Survey for SMSFs using LRBAs
The ATO has announced that it will be contacting some SMSF trustees in November 2016 to participate in a survey about the use of ‘limited recourse borrowing arrangements’ (‘LRBAs’) to acquire assets for their SMSF.
The ATO will email a sample of SMSFs that reported LRBA assets on their 2015 SMSF annual return to invite them to participate in the survey.
Participation is voluntary, and they assure trustees that responses will remain anonymous and the information gathered from the survey will not be used for compliance purposes.
The ATO encourages any trustees contacted to participate (the survey should only take five to seven minutes), as their feedback will help it to gain a better understanding about the SMSF community’s use of LRBAs.
Editor: The ATO has also issued a new Practical Compliance Guideline and a new Taxation Determination regarding SMSFs that enter into non-commercial LRBAs with related parties (e.g., where a member lends money to their SMSF but does not charge interest).
If you would like to discuss any of these SMSF issues, please contact our office
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**Disclaimer: The information is sourced through NTAA**
For tax help, please call Hart Partners today:
Phone (03)9600 3220 Mobile: 0413 222 922 Fax (03) 9376 3507
or email us paula@www.hartpartners.com.au.
| Please Note:
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. |