As Regulator of SMSFs we want to make it as easy as possible for you to comply with the requirements of super laws and regulations.
With this in mind, we have released a practice statement and a product ruling to provide advice and guidance in the administration of super laws.
Law Administration Practice Statement PS LA 2009/5 outlines the technical assistance (known as either SMSF advice or SMSF guidance) the Tax Office can provide, while the Self-Managed Superannuation Funds Product Ruling SMSFPR 2009/1 outlines the SMSF product rulings system.
We have released two new forms. The Request for self-managed superannuation fund product ruling is for product promoters or their advisors who want advice about how the super law applies to an SMSF that invests in their particular product. However, they do not deal with the commercial or financial viability or merits of any product.
The Request for self-managed superannuation fund specific advice is for SMSF trustees or their advisors, including approved auditors, who want specific advice about how the super law applies to a specific transaction or arrangement entered into by an SMSF.
While similar in form to a tax private ruling, SMSF specific advice is not binding on us and does not have the same review rights as a private ruling.
The release of these documents demonstrates the Tax Office’s commitment to ensuring trustees are able to obtain timely advice and assistance, helping them in their decision-making about the operation of their SMSF or in relation to investments or transactions they are considering entering into.
Subscribe
