Weekly Tax Bulletin --- Page: 2040 : 30 November 2007 Original article by Lisa Mak
LexisNexis Summary
Self-managed superannuation funds (SMSFs) are now allowed to invest in certain instalment warrants, following recent legislative changes. The Australian Taxation Office (ATO) has issued guidance on how it plans to administer the changes, which took effect as from 24 September 2007. SMSFs that invested in an instalment warrant prior to 24 September 2007 and which is now legal, will not get a notice from the ATO stating they are a non-complying fund purely on the basis of that investment. However, if the warrant is one that is not permitted as a result of the change, the ATO will decide on an individual case basis what action it will take.
