SMSF trustees are prohibited from acquiring assets from a related party of the fund unless the asset is one that meets the exceptions maintained within Section 66 of the SIS Act.
In this webinar Tim Miller from Smarter SMSF will work through all the key trustee considerations when a fund is acquiring an asset by asking such questions as “who they are acquiring from?”, “what are they acquiring?” and “what is its value?”. He will also break down some of the key issues addressed previously by the ATO in their ruling SMSFR 2009/1 which deals with the acquisition prohibition.
Further the session will consider how the recent updates by the ATO to LCR 2021/2, dealing with non-arm’s length expenses, and TR 2010/1, dealing with contributions, impact related party acquisitions.
Tim Miller is the SMSF Technical and Education Manager at Smarter SMSF and is one of Australia’s leading SMSF educators and presenters with over 25 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.
Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications, he is a Fellow SMSF Association Specialist and was awarded the CEO Award at the 2023 SMSF Association National Conference for services to the SMSF sector.
