1) whether the holding/bare trust requires filing a separate IT return 2) whether first party can claim interest deductions 3) CGT events of the nature E2 and E5 and 4) issues pertaining to franking credits.
You can read the original article here.
Australia’s anti-money laundering financial regulator AUSTRAC has decided not to go ahead with the proposed changes to the anti-money laundering regulations, satisfied that sufficient provisions to deal with the threat are already in place. In an article for the website SMSF Adviser, Katarina Taurian sheds light on the issue.
In an article for the website Money Management, Jasmine Goh talks about the changes worked out via the Federal Budget and how it may cause a loss of entire part pension for 90,000 fund members even as it partially erodes the part pension of close to 250,000 fund members.
An article on the SMSF Adviser talks about ASIC’s civil action against Active Super and the corporate regulator’s pursuit of a contravention declaration, added to a banning order against a Gold Coast businessman. If ASIC has its way, Craig Gore and a few others will be restrained from offering any financial services for a period ranging from 7 years up to a lifetime. The indictment on Mr. Gore is fraudulent involvement in $4 million raised from investors in the ‘self-managed’.
In an article for the website Super Review, Jassmyn Goh talks about how part pension changes effected through the Federal Budget will affect thousands of SMSF trustees and members. Close to 90,000 fund members are set to lose their part pension fully whereas an estimated 250,000 will face an erosion of the part pension. The scope of the Federal budget change is quite evident in the changed mood of the SMSF trustees and members across Australia.
In an article for the website SMSF Adviser, Miranda Brownlee talks about the growing number of mergers between SMSF accounting firms. At least partially, the declining numbers of service providers can be put down to this trend.