Ruling Compendium - for Rulings and Determinations SMSFR 2009/4EC







The edited version of the Compendium of Comments is a Tax Office communication that is not intended to be relied upon as it provides no protection from primary tax, penalties, interest or sanctions for non-compliance with the law. | This is a compendium of responses to the issues raised by external parties to draft SMSFR 2008/D5 - Self Managed Superannuation Funds: the meaning of 'asset', 'loan', 'investment in', 'lease' and 'lease arrangement' in the definition of an 'in-house asset' in the Superannuation Industry (Supervision) Act 1993 | This compendium of comments has been edited to maintain the anonymity of entities that commented on the draft ruling. | Tax Office Response/Action taken | It would be useful in the final ruling to have an example of where artwork is leased to the employer of the members at commercial rates and the employer is controlled by the members. | A new example (example 4) has been included to address this comment. | ...a non-equity placement of funds with an entity is not to be regarded as an investment in the entity. In order for there to be an investment 'in' the Proprietor, it is necessary for some ownership interest to be acquired in the Proprietor so that the rights of the Superannuation Fund extend to all of the assets and all of the activities of the Proprietor.