Borrowing By SMSFs - The Latest Ruling
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  Running Time: 6:14 Date: 01/07/2012 Some welcome clarity in the rules governing borrowing by self-managed super funds, courtesy of the Tax Office. A recent ATO final ruling on borrowing by self-managed super funds has cleared up uncertainty in some key areas, says tax expert Michael Jones of Cummings Flavel McCormack. New examples covering things like single acquirable assets, and what constitutes repairs and maintenance or improvement are helpful. And with greater clarity now available, banks are showing more flexibility in their approach to lending to SMSFs - a useful development, says Michael Jones. But he points out that decisions to borrow should not be taken lightly - circumstances will differ from fund to fund, and borrowing might not be the right course of action. Topics: Accounting & Tax, Investment |
 Michael Jones, Cummings Flavel McCormack |