SPR 2020/D1 determination under paragraph 71(1) (f) for the consultation.
ATO has issued SPR 2020/D1 determination under paragraph 71(1) (f) for the consultation. I have been in discussions with the ATO for some time now and very glad to see this determination now open for comments This determination is the Superannuation Industry (Supervision) In-house Asset Determination – Intermediary Limited Recourse Borrowing Arrangement Determination 2020. This sets guidelines around non-standard SMSF property loans where lender has not provided limited resource. In recent past when major lenders withdrew from SMSF property lending market, I have seen some structure those have not fit well for in-house asset exception provided under 67A. Lodging ACR for these structures have been very challenging where client obtained professional financial advice and lawyers were involved. This determination has provided clarity and more seeds for the thought. Which will certainly open doors for the SMSF to obtain compliant loan, provided they have lender to meet conditions