The deadline to have related party loans established under a LRBA in line with PCG 2016/5 has been extended until 31 January 2017.
The ATO made the announcement yesterday morning in light of receiving several requests for an extension. The original deadline was 30 June 2016.
In addition to providing more time for SMSF trustees to review the terms of their LRBA’s the ATO identified that further guidance was warranted in relation to some aspects of the non arm’s length income rules.
It is anticipated that, by 30 September of this year, the ATO will provide further information and examples to assist SMSF trustees in determining the terms of their LRBA in light of PCG 2016/5.
May 2016 ~ Fabio Salvatore, Concise Super
© Concise Super 2016