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21 Dec 12 NTLG Superannuation Technical Sub-group

On Tuesday 4, December 2012, Daniel Butler CTA (DBA Lawyers) attended a meeting of the NTLG Superannuation Technical Sub-group. At this meeting, participants discussed a range of issues, including:

  • The ATO's response to the AAT's decision in Bornstein and any impact on the administration of the Commissioner's discretion in section 292-465.
  • The appropriate method of registration of real estate between SMSF trustee i.e. as tenants in common or joint tenants.
  • Whether the application of section 82-10 ITTPA 1997 applies in the event of an out of court settlement and the amount is different from the amount specified under section 82-10(3).
  • The purchase of a house and land package under a Limited Recourse Borrowing Arrangement ('LRBA') and whether it meets the requirements of section 67(A) of the Superannuation Industry (Supervision) Act 1993. The question was raised as to whether this circumstance results in only two payments - a deposit and a settlement payment?
  • Whether or not there is a breach of s 66 if an SMSF purchases residential property from the estate of a member's bankrupt spouse.
  • Where a LRBA 67A loan exists, would further loan drawings to make repairs to that asset as described in each of the following separate scenarios fall within section 67A?
  • The acquisition of life insurance over a member of the fund by the trustee, and resulting consequences.
  • The availability of deductions under s. 295-470, specifically whether in order to claim a tax deduction it is necessary for a fund to hold an insurance policy in the financial year that the election is made, and whether the insurance policy needs to have been held in respect of the member who has deceased or become disabled.
  • The ATO noted that TR 2011/D3 will not be finalised until after the October 2012 MYEFO announcement on extending the pension exemption beyond the death of a pensioner is finalised. Once D3 is finalised there will be further ATO information most likely via a questions and answers paper on the ATO website.

Members who seek additional information in respect of the above are encouraged to contact us at TaxPolicy.

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