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The ATO advises that the transitional in-house asset rules that apply to certain assets owned before the end of 11 August 1999 will end on 30 June 2009.

Trustees of self-managed super funds (SMSFs) may need to take steps to prepare for the end of the transitional period. It is important to consider any unpaid trust distributions that an SMSF may have accumulated. It is possible that an SMSF that held units in a related unit trust on or before 11 August 1999 may have accumulated unpaid trust distributions that have not yet been paid or reinvested back into the trust. If an SMSF has accumulated unpaid trust distributions relating to multiple years, these distributions may currently be in-house assets.

However, an opportunity exists up until the expiration of the transitional rules on 30 June 2009 for the outstanding trust distributions to be reinvested in the unit trust. This would be done by the issue of new units which may be exempted from the in-house assets test.

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