End of example Conditions for refinancing an LRBA Arrangements entered into on or after 7 July 2010 and then refinanced at a later dateĪn LRBA can be refinanced provided the re-financed arrangement meets the requirements of section 67A of the SISA. The Commissioner will not treat the LRBA as a new arrangement on this basis alone. On or after 7 July 2010 two new members of the SMSF are admitted as a result of changing family circumstances. There is an LRBA that meets the requirements of former subsection 67(4A) of the SISA entered into by a corporate SMSF trustee and a private company lender before 7 July 2010. There has been a change to the ultimate beneficiaries of the arrangement resulting from selling a structure involving a pre-existing arrangement.There is a borrowing (drawdown) that is inconsistent with the earlier arrangement – for example, borrowing to acquire an asset or class of asset clearly not contemplated under the original arrangement.Arrangements entered into on or after 24 September 2007 and before 7 July 2010, then refinanced on or after 7 July 2010.Can an SMSF trustee refinance a limited recourse borrowing without contravening the super law?.The borrowing under the original arrangement is refinanced – refer to.If that change happened after 7 July 2010, the requirements of section 67A of the SISA apply to the arrangement.Ĭhanges resulting in a new arrangement include: If the parties adopt a change to the terms or conditions of an arrangement (either expressly or by inference) that goes to the root of the arrangement – that is, it alters the character of the arrangement in a significant way – then there is a new arrangement from that time and the earlier arrangement has come to an end. Other arrangements or products are allowed if they satisfy all of the requirements of the super law. The rules allowing limited recourse borrowing are not limited to investments in instalment warrants traditionally offered by financial institutions where the underlying asset is a listed security. Outstanding LRBA amount for Total superannuation balanceĪ borrowing is allowed under any arrangement that meets the requirements of the super law, not just financial products marketed as instalment warrants.Ĭonversely, it does not automatically follow that a product marketed as an instalment warrant meets the conditions of the super law.Varying the terms of a limited recourse borrowing.Letters are subject to our terms: theguardian.
Email or write to Guardian, 90 York Way, London N1 9GU. We welcome letters but cannot answer individually. Fraudsters are clearly targeting these sites as a way to launder cash stolen from account holders. This is designed to help problem gamblers, but there is nothing to stop anyone else doing it. In the meantime, it is worth noting that many banks offer customers the chance to block payments to gambling sites, although this doesn’t currently include TSB, the bank with the zero policy. “She’s been fully refunded and has been offered compensation for the inconvenience caused.” “We’ve apologised to the customer for the experience she has had,” it says. However, it has now agreed to refund you in full. It told me that cases such as this can be complex and often require staff to speak to the betting company to find out more about what has occurred. I asked TSB to take a second look at this.
The Financial Conduct Authority says if you have reported an unauthorised payment a bank “must refund the payment without unnecessary delay”, unless it has reasonable grounds to suspect that you acted “fraudulently”. TSB can have a zero policy of repaying fraud on gambling sites all it likes but the rules are straightforward: it must refund fraudulent payments that were not authorised by the account holder, whether to a gambling site or anywhere else. During the call, there was even an insinuation from TSB staff that, because I hadn’t spotted it earlier, it was my fault.ĭoes the bank expect me to monitor my account 24 hours a day? TSB has similarly refused to refund me because of its “zero policy” on gambling and fraud. However, they then grew in size, including three of £300 and four of £250 in one day. I have had the same bank account since 1997 and have never made any payments to a gambling company, let alone 70 transactions over such a short space of time.Īs with your previous victim of fraud, initially payments of £30 were taken.
TSB did not flag the unusual spending patterns to me. I most certainly did not make these payments, and feel very let down.
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