A reg 13.22C non-geared unit trust (‘NGUT’) is not included as an in-house asset (‘IHA’) at the time of the initial investment provided certain criteria is met. Some trustees may think that they are investing in a reg 13.22C NGUT on the basis that the unit trust does not have outstanding borrowings. However, there are other criteria that must be satisfied in order for the NGUT to be properly categorised as a reg 13.22C NGUT. This article explores some of the criteria required for an investment to be a reg 13.22C NGUT and the events that can occur to cause the investment to no longer be a reg 13.22C NGUT. These events will typically lead to the investment becoming an in-house asset where the trust is controlled or majority controlled by related parties.
BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, would like the ATO to rethink the new super reporting requirements. We think they are draconian and can find nowhere in the new legislation where they are mandated.
Software company BGL has intensified its campaign against the event based reporting requirements, launching a petition directed at Ms Kelly O’Dwyer and ATO commissioner Chris Jordan
BGL would like the ATO to rethink the new super reporting requirements. We think they are draconian and can find nowhere in the new legislation where they are mandated.
The Australian Prudential Regulation Authority (‘APRA’) has just updated its Superannuation Prudential Practice Guide SPG 280 — Payment Standards (‘SPG’) in June 2017.
BGL has added over 100,000 companies and 25,000 trusts to CAS 360, its cloud ASIC corporate compliance software solution, in just 21 weeks.
BGL managing director Ron Lesh has criticised the events-based reporting requirements as “bureaucracy gone mad” and hit out at accounting bodies for their lack of opposition to the changes.
The federal opposition has weighed in on the persistent outages plaguing the ATO’s portals, calling on prime minister Malcolm Turnbull to intervene and address accounting professionals.