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Self-managed superannuation funds and real property -Changes to the borrowing rules

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Published on 01 Apr 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Amendments to the Superannuation Industry (Supervision) Act 1993 (which have effect from 7 July 2010) are designed to reduce the risks for superannuation funds investing in limited recourse borrowing arrangements. While the amendments to the Act provided clarification in respect of many requirements for complying loans and introduced sensible flexibility, they have created confusion and uncertainty in respect of certain issues concerning real property. Those issues include confusion over what might qualify as a "single" acquirable asset that can be acquired with a complying loan, whether any improvements to real property are permitted,
and what happens when a complying loan has been repaid. This article examines these areas of uncertainty, and considers the ATO's views on these matters.

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Daniel JENKINSON
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