News : Tax

Tax agents terminated for false SMSF audits

October 17, 2022

The Tax Practitioners Board has terminated the registration of two tax agents for dishonest conduct in regard to the veracity of SMSF audits.

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Superannuation, Tax

Super tax wishlist will not help budget

October 12, 2022

Swagatalakshmi Roychowdhury

Analysis by the FSC has shown ‘wishlist’ superannuation taxes would do little to boost the budget and negatively impact fund members.

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NALI/NALE, Strategy, Tax

In-specie traps within related-party deals

September 26, 2022

Jason Spits

Related-party acquisitions must be worked through carefully to avoid contribution and tax problems connected to in-specie transfers.

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ATO, Tax

Do hours first to meet work test

September 19, 2022

Jason Spits

SMSF members should do the actual work required to meet the work test before claiming any contribution deductions that may rely on passing it.

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Investments, Tax, Trusts

Unpaid entitlements still an issue

September 14, 2022

Darin Tyson-Chan

SMSF trustees may face significant compliance issues if present entitlements due to the fund from investments in a unit trust are not paid out.

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Property, Tax

Asset sales need GST awareness

August 18, 2022

Darin Tyson-Chan

SMSF trustees must be wary of the GST implications that can arise should they dispose of an asset such as property in a particular manner.

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Contributions, Tax

ATO won’t speculate for Part IVA

August 8, 2022

Darin Tyson-Chan

The ATO has stated it will not try to forecast SMSF scenarios into the future to determine if it will apply Part IVA of the Income Tax Assessment Act.

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Tax

TPB opens consultation on tax agent registration

August 4, 2022

Jason Spits

The Tax Practitioners Board is seeking input on new guidance as to who must be registered with it as a tax agent.

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Tax

Alternate deduction a big tax win

July 6, 2022

Darin Tyson-Chan

A substantial tax advantage can be enjoyed by SMSF trustees should they decide to use the alternate deduction method for risk insurance premiums.

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Tax

SMSFs must pay GST for enterprise activity

July 4, 2022

Jason Spits

SMSFs that engage in taxable enterprises will have to pay GST even if they are not registered for it and have made arrangements to move assets into the fund.

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