8 August 2021 | SMSFs and Property Development | Phil Broderick
- Description
- Curriculum
- Reviews
Topic: SMSFs and Property Development
SMSFs (self managed superannuation funds) have been carrying on property development activities ever since SMSFs came into existence. Yet despite that there is still a common concern that such activities will cause the SMSF to become non-compliant, or subject to penalties, on the basis that such activities, and in particular undertaking a property development business, are prohibited.
There is no express prohibition on SMSFs undertaking property development activities or a property development business. Rather, the question is whether such activities cause the SMSF to breach the provisions of the Superannuation Industry (Supervision) Act 1993 (SIS Act) or the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) or adverse tax consequences under the Income Tax Assessment Act 1997 (ITAA97) or the Income Tax Assessment Act 1936 (ITAA36).
This position has been confirmed in the ATO’s SMSF Regulator’s Bulletin SMSFRB 2020/1 (Bulletin). In the Bulletin the ATO has confirmed that an SMSF can carry on a property development either directly or through an entity or joint venture. However, the ATO has used the Bulletin to raise its concerns about SMSFs being involved in such arrangements.
Guest Speaker: Phil Broderick – Principal – Sladen Legal
Phil heads Sladen Legal’s superannuation and state taxes teams. He is a Chartered Tax Advisor (CTA), a SMSF Specialist Advisor (SSA) and a member (and past member) of multiple superannuation related committees. Phil is a regular author and presenter. He frequently liaises with the Australian Taxation Office (ATO) and Treasury in relation the implementation and administration of the superannuation laws.
Phil is listed in the 2020 and 2021 Best Lawyers Australia for Superannuation Law and was the winner of the SMSF Association’s SMSF Specialist Advisor (SSA) Top Achiever Award in 2019. His articles have featured in The Tax Institute’s Taxation in Australia Journal and CCH’s Super News. He has also presented at seminars and conferences conducted by The Tax Institute, the Television Education Network and various accounting bodies.
This session will be started with Mr Chris Allen from Spotlight Reporting to provide a technology update for practitioners at 5:30 pm.
Continuing Professional Development Point (CPD Point)
- This event will account for up to a maximum of one (1) CPD Point per session.
- A completion certificate will be issued via LMS after the event for attendances who check in with our staff and you have attended the session for more than thirty-five (35) minutes. We are unable to issue a certificate unless we have a record of your attendance.
- Attendance records will be provided to CPA Australia, however, it is up to you to update your own CPD records/CPD Diary. We cannot update the same for you.
- You may wish to update your profile with us to include your CPA Membership number which we will report to CPA Australia accordingly.
- You should only claim for the attended hours only.
Cost:
- Annual Subscription Fee of $20, can be paid via the Eventbrite registration process or via our website, Citytaxation.com.au
- Subscription will last 365 day from the date of payment.
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Attend via Zoom Webinar:
- Our webinar will be provided via Zoom’s online Webinar platform. The details of the webinar will be available once you have registered for the event (‘Start Course’).
- Please be aware that with the global high demand for Zoom services at the moment, we are likely to experience random technical difficulties and/or disconnection of services. We apologise in advance if this may occur, we will attempt to restore the services as soon as possible.
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- Any questions, please email us or reach us at citytaxation.com.au.
- We may not be able to resolve or attend to your needs during the webinar, but we will attempt to relay any questions to the presenter as soon as practicable.
