Superannuation – new draft ruling

On 14 September 2011 the ATO issued draft ruling SMSFR 2011/D1.

The draft ruling contains some important clarifications of key concepts where there was quite some uncertainty, including:

  • that a “single acquirable asset” can include one building across multiple titles or multiple titles that must be sold together (for example a strata lot and its separately titled car park);
  • borrowed money can be used to maintain and repair an asset owned in a borrowing trust, but not to improve an asset;
  • money from the fund’s resources can be used to improve an asset owned in a borrowing trust, provided the work does not fundamentally change the nature of the asset;
  • when an asset owned in a borrowing trust is damaged (for example by flood or fire) it can be repaired, provided the work does not fundamentally change the nature of the asset.

There are still restrictions in the ATO’s view on the amount an asset owned in a borrowing trust can be improved before it becomes a fundamentally different asset. Subdivisions and new buildings are likely to be beyond what is allowed.

The draft ruling is very useful in making the ATO’s position on a number of areas clear. This opens the door for more practical solutions than had previously been the case and will make the structure more attractive in some situations.

To learn more contact your Synchron Adviser

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First NextGen attendees arrive in Alice

Ammie Komel and Sam Harrington were the first attendees to arrive in Alice Springs for NextGen 6. As you can see they brought some luggage (or did it belong to certain Synchron directors?).

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Dan Burrus gives an insight into the future

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Cutting through the e-mail trap and crap!!

Need some razor sharp tactics to reclaim your time management? Then consider these ideas.

The power of NO! Refuse unnecessary meetings and insist on an agenda before you commit Prioritise: Start with the most important items – not the most recent or those with the neatest deadlines. This applies to meeting agendas as well as daily tasks.

Breathing Space: With back-to-back meetings, create space in your diary in between for you to do other things and catch up o phone calls and emails.

Switch off: Turn off email and voicemail alerts and take the phone off the hook when you need to concentrate on a task.

Copy cut: Automatically file or delete all CC email. Tell people to email directly.

One touch: Do not touch an email more than once. If you touch it, you must reply, delete or file it

Dear Diary: Use your calendar for everything. Book in time for yourself, for your family, or responding to emails that take more than five minutes.

Drag: For emails you need to deal with later, click and drag them into your Outlook calendar File: Work out some logical file names for things that can’t be disposed of (Papers and emails) and make a decision of every item you possess.

Save: Back up your local hard drive daily, or at least weekly.

Temporary Reprieve: Create an email folder called HTB (halfway to the bin) for those emails you only need to keep for a few days, and purge it regularly.

Ration: Check your emails only once or twice a day and batch edit. Short: Keep each email to four sentences and state its purpose clearly in the subject line.

Contributed by Jim Prigg - Advice Publications and Training

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Positioning Yourself

If you want to position yourself using social media look through your LinkedIn connections, and write a recommendation for somebody you know.

LinkedIn works best when you do more than just invite somebody to connect with you. One of the easiest next steps is to write recommendations for people you connect with. Be sincere, specific and brief.

Contributed by Michael Harrison

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