News : Tax

Superannuation, Tax

Greater tax benefit focus needed

SMSF tax minimisation

Advisers and accountants need to pay more attention to tax minimisation strategies for their SMSF clients.

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ATO, Superannuation, Tax

NALI homework tripping up trustees

NALI rules SMSF trustees

SMSF trustees are still falling short of meeting the rules surrounding arm’s-length transactions despite many putting in the effort to better understand their obligations.

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Superannuation, Tax

Indexation preparation lax

TBC indexation

Nearly two thirds of financial advisers and accountants are yet to determine the effect transfer balance cap indexation will have on their client bases.

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Tax

Family allowance a tax win in death

family allowance tax benefit

The establishment of a family allowance arrangement can result in a better tax outcome for the recipients of an SMSF death benefit.

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Tax

NALE no-action period extended

NALE ATO no-action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Superannuation, Tax

Segregation a potential tax rort

Asset segregation tax avoidance

Asset segregation will not protect trustees seeking a tax avoidance arrangement, with the ATO watching these situations, a technical expert has advised.

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Strategy, Tax

Asset segregation timing key

segregated asset SMSF

Attributing capital losses to SMSFs for tax purposes in a segregated asset environment has both pros and cons, a technical expert has said.

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Superannuation, Tax

Six members may net tax benefit

six-member SMSF tax benefit

A tax benefit may result from the pending legislation that will increase the maximum number of SMSF members from four to six.

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Documentation, Tax

Tax agent banned over false audit declarations

tax agent false declarations

The registration of a Perth-based tax agent has been terminated after he was found to have falsely declared an SMSFs were audited in more than 100 annual returns.

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Regulation, Tax

NALE guidance being considered

NALE guidance SMSF trustees

The impending legislation regarding non-arm’s-length expenses (NALE) could contain guidance providing methods that will allow SMSF trustees to avoid breaching the final provisions, a technical expert has said. “[An] area being considered here is how guidance can be provided on how the trustees can avoid breaches of the trustee remuneration provisions within section 17A [of […]

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