ATO Rulings

Medical practitioner for disability superannuation benefit: ATO ID 2015/11

'Legally Qualified Medical Practitioners' for the purpose of Disability Superannuation Benefit, ATO ID 2015/11The ATO has issued an Interpretative Decision (ATO ID 2015/11) setting out what the tax office deems to be ‘Legally Qualified Medical Practitioners’ for the purpose of a Disability Superannuation Benefit.

The definition of ‘disability superannuation benefit’ is important for several sections of the Income Tax Assessment Act 1997 (ITAA 97), including section 307.145, which modifies the tax free component of the benefit to reflect the time that would have been spent in the workforce, and section 301.40, which sets out the rules for a 15% tax offset.

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SMSF buy-sell agreement can breach SIS Act: ATO ID 2015/10

SMSF buy-sell agreement, ATO ID 2015/10An ATO decision says SMSF buy-sell insurance agreements may breach the sole purpose test and prohibitions on giving financial assistance.

The buy-sell agreement

In ATO ID 2015/10: Self managed super fund: Life insurance – Buy sell agreement – financial assistance – sole purpose the ATO sets out a scenario where a member of an SMSF and their brother own shares in a business. Read More »SMSF buy-sell agreement can breach SIS Act: ATO ID 2015/10

SMSFD 2013/2: commutations & minimum pension payments

ATO SMSFD 2013/2: commutation, account based pension, minimum pension payment amountThe ATO discusses if a commutation of an account based pension counts against the minimum pension payment amount in the SMSF determination, SMSFD 2013/2: Self Managed Superannuation Funds: does a payment made as a result of a commutation of an account based pension count towards the minimum annual amount required to be paid under paragraph 1.06(9A)(a) of the Superannuation Industry (Supervision) Regulations 1994?,

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SMSF Product Rulings (SMSFPRs) no longer available

ATO Self Managed Superannuation Funds Product Rulings (SMSFPR)Self Managed Superannuation Funds Product Rulings (SMSFPR) are no longer available from the ATO.

The ATO has withdrawn SMSFPR 2009/1W which set out how the Self Managed Superannuation Funds Product Rulings system worked. Introduced in 2009, SMSFPRs were intended to allow product promoters to apply for a ruling from the ATO for their SMSF products.

“SMSFPRs were introduced by the Commissioner to provide advice publicly on the prospective application of the SISA and the Superannuation Industry (Supervision) Regulations 1994 (SISR) to particular products in which a number of SMSFs are potential investors,” says the withdrawn ruling.

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