Extension given to comply with the LRBA safe harbour provisions

The ATO has announced that the date for making sure LRBA related party loans comply with the new safe harbour provisions has been extended to 31st January 2017.

SMSF trustees who have a related party loan under a LRBA structure and want to rectify the current terms of the loan to the new safe harbour provisions and make any necessary payments of interest and principal for the 2015/2016 financial year have until the 31st January 2017 to do this.

Previously, SMSF Trustees had until 30th June 2016 to make sure any related party loan under a LRBA structure comply with the safe harbour provisions.

This extension has been put in place to

• Make sure SMSF Trustees ensure their related party loan are on arm’s length terms
• Give time to repay the loan or
• Give time to refinance the loan with a commercial lender.

The ATO said they would provide further examples and information to assist SMSF trustees and advisers to help them make decisions about the arrangements they need to make by 30th September 2016. We will keep an eye on this space and will communicate this when is becomes available.

For more information or guidance please contact;

Martin van der Saag
Director
T: 02 9984 7774
E: martinv@nac.com.au

Cayle Petritsch
SMSF Specialist Advisor
T: 02 9984 7774
E: caylep@nac.com.au

SERVICE SOLUTIONS

Streamlined accounting for business growth

North Advisory supports business owners in establishing, growing and optimising their companies through streamlined accounting processes, intelligently integrated tech and expert financial collaborations.

Company Set-Up

Start a company from the ground up, with all the must-haves and none of the hassle.

From

$865 excl. GST

  • A compliant, full trading company set-up from start to finish
  • Management of ABN, business TFN and/or ACN
  • Complete ASIC registration, set-up and management
  • Registration for all relevant taxes like GST and PAYG
  • Expert financial and accounting guidance for company set-up
  • Qualified finance professionals as your ATO and ASIC Agent
  • A comprehensive information package to run your company like a pro

Business Accounting

Access comprehensive accounting services to save time and optimise financial performance.

From

$300 per month

  • Compilation of Annual Financial Statements
  • Acting as ASIC/ATO agents on your behalf
  • Preparing/lodging business income tax returns
  • Preparing Annual Dividend/Distribution Statement
  • Preparing/lodging quarterly BAS
  • Yearend income tax distribution and optimisation planning
  • Yearend review and adjustment of accounting software
  • Secure online document storage facility
  • In-person, online or over-the-phone meetings
  • Accounting guidance and holistic advisory support

Additional Services

Add extra value where it suits you, from personal wealth management to enterprise accounting solutions.

From

POA

  • Bookkeeping services
  • SMSF set-up and management
  • Business accounting software set-up
  • Xero accounting software training
  • Discretionary trust set-up
  • Non-trading discretionary investment trust
  • Individual tax returns
  • Personal wealth management
  • Investment and investment property schedules

Driven by our values

Effortless and Seamless

On-Boarding Process

Intuitive and Knowledgeable

Direct Expert
Access

Useful and Articulate

Financial
Reporting

Forward
Thinking

Compliance Solutions

Streamlined
Tech

Integrated and Automated