Issue: 257
Sent: 22-03-2011 11:59:03
In this issue:

The Pilgrimage to News CorporationA How To Book Of Self Managed Super FundsDisqualified IndividualsEmail Marketing Business Opportunity - Helen Bairstow
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Disqualified Individuals

Click here to buy - A How To Book of SMSF's by Tony Negline
Tony Negline

Life has been fairly quiet from a technical perspective.

Last week the ATO released an Interpretative Decision (2011/24) about SMSF trustees applying for a waiver of the disqualified person rule in relation to "serious dishonest conduct".

Being a disqualified person under the SIS Act means you can't act as a trustee of a SMSF of have a legal personal representative act for you in that capacity.

The issue of minor offences (for example shoplifting) many years ago is a question that always pops up.

In the ATO's view, "the gravity of the offence is the most important factor in determining if an individual is a prudential risk to a superannuation fund."

The ID looks at what serious dishonest conduct might mean. Under the SIS Act this means that imprisonment of more than 2 years has been involved. As the ID points out that it's the term of imprisonment applied by a Court not the time that the time of that sentence that the Court actually demands should be served.

However, "the length of time since committing the offence, are only considered by the Commissioner if the individual is eligible to apply" for a waiver of the disqualified.

You can view the ATO ID at: http://www.atcbiz.com.au/r.php?r=g6b2sah

Finally please consider purchasing a copy of "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

The 4th edition was released just before Christmas.

For details of the changes made from version 3 to version 4 visit: http://www.atcbiz.com.au/r.php?r=8mz1024

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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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.

 
 
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