Change to practice statement - in-house assets and SMSFs

We have recently made amendments to Law Administration Practice Statement PS LA 2009/8, which outlines the circumstances in which the Commissioner would exercise his discretion to make a determination under paragraph 71(1)(e) of the Superannuation Industry (Supervision) Act 1993 that an asset is not, or will not be, an in-house asset of a self-managed super fund (SMSF).

The practice statement has been amended to include additional examples relating to the leasing of 'water access entitlements' (WAEs) to a related party and the circumstances where the Commissioner would consider exercising his discretion to issue a determination that the WAE is not an in-house asset.

For more information, refer to Law Administration Practice Statement PS LA 2009/8.