News : Tax

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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Death benefits, SMSF, Tax

$3m soft cap contains death glitch

$3 million soft cap tax Deceased member Death benefit

A distinct abnormality is contained within the draft legislation pertaining to the $3 million soft cap with regard to deceased super fund members.

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Administration, SMSF, Strategy, Tax

Family trusts can offset $3m tax

Family protection trusts Estate planning superannuation SMSF earnings tax

Family protection trusts can be used to manage additional tax obligations related to existing or future legislative changes to the superannuation system.

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Legislation, SMSFA, Tax

Simpler tax model presented to govt

SMSF Association Superannuation earnings tax Unrealised gains Treasury $3m soft cap tax

The SMSFA has urged Treasury and the government to re-evaluate the taxation of unrealised capital gains within the $3 million soft cap tax.

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Legislation, SMSF, Superannuation, Tax

New super tax attracts more criticism

Total super balance Superannuation tax Superannuation earnings tax

More criticism has been levelled at the proposed $3 million soft cap on the basis it is inequitable and lacks transparency.

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