News : Tax

ATO, Pensions, SMSF, Superannuation, Tax, Trusts

Pension phase negates fee deductions

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

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Business News, SMSF, Superannuation, Tax

Coalition reiterates Div 296 opposition

The coalition has confirmed it will scrap the Division 296 tax when it is returned to power if the measure becomes law under the Labor government.

The coalition has confirmed it will scrap the Division 296 tax when it is returned to power if the measure becomes law under the Labor government.

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ATO, Auditing, SMSF, Superannuation, Tax

Risk reduction for ATO auditor reviews

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

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NALI/NALE, SMSF, Superannuation, Tax

LCR confirms post-acquisition NALE view

ATO revised draft guidance has amended the application of NALE to specific assets after their acquisition with regard to capital gains.

ATO revised draft guidance has amended the application of NALE to specific assets after their acquisition with regard to capital gains.

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Accounting, Legislation, SMSF, Superannuation, Tax

Board finalises conduct code guidance

Tax agents must adhere to eight new reforms finalised last month by the TPB, which is committed to supporting the transition via education.

Tax agents must adhere to eight new reforms finalised last month by the TPB, which is committed to supporting the transition via education.

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ATO, Contributions, Tax

Contributions deduction error fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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Legislation, Tax

Slow Div 296 progress may delay start date

The slow progress of the Division 296 bill through parliament has eaten into the time set aside to prepare for its implementation, meaning its possible start date may also be pushed back.

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Superannuation, Tax

Super earnings concessions top $22b

The tax concessions given to superannuation earnings have continued to grow, with millions of fund members benefiting from them each year.

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Documentation, SMSF, Tax

Correct SAR values needed for accurate TSB

SMSF Self-managed super IFPA Institute of Financial Professionals Australia Natasha Panagis Annual return accumulation phase values retirement-phase values total super balance TSB

The correct reporting of a total super balance can be skewed heavily if accumulation and retirement-phase values are poorly reported in an SMSF annual return.

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Superannuation, Tax

Tax revision would make super simpler

Flattening the tax treatment of superannuation earnings and contributions would make the retirement income system less complex for fund members.

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