SMSFs are the investment vehicle of choice for a huge number of Australians – which is no surprise considering the control and flexibility they offer. Although most of us ensure we have valid death benefit nominations in place covering our superannuation monies, we need to ensure these nominations are also integrated with our personal Wills to form an overall estate plan.
For many of our clients, the 2011 year will be the first year we have completed your annual SMSF accounts. At Superfund Partners, we often do things a little different compared to your typical end of year style accountant. With that in mind, we would like to answer some common questions about the completion of your 2011 SMSF accounts.
The ATO has released a draft ruling which empowers self managed super fund trustees to renovate and improve properties purchased under limited recourse borrowing arrangements.
Prior to the ruling being released, it was not feasible for a SMSF to improve, enhance or renovate property acquired where a limited recourse loan was used – regardless of the source of monies for the modifications.