Last week the Tax Office issued two final rulings for self-managed super funds (SMSFs), which should be read together:
- Ruling (SMSFR 2009/3) discusses how the super laws apply if your SMSF is entitled to distributions from a related trust but the payments have not been made.
- Ruling (SMSFR 2009/4) defines the meaning of ‘asset’, ‘loan’, ‘investment in’, ‘lease’ and ‘lease arrangement’ in the definition of in-house assets in the super laws with additional examples. To avoid exceeding the 5% in-house asset limit, it is important to know what assets are defined as in-house assets.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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