News : Tax

Accounting, Financial Planning, Superannuation, Tax

Advice use could inject $600b into economy

advice economic boost

Widespread use of professional financial, superannuation, tax and accounting advice could provide billions in economic benefits to the nation, according to new research.

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Accounting, Tax

Accounting method not Part IVA

Accounting method Part IVA

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

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Tax

TPB deregisters tax agent for SAN misuse

TPB agent SAN misuse

The TPB has terminated the registration of a fourth tax agent following its review of tax practitioners referred to the board by the ATO for SAN misuse.

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Accounting, Tax

TPB signs agreement with CPA Australia

TPB MOU CPA

The Tax Practitioners Board has signed a memorandum of understanding with CPA Australia, which will improve compliance monitoring of registered tax agents.

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Pensions, Tax

Proportionate ECPI method emphasises timing

Proportionate ECPI

The proportionate method of calculating exempt current pension income makes the timing of SMSF transactions significant, a technical expert has said.

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ATO, Tax

Div 7A interest must be separate

division 7a interest

A technical specialist has warned the interest charged on Division 7A loans cannot be treated as it is with other borrowing facilities under the coronavirus relief measures.

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ATO, Documentation, Tax

Expand in-house asset relief to more entities

in-house asset relief

The ATO should expand the number of entities within an SMSF that are able to claim in-house asset relief related to COVID-19 rent relief.

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Tax

Tax practitioner COVID concessions extended

Tax practitioners COVID concessions

Tax practitioners have had the COVID-19 concessions regarding their renewal and registration requirements extended.

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Superannuation, Tax

CGT least harmful super tax tweak

CGT superannuation tax

Adjusting the capital gains tax concession on super fund assets is the least disruptive option should the government look to the country’s retirement savings framework to repair the budget deficit caused by the coronavirus, a specialist manager has advised.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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