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Taxpayer Alert TA 2010/3 entitled "Non market value acquisition of shares or share options by a self-managed superannuation fund" was issued on 30 June 2010.

The Taxpayer Alert describes an arrangement where an individual nominates their self-managed superannuation fund (SMSF) as the acquirer of shares or share options under an employee share scheme. The trustee of the SMSF pays no consideration or less than market value consideration for the shares or the share options. This arrangement may give rise to issues concerning the recognition of any superannuation contributions and the application of the excess contributions tax provisions. The SMSF may have issues under the superannuation and income tax laws. The individual may also not recognise the relevant income tax consequences resulting from such transactions.

In media release No 2010/13, issued on 30 June 2010, the ATO warned that nominating your self managed super fund (SMSF) as the acquirer of shares or options from an employee share scheme can have serious tax and superannuation consequences.


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