News : Tax

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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SMSF, Tax

Tax hit is sole purpose penalty

Trustees may escape an administration penalty for a breach of the sole purpose test but could instead be hit with a heavy tax liability.

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SMSF, Tax

Div 296 bill separated into two parts

The Division 296 tax bill has been split into two parts, with the schedules related to the impost separated from those unrelated to the proposed additional charge on superannuation earnings.

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SMSFA, Tax

Div 296 now a ‘zombie measure’

The Division 296 tax bill is unlikely to progress any further through the Senate, but the government has yet to admit it is permanently stalled, the SMSF Association has told members.

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SMSF, Tax

Div 296 window closing

The government is running out of time to pass the Division 296 tax bill this year as other items on its legislative agenda fill in the few remaining sitting days.

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Tax

Wider impact of conduct code a worry

IFPA has warned the proposed changes to the Tax Agent Services Act Code of Professional Conduct may negatively impact small tax practices.

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