News – In-Specie Transfers Left Untouched – Government Abandoned Crack-down

 

 In-Specie Transfers Left Untouched – Government Abandoned Crack-down

In-Specie Transfers Left Untouched – Government Abandoned Crack-down

Government’s ‘in specie’ u-turn
On 27 June 2013, Kathleen Payne reported in Wealth Professional –  
The Federal Government has abandoned its in specie transfer crack-down, but it has done so discretely. Possibly one of the most significant SMSF recommendations arising from the Super System Review was that in specie transfers of listed securities be on-market only to remove the possibility of abuse as to the value and date of the transaction. Townsends’ Michael Hallinan says, “The Government has backed away from proposing to regulate the acquisition and disposal of assets by SMSFs where the other party is a related party; consequently, the current position will continue. The Government simply removed the provisions, which were set out as Schedule 4 to the Tax and Superannuation Laws Amendment Bill 2013. The latest draft of the Bill no longer contains the Schedule. Hallinan says there was sustained, intense lobbying against the provisions, and that it “wasn’t worth the pain” to put it through.” READ MORE

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Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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