News : Tax

Regulation, SMSF, Tax

Changes to super will not end

superannuation changes

The size of assets held within superannuation means governments are likely to make ongoing changes such as the proposed $3 million tax.

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Superannuation, Tax

$3m soft cap effect significant

$3 million tax impact

Advisers are expecting the proposed tax to be applied to people with a total super balance over $3 million will affect one-third of their SMSF clients.

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ATO, Compliance, Tax

New SMSFs targeted for non-lodgement

SMSFs annual returns

New SMSFs are failing to lodge annual returns and abide by their taxation obligations, drawing the attention of the ATO.

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Compliance, Regulation, SMSFA, Tax

SMSFA supports franking credits review

Franking credits review

The SMSF Association has backed further review of proposed franking credit amendments, expressing concerns over potential impacts on legitimate business operations.

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Contributions, Tax

Timing key to CGT contributions

Small business CGT concessions

Timing constraints are an important factor to consider when SMSF members are looking to make contributions under the small business CGT concessions.

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Compliance, Regulation, Tax

ASA backs franking credits clarification

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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SMSF, Strategy, Tax

Reserving still an effective strategy

Contribution reserving

Holding superannuation contributions in an SMSF until the next financial year through contribution reserving remains a beneficial strategy for tax planning.

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Superannuation, Tax

Super tax threshold not negotiable

Superannuation earnings tax

The superannuation earnings tax is all but locked in and highly unlikely to change, with officials stating key aspects were non-negotiable.

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Retirement, Superannuation, Tax

CGT concessions a super bonus

small business CGT concessions

The small business CGT concessions can be of great benefit for individuals who have not accumulated much super while running their own enterprises.

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Superannuation, Tax

Super earnings tax is double taxation

Super earnings double taxation

The earnings tax on superannuation balances above $3 million is a wealth tax and will subject fund members to a form of double taxation.

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