A practical work through of the complex rules and issues
Recorded on Thursday, 19 March 2020
FPA accreditation: 21986 Total CPD hours: 1.00
0.50 Regulatory compliance & consumer protection
0.50 Technical competence
Complex SMSF related party rules put simply (inc Part 8 Associate rules) Avoid ATO scrutiny: how to use the rules correctly, who actually gets caught & why? Removing the risk of non-arm's length income
The closely held nature of SMSFs often results in transactions being carried out with the fund's related parties. In many cases, these transactions create in-house asset issues.
While in-house assets make up a relatively small portion of overall SMSF assets, it's an area that is high on the ATO's list of reported contraventions resulting in increased regulatory scrutiny. Unsurprisingly, in-house assets are listed as the second most reported contravention to the ATO in the last 10 years. They also represent the highest value in dollar terms for SMSF reported contraventions over this same period!
The level of regulatory scrutiny and inconsistent reporting by SMSF auditors can be linked to the complex nature of the related party rules. And in practice, failure to comply with these in-house asset rules can result in clients being placed at high risk and the fund being forced to sell the assets. This webinar breaks down the complexity of the in-house asset rules and how they should be correctly applied.
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What we cover
In this webinar we work through the following key areas to ensure that you and your team can approach the related party rules with confidence:
How to identify the related parties of an SMSF
A practical work through of the complex Part 8 Associate rules
How to identify, understand and apply the exemptions available
The steps when applying the related part rules to closely held Companies and Trust
Garth McNally
National Training & Education Director, Merit Wealth
Garth has over 20 years of practical experience in superannuation. He spends most of his time working with accountants and advisers to develop strategies that help their clients get the most out of their SMSFs.
He is adept in the compliance requirements for practitioners, the technical requirements of the laws and regulations, and the very real impact on clients.
Referred to as the ‘super man’, Garth is a recognised and in-demand speaker on superannuation issues and strategies for the leading professional bodies and the Easton Investments group of companies - Knowledge Shop, Merit Wealth, and GPS Wealth.
Garth McNally
National Training & Education Director, Merit Wealth
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