With the Australian Taxation Office’s recent focus on audit and compliance of self-managed superannuation funds, it is a good time to review client’s existing arrangements. This session explores the unique challenges facing farming families who use SMSFs as part of their business operations and wealth transfer strategies, including:
- How to move and hold farming assets in the SMSF – acquisition, improvement, and generational transfer
- Owning a residence on farmland in the SMSF – the ability to acquire and hold farmland, maintaining and improving property, housing members and employees
- Considering the estate planning opportunities once the farmland is in the SMSF; and
- Understanding the Australian Taxation Office’s views on Non Arms Length Income (and Expenses) and the interplay with specific rural property issue.