SMSFs acquiring assets from related parties
Section 66 of the Superannuation Industry (Supervision) Act 1993 prohibits, and then makes exceptions for, the trustees of a fund acquiring assets from a related party. This section in itself does not appear overly complex when contemplating what you can and cannot acquire, however, when read in conjunction with other sections and broader ATO SMSF rulings the issues start to pile up. Understanding Section 66 requires a solid understanding of the Sole Purpose Test, the prohibition of lending or providing financial assistance to members and/or relatives, the definition of an in-house asset, the exceptions to the definition of an in-house asset and the definition of a related party. As you can see, there is a fair bit at stake.
This webinar will work through an acquisition checklist to tick off issues associated with acquiring assets from a related party. We will also contemplate the value of the ATO’s SMSF advice service and how that can assist trustees to do the right thing and will also discuss the ramifications of getting it wrong.
At the end of this webinar, participants will have an appreciation for
The link between the acquisition rules and other key SIS regulatory requirements
How the ATO SMSF Advice program operates
What the ramifications are for getting things wrong
The timeframes that need to be considered for the payment of death benefits
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Presenter: Tim Miller
Date: 02 March 2022
Date: 12:30 PM – 01:30 PM AEST
Accredited CPD Education
SuperGuardian’s education activities are assessed against the SMSF Association’s professional education standards. Being recognised as an SMSF Association Accredited Educator enables us to work closely with the Association in lifting the standards of professional SMSF advice and services through quality SMSF education.
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 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 and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, which has also been adopted as part of the CA ANZ SMSF specialist program.
Tim is an SMSF Association Specialist Adviser.