No, but it may still be appropriate to do so depending on the fund’s future intentions.

Approximately 10% of SMSFs own commercial property and often this commercial property is leased to a related party. There are a number of rules to follow to ensure the arrangement complies with the superannuation / tax laws.

SMSFs can claim deductions for certain expenditure incurred by the fund provided the residential investment property is rented or available for rent.

From 1 July 2017 it became much harder to build up more superannuation thanks to a tightening of the limits on contributions. The maximum “concessional contributions” reduced to $25,000 pa.

Full Federal Court decision in the Aussiegolfa case may have resulted in a significant setback to the ATO in its thinking on the sole purpose test.

The Bills necessary to make both the above measures law have now received Royal Assent.