News : Tax

SMSFA, Superannuation, Tax

Senators should reject super tax bill

Superannuation earnings tax $3m soft cap tax Unrealised capital gains senate crossbench

The SMSF Association is calling on crossbench senators to reject the government’s $3 million super earnings tax bill, which was introduced into parliament today.

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Tax

Franking credits bill becomes law

Legislation to restrict the use of franking credits by public listed companies has received royal assent after it passed both houses of parliament.

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Auditing, Compliance, Tax

Avoid flawed valuations to cut tax

Superannuation earnings tax Asset valuations Market value $3m soft cap tax SIS Regulation 8.02B

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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Property, Tax

GST on property costs essential

SMSF trustees commercial property lease agreement GST

Trustees with a commercial property lease agreement must apply GST to any outgoing costs they expect to recover from a tenant.

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Tax

Consultation skipped on tax agent reporting

tax agents TPB breach reporting consultation false allegations

Six advice and tax bodies have called for the government to consult on a requirement for tax agents to report potential breaches they say lacks protections to deal with false allegations.

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ATO, Compliance, Management, Tax

GST status needs regular review

GST turnover registration SMSF

Trustees have been reminded they must register their SMSF for GST once the fund fulfills specific conditions related to the types of transactions it conducts.

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Accounting, Compliance, Legislation, Tax

Tax on unrealised gains not new

Treasury unrealised capital gains $3 million superannuation earnings tax

Treasury has stipulated the taxing of unrealised capital gains is not unique to the proposed earnings tax on individual superannuation balances over $3 million.

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Compliance, Legislation, NALI/NALE, Tax

NALE bill doesn’t extend amnesty

NALE ATO Non-arm's length expenditure PCG 2020/5

SMSF trustees cannot rely on PCG 2020/5 from 1 July 2023 to avoid a severe tax penalty should they incur non-arm’s-length general expenses.

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ASIC, Education, financial advice, Tax

Education requirement dropped for tax advisers

financial adviser tax agents education ASIC

Financial advisers who are registered tax agents are no longer required to fulfil certain education requirements to offer advice on tax matters.

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