Sent: 20-09-2011 10:07:17
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Four Issues This Week
This week I have four quick observations:
- National Tax Liaison Group Superannuaton Technical Subcommittee minutes says that in a super context a step child ceases to be a dependent upon death. This will necessitate some careful thinking and planning in some people's lives
- Draft ATO ruling on super gearing arrangements - as you're probably aware this was released last week and expands the use of these transactions primarily for the real estate markets. No doubt the professional fund managers and super fund employees aren't amused about the ATO's ruling as it will see some serious competition encroaching on their turf (because investors will be able to choose whether or not to go stay in their large fund or do the traditional Aussie wealth creation thing and borrow money and buy an investment property in their purpose built Self Managed Super Fund)
- The Allens Asphalt tax case - involving non-arm's length income in a Self Managed Super Fund - which was handed down by the Full Federal Court several weeks ago is the topic of my DIY Super article in The Australian this week. It's an interesting case and one with lessons for many people.
- Chartered Accountant professional designation for Self Managed Super Funds - it's my impression that ICAA members provide accounting, audit and tax work for SMSFs than any other profession body. It will be interesting to see the impact this change will have on SPAA member numbers. In most cases competition produces better outcomes.
Finally please consider purchasing a copy of this book "A How To Book Of Self Managed Super Funds". 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 4 to version 5 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
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