News : Tax

Division 296, Documentation, Superannuation, Tax

Div 296 reporting poses a dilemma

The obligations to report Division 296 earnings on the SMSF annual return are likely to present a quandary for trustees now and in the future.

The obligations to report Division 296 earnings on the SMSF annual return are likely to present a quandary for trustees now and in the future.

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Accounting, Division 296, SMSF, Tax

Tax-effect accounting more compelling

Tax-effect accounting should be more seriously considered to allow a more accurate calculation of a person’s TSB for Division 296 purposes.

Tax-effect accounting should be more seriously considered to allow a more accurate calculation of a person’s TSB for Division 296 purposes.

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Division 296, Strategy, Superannuation, Tax

Div 296 strategy not just about tax

Multiple factors apart from tax need to be considered when formulating a client strategy regarding the management of a Division 296 tax liability.

Multiple factors apart from tax need to be considered when formulating a client strategy regarding the management of a Division 296 tax liability.

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Artificial Intelligence, Tax

TPB releases AI guidance for members

The Tax Practitioners Board has released guidance to help members understand their responsibilities when it comes to AI use.

The Tax Practitioners Board has released guidance to help members understand their responsibilities when it comes to AI use.

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Division 296, Superannuation, Tax

Div 296 has marriage breakdown impact

Arrangements to facilitate family law splits upon relationship breakdowns may need reworking in light of the introduction of the Division 296 tax.

Arrangements to facilitate family law splits upon relationship breakdowns may need reworking in light of the introduction of the Division 296 tax.

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Insurance, Pensions, Tax

Life insurance has pension decision role

The ability for an SMSF member to receive a payout from a life insurance policy can favour making an income stream reversionary.

The ability for an SMSF member to receive a payout from a life insurance policy can favour making an income stream reversionary.

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ATO, Compliance, Contributions, Tax

No need for zero deduction notification

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

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NALI/NALE, Tax, Trusts

Trust taxation a NALI check reminder

SMSFs will be exempt from the new trust tax but should check the nature of any unit trusts in which the fund is invested to avoid a worse outcome.

SMSFs will be exempt from the new trust tax but should check the nature of any unit trusts in which the fund is invested to avoid a worse outcome.

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Budget, Legislation, Tax, Trusts

Trust tax relief must include stamp duty

The stamp duty implications of the rollover relief allowing individuals and companies to manage the new trust tax have been ignored.

The stamp duty implications of the rollover relief allowing individuals and companies to manage the new trust tax have been ignored.

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Retirement, Tax

CGT changes disadvantage retirees

The recently announced CGT changes will negatively impact retirees as many seek to complement their super with other investments.

The recently announced CGT changes will negatively impact retirees as many seek to complement their super with other investments.

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