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Part 1 – Budget reminders. Under the Hood.
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Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
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Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
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Articles
Preservation Age Rules affects those born after 1 July 1960
SBEs 'to save millions
Ransomware - BEWARE!
No Change to Super Fund Borrowing Rules (yet)
Property to remain at top of ATO’s hit list
Turnbull stands firm amid SG freeze speculation
Tax breaks, education and access to advice key to successful transition to retirement
Dying Without a Will
Access to good Budgeting and cash flow tools is important to us all.
No Change to Super Fund Borrowing Rules (yet)

 

The federal government has announced it does not agree with the Financial System Inquiry’s (FS) recommendation ....


.... to prohibit limited recourse borrowing arrangements (LRBA) by superannuation funds.
 



           


 


At this time there is not enough evidence to justify a major policy change.


What was the mischief?


What is the loss of revenue, if any?


Many advisers of SMSF struggled to find any justification for this perceived problem and it seems that the Government agreed.  Therefore, trustees and financiers can continue with structures that include SMSF borrowing.


The government does recommend the monitoring of LRBAs by the Council of Financial Regulators and the Australian Taxation Office will review any risk associated with LRBAs, and report back in three years.


 


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2nd-March-2016
 
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