News : ATO

ATO

APV reporting vital part of TBAR: ATO

The tax office has underlined circumstances where it may be in SMSF members’ best interests to report their accumulation-phase value (APV) as part of their transfer balance account report (TBAR). In a recent podcast moderated by SMSF Association chief executive John Maroney, ATO deputy commissioner James O’Halloran said SMSFs can report their APVs on the […]

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ATO

ATO confirms ECPI requirement

The ATO has confirmed its position on the requirement for actuarial certificates to claim exempt current pension income (ECPI) when an SMSF switches from using the segregated and unsegregated asset method at different time during a financial year.

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ATO

Super protection bill introduced into Parliament

The federal government introduced the Treasury Laws Amendment (Protecting Your Superannuation Savings Package) Bill 2018 into Parliament today.

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ATO

Unallocated contributions not a reserve

Piggy bank being held in a hand.

Concessional contributions made by SMSF trustees as part of a contribution reserving strategy will not be considered a true reserve by the ATO, according to DBA Lawyers.

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ATO

Optimising end of financial year contributions

The end of financial year can be a frantic time for SMSF trustees as they scramble to get in last minute deductions and ensure the paperwork for their fund is in order.

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ATO

Warning issued on tax deduction timing

Road sign with the word "Caution" on it.

Advisers need to be mindful of when they claim tax deductions on expenses incurred by SMSFs in light of total super balance (TSB) restrictions imposed by the 2016 budget super reforms.

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ATO

Window for CGT relief choice still open

Sand running through the bulbs of an hourglass

It is not too late for SMSF trustees who have already lodged their 2017 tax returns to make a choice or an election in relation to capital gains tax (CGT) relief, but only in particular circumstances, according to DBA Lawyers.

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ATO

Looming 30 June deadline raises issues

SMSF trustees and advisers must be cognisant of several issues this year when lodging their 2016/17 annual returns, the SMSF Association has warned.

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ATO

Market-linked pension commutations unclear

The SMSF Association is seeking clarity from the ATO over its position regarding the treatment of market-linked pension commutations on an individual’s transfer balance account.

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ATO

Tax and the proportioning rule

A common query we receive is: How does the proportioning rule apply and how do you calculate the tax-free and taxable components in a superannuation benefit? This article aims to assist you in understanding the fundamentals of this rule.

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