News : Tax

Asset sales need GST awareness

August 18, 2022

SMSF trustees must be wary of the GST implications that can arise should they dispose of an asset such as property in a particular manner.

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Contributions, Tax

ATO won’t speculate for Part IVA

August 8, 2022

Darin Tyson-Chan

The ATO has stated it will not try to forecast SMSF scenarios into the future to determine if it will apply Part IVA of the Income Tax Assessment Act.

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Tax

TPB opens consultation on tax agent registration

August 4, 2022

Jason Spits

The Tax Practitioners Board is seeking input on new guidance as to who must be registered with it as a tax agent.

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Tax

Alternate deduction a big tax win

July 6, 2022

Darin Tyson-Chan

A substantial tax advantage can be enjoyed by SMSF trustees should they decide to use the alternate deduction method for risk insurance premiums.

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Tax

SMSFs must pay GST for enterprise activity

July 4, 2022

Jason Spits

SMSFs that engage in taxable enterprises will have to pay GST even if they are not registered for it and have made arrangements to move assets into the fund.

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Contributions, Tax

Contributions a main EOFY concern

superannuation contributions financial year

June 1, 2022

Jason Spits

Financial advisers are seeking information about making personal and downsizer contributions at the end of the financial year, according to BT.

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Superannuation, Tax

No new super taxes from coalition

April 20, 2022

Darin Tyson-Chan

The Morrison government has vowed there will not be an increase to superannuation taxes should it be returned at next month’s federal election.

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Documentation, Tax

Stick with expense apportioning methods

March 30, 2022

Jason Spits

SMSFs tempted to switch methods of how they apportion fund expenses may find the tactic raises the interest of the ATO.

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Tax

CGT small business concession win

March 24, 2022

Darin Tyson-Chan

The ability to make contributions under the CGT small business concessions has been broadened due to new legislation governing contributions.

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Superannuation, Tax

Div 293 payment clarity needed

March 14, 2022

Jason Spits

SMSFs members looking to pay a division 293 tax from their fund need to be clear as to what part of their benefits will be impacted before making that election.

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