Sent: 17-07-2012 12:37:02
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SMSFs and Related Party Transactions
a. Quietly the Government has announced the delay in the commencement date for some important Cooper Review changes.
You can find the updated list here: http://strongersuper.treasury.gov.au/content/Content.aspx?doc=reforms/delayed_measures.htm
I think the most important change is the alteration of the delay in introducing new rules for the asset transfer rules for SMSFs. According to the SMSF Professional's Association there are problems with the proposed rule for listed company shares by from a Corporations Act and market listing rule perspective.
I hope these rules are quietly dropped. There's no reason why the supposed problems can't be dealt with using greater scrutiny by SMSF external auditors.
b. Last week the AAT released an interesting excess contribution case. In an unusual move the Tribunal found for the taxpayer not the Tax Office. This goes against many previous AAT decisions. You can ready this judgement here:
Perhaps this is a sign that if someone has used all other available sources then they should roll the dice and try the AAT. Cost might be a bit prohibitive.
c. Charles Moore is a man who has an exceptional ability to observe and comment upon the events of the day.
For example earlier in July he wrote:
If there is one thing obvious about the whole history of the credit crunch, it is that almost everyone important got it wrong, in almost every important country in the world. With a few striking individual exceptions, international institutions, governments, central banks, banks, fund managers, hedge funds, Eurocrats, economists, financial journalists, and, yes, the Conservative and Unionist Party, failed to notice in time what was happening. The answer to the Queen's famous question, "Why didn't anyone see it coming?", will be found by historians to lie in some fatal combination of groupthink, greed, hubris and the loss of collective memory which afflicted three quarters of the population and 99 per cent of our rulers.
The manipulation of the Libor Rate seems to have begun after the credit crunch arrived so it appears that the same mistakes are being repeated.
There's recently been a report that the price of oil on world markets has also been manipulated.
Version 6.0 of my SMSF book is now available.
You can see all the changes that have been made between Version 5.1 and 6.0 (the latest edition).
You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
For details of the changes made from version 5 to version 6 visit: http://www.atcbiz.com.au/r.php?r=d5xcpch
As you'll see from the list there have been many changes.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.