Under section 70E(1) of SISA, a company will deemed to be a related party of the self-managed superannuation fund if it satisfies one of the following two tests: Test 1 is not satisfied where members or their Part 8 Associates own exactly 50% of the shares. In this...
In the 2014 Federal Budget, the Federal Government announced that from 1 January 2015, the superannuation income stream will be taken into account in determining whether you are eligible to receive the Age Pension or the Commonwealth Seniors Health Card (CSHC). If the...
Section 130 of the Superannuation Industry (Supervision) Act 1993 (SISA) requires self-managed superannuation fund (SMSF) auditors to report contraventions to the ATO if they know or suspect that a contravention has, is or is about to occur by lodging an...
Members receiving a TRIS are able to access some superannuation benefits, without having to retire or leave their job, subject to 10% maximum withdrawals cap. As a non-commutable income stream, there are certain restrictions on the circumstances in which the TRIS can...
Zero-interest loans have been a bit of a grey area for a long time. Previously, borrowing from a related party at zero interest rates has not been frowned upon by the ATO. The ATO was primarily concerned about loans from related parties, made at higher than commercial...
