News : Tax

ATO, Compliance, Contributions, Tax

No need for zero deduction notification

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

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NALI/NALE, Tax, Trusts

Trust taxation a NALI check reminder

SMSFs will be exempt from the new trust tax but should check the nature of any unit trusts in which the fund is invested to avoid a worse outcome.

SMSFs will be exempt from the new trust tax but should check the nature of any unit trusts in which the fund is invested to avoid a worse outcome.

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Budget, Legislation, Tax, Trusts

Trust tax relief must include stamp duty

The stamp duty implications of the rollover relief allowing individuals and companies to manage the new trust tax have been ignored.

The stamp duty implications of the rollover relief allowing individuals and companies to manage the new trust tax have been ignored.

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Retirement, Tax

CGT changes disadvantage retirees

The recently announced CGT changes will negatively impact retirees as many seek to complement their super with other investments.

The recently announced CGT changes will negatively impact retirees as many seek to complement their super with other investments.

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Accounting, Division 296, Tax

Division 296 status must be reported

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

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Contributions, Tax

CGT contribution strategy marginalised

The federal budget has reduced the effectiveness of making personal deductible contributions to reduce the amount of CGT payable by an individual.

The federal budget has reduced the effectiveness of making personal deductible contributions to reduce the amount of CGT payable by an individual.

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LRBA, Tax

SMSFs not exploiting loopholes

Claims SMSFs exploit tax and property investment loopholes ignore the law created to reward the risk taken by fund members.

Claims SMSFs exploit tax and property investment loopholes ignore the law created to reward the risk taken by fund members.

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Division 296, SMSF, Tax, Trusts

Div 296 represented concerning precedent

The introduction of the Division 296 provisions was perhaps a warning sign more questionable amendments to the tax framework were on the way.

The introduction of the Division 296 provisions was perhaps a warning sign more questionable amendments to the tax framework were on the way.

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Compliance, SMSF, SMSFA, Tax

Spruiking is issue, not SMSFs

Restrictions on the use of SMSFs to prevent spruiking blames a structure and not the behaviour of those acting badly.

Restrictions on the use of SMSFs to prevent spruiking blames a structure and not the behaviour of those acting badly.

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SMSF, Tax

Strategies can mitigate death taxes

SMSF members can implement certain strategies that can mitigate the effect of the three layers of taxes on death that currently exist.

SMSF members can implement certain strategies that can mitigate the effect of the three layers of taxes on death that currently exist.

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