News : Tax

Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Estate Planning, Tax

BDBN to estate can create tax advantage

BDBN estate tax

Having a person’s estate specified as the beneficiary of a binding death benefit nomination could result in a significant tax saving.

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Financial Planning, Tax

Time running out to prove tax bona fides

TPB relevant provider

Practitioners who provide tax advice have until year end to register with the TPB for inclusion on the relevant provider register from the start of next year.

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Superannuation, Tax

Cancelling ABN creates SuperStream glitch

SuperStream ABN

The cancellation of an SMSF’s ABN upon closure of the fund is creating problems with the rollover of tax refunds via SuperStream.

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Financial Planning, Tax

Tax adviser shift will create more complexity

tax financial advisers

Plans to streamline the registration of advisers who provide tax advice remain unclear and should be put aside so other key changes can occur.

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Contributions, Tax

No TSB impact on business CGT contributions

business cgt contributions

The ability for an individual to make a small business capital gains tax contribution is not impacted by their total super balance.

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ATO, Tax

SMSF sector growth at five-year high

SMSF sector growth high

New data from the ATO shows SMSFs have consistently grown over the past year and reached record highs in a number of areas in the June quarter.

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ECPI, Tax

Complex disregarded asset rules need review 

disregarded asset rules

The rules relating to disregarded small fund assets in an SMSF should be reviewed to either reduce their complexity or phase them out entirely.

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ATO, Tax

ATO reminds trustees of PAYG obligations

ATO PAYG obligations

The ATO has reminded trustees of the PAYG obligations for members who receive a super benefit payment as the reporting due date closes in.

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Compliance, Tax

COVID deception results in maximum ban

TPB ban covid

A tax agent has been deregistered from the Tax Practitioners Board and been given the maximum ban for multiple breaches of the Code of Professional Conduct.

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