The ATO is allowing SMSF trustees additional time until 31 January 2017 to ensure that any LRBA’s that their fund has are on terms consistent with an arm’s length dealing, or alternatively are brought to an end.

Previously, in early December 2015, The ATO advised SMSF trustees to review LRBA’s in their fund and ensure that they are on terms consistent with an arm’s length dealing by 30 June 2016.