News : Tax

ATO, NALI/NALE, Superannuation, Tax

Recent rulings give NALE glimpse

ATO NALE private binding rulings

Two private binding rulings issued by the ATO in the past six months have hinted at how the NALE rules for general expenses will be applied.

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SMSF, Strategy, Superannuation, Tax

Earnings tax creating capital gains confusion

$3 million earnings tax capital gains

The inclusion of unrealised gains within the proposed $3 million earnings tax is confusing superannuation fund members.

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Accounting, Education, Tax

Accurium expands education arm

Accurium education tax Anthony Cullen Lee-Ann Hayes

Accurium has expanded its education offering, adding a tax trainer and former SuperConcepts staffer to support growth in its services to accountants.

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Regulation, SMSFA, Tax

SMSFA broadens soft cap talks

$3 million soft cap SMSFA

The SMSF Association is engaging other industry bodies to help its campaign to have the government change the calculation method for the $3 million soft cap.

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LRBA, SMSF, Superannuation, Tax

LRBA TSB treatment a soft cap issue

$3 million soft cap LRBA apportioning

The apportioning of LRBA liabilities remaining to be paid to the total super balance of SMSF members is another $3 million soft cap issue.

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Contributions, Tax

Contributions better value before tax cuts

superannuation contributions tax cuts

High-earning SMSF members should consider making voluntary contributions to their fund ahead of the stage three tax cuts, which will reduce their future value.

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LRBA, SMSF, Tax

LRBA deductions limited to borrowing

LRBA deductions

An SMSF with an LRBA in place can claim deductions only for costs associated with borrowing activities and not for any expenses related to the loan’s establishment.

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Contributions, Tax

Acceptance rules top priority

superannuation contributions

Before advising clients on superannuation contributions, SMSF practitioners should first consider the acceptance rules trustees are bound by.

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Contributions, Pensions, Tax

Pensions can stop some deductions

tax deduction pension personal contributions

SMSF members need to complete all of the compliance procedures to claim a deduction for a personal contribution before they start a pension.

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ATO, Tax

Check determinations for errors

ATO determinations errors SMSF

SMSF practitioners should check ATO determinations issued to clients are correct as there are no guidelines for recontributing money withdrawn due to an incorrect determination.

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