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Personal contributions seem so easy until they’re not

28 September 2021

Time: 12:30 PM – 1:30 PM AEST

Four years after the rules were expanded to allow all eligible contributors to make personal deductible contributions, rather than those who satisfied the substantially self employed requirements, further changes have been implemented that reduce the penalty for getting it wrong and over contributing.  However, there are still issues associated with the timing of contributions particularly with reference to the ability to provide a notice of intention to claim a deduction comparative to when benefits are drawn from a fund.

In this webinar we will review the rules around making personal contributions and highlight the current parameters around excess concessional and non-concessional contributions.  Further we will look at the timing issues that individuals must contemplate when their superannuation world starts to blend contributions with the payment of benefits.  Whilst getting it wrong is not as financially devastating as it once was, there is still so much to contemplate to ensure the outcome of contributing maximises the benefits that individuals expect to receive.

Hardline non-arm’s length expenses approach for SMSFs

26 October 2021

Time: 12:30 PM – 1:30 PM AEST

The ATO have released Law Companion Ruling LCR 2021/2 which is the finalised version of their draft 2019 ruling “non-arm’s length income – expenditure incurred under an non-arm’s length arrangement”.  It’s fair to say the ruling has the capacity to impact many SMSFs if they don’t change existing practices around fees and asset transfers, as well as other fund expenses, and so it’s critical that SMSF professionals have a clear picture of how the ATO interpret the law so they can advise clients accordingly.  In addition, the ATO have released a draft of their amended contribution ruling that complements the LCR so they have consistency across their publications.

This webinar will contemplate the final ruling and the key impact points for SMSFs with an emphasis on identifying the capacity under which certain activities are undertaken, the extent trustees will need to go to establish commerciality and the future of fee discounting.  We will also delve into the impact the ruling will have on how trustees approach asset transfers under the related party acquisition exception rules.  To round things out we will also highlight how non-arm’s length expenses will impact either ordinary or statutory income or both subject to the nature of the expense, and whether there is any light at the end of the tunnel for a fund that inadvertently does the wrong thing.

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