Retirement
Key borrowing deadline extended for super
The deadline has been extended for those SMSF trustees looking to restructure their loans in light of the ATO’s new borrowing guidance.

Key borrowing deadline extended for super
The deadline has been extended for those SMSF trustees looking to restructure their loans in light of the ATO’s new borrowing guidance.

SMSF trustees are now expected to have their limited recourse borrowing arrangements (LRBAs) on commercial terms by 31 January 2017. This deadline was originally set at 30 June this year.
The ATO released Practical Compliance Guideline 2016/5 in early April, which provides terms on which SMSF trustees may structure their loans to ensure their loans are structured compliantly.
However, since the release of the guidelines, the ATO has received several requests for an extension.
"Consideration of these individual requests has highlighted that many taxpayers may require more time in order to review the terms of LRBAs," the ATO stated.
By the end of September this year, the ATO committed to providing further information and "illustrative examples" to assist SMSF trustees to make decisions about their arrangements.
Now, the ATO will not select an SMSF for an income tax review purely because it has an LRBA for the 2014-15 income years and prior, provided that the SMSF trustee ensures that any LRBAs that their fund has is on commercial terms, or is alternatively brought to an end by 31 January 2017.
Further, payments of principal and interest for the year ended 30 June 2016 must be made under terms consistent with a commercial dealing by 31 January 2017.

Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more

Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more

Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more

Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more

Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more

Superannuation
ISA takes another shot at super reforms, accuses government of favouring big banks
Just a few days after hitting out at the government’s Your Future, Your Super scheme, ISA is at it again, signalling to the government that it may have a fight on its hands when it comes to this now...Read more

Superannuation
Royal commission reforms pass Parliament signaling more super oversight
The first bill implementing recommendations from Hayne’s banking royal commission has passed through the Parliament. ...Read more

Superannuation
Fears half of super system may be exempt from performance test
While the Your Future, Your Super measure has been a topic of debate for weeks over its ability to create possibly unintended consequences, new questions have emerged about the measure’s ability to ...Read more

Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more

Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more

Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more

Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more

Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more

Superannuation
ISA takes another shot at super reforms, accuses government of favouring big banks
Just a few days after hitting out at the government’s Your Future, Your Super scheme, ISA is at it again, signalling to the government that it may have a fight on its hands when it comes to this now...Read more

Superannuation
Royal commission reforms pass Parliament signaling more super oversight
The first bill implementing recommendations from Hayne’s banking royal commission has passed through the Parliament. ...Read more

Superannuation
Fears half of super system may be exempt from performance test
While the Your Future, Your Super measure has been a topic of debate for weeks over its ability to create possibly unintended consequences, new questions have emerged about the measure’s ability to ...Read more