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25 Nov 2021 ATO Rulings

Legislative instruments 

  • MS 2021/D3 Draft Income Tax: Alternative method for calculating the tax-free component and taxable component of a superannuation benefit paid during the 2021–22 financial year for recipients of certain pensions under the Defence Force Retirement and Death Benefits Act 1973 and the Trust Deed referred to in section 4 of the Military Superannuation and Benefits Act 1991 
  • SPR 2021/D3 Draft Superannuation Industry (Supervision) Self-Managed Superannuation Funds (COVID-19 Rental Income Deferrals – In-House Asset Exclusion) Determination 2021 

This determination is the Superannuation Industry (Supervision) Self-Managed Superannuation Funds (COVID 19 Rental Income Deferrals - In-House Asset Exclusion) Determination 2021. 

In recognition of the ongoing impact of the COVID-19 pandemic, the ATO has released a draft legislative instrument for consultation extending the COVID-19 rental deferral relief for in-house assets to cover the 2021–22 income year. 

Due to the ongoing financial effects of COVID-19, trustees of SMSFs are still finding themselves in a position where they, or a related party, are having to provide rental deferral relief to tenants. 

This situation may give rise to contraventions of the in-house asset provisions of the superannuation laws. In summary, this is because: 

  • a rental deferral provided by the fund to a related party tenant is considered a loan to the related party, which would ordinarily be an in-house asset of the fund;
  • if a fund has an investment in a related non-geared company or unit trust that is exempt from being an in-house asset under the superannuation laws, and the related party provides a rental deferral to a tenant, this will cause the exemption to cease and the investment to become an in-house asset. 

Interested members are invited to comment on the draft instrument and its accompanying explanatory statement by 17 December 2021. 

More information can be found here 

Class rulings 

  • CR 2021/79 Woolworths Group Limited – off-market share buy-back
  • CR 2021/80 Two10degrees Pty Ltd – use of Global Alerting Platform In-Vehicle Management System for fuel tax credits
  • CR 2021/81 Liontown Resources Limited – demerger of Minerals 260 Limited
  • CR 2021/82 Youfoodz Holdings Limited – employee share scheme – shares disposed of under scheme of arrangement 

Product rulings 

  • PR 2021/15 Tax consequences for a Customer entering into a Prepay Plus Agreement with Nutrien Ag Solutions Limited 

Technical discussion paper 

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