News : Tax

Superannuation, Tax

Reserves captured by earnings tax

reserves earnings tax

SMSFs with reserves will probably not be able to use them to pay the proposed higher earnings tax but have them allocated to members to assess the tax.

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Documentation, Superannuation, Tax

Balance cap has bookkeeping impact

balance SMSF record keeping

SMSF record-keeping procedures should change to minimise the tax liability for members resulting from the proposed new $3 million balance cap.

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Superannuation, Tax

Earnings tax to affect 500,000

Superannuation earnings tax

The number of superannuation fund members impacted by changes to earnings tax will be six times larger than predicted without indexation.

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Superannuation, Tax

Super tax details a mixed blessing

superannuation earnings tax

A fact sheet outlining how the government will further tax earnings in superannuation balances over $3 million contains mixed results for SMSFs.

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Superannuation, Tax

‘Earnings’ not assessable income

superannuation earnings

The concept of earnings pertaining to the proposed 30 per cent tax for superannuation balances over $3 million is different to assessable income.

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SMSF, Tax

SMSFs to feel tax cap the most

SMSF superannuation tax cap

While the new $3 million threshold will be applied to super funds across the board, it has been acknowledged it will have the greatest impact on SMSFs.

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Superannuation, Tax

Super tax changes shift goalposts

superannuation tax rate

A government plan to introduce a higher tax rate for superannuation balances over $3 million adds to uncertainty around investing for retirement.

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ASIC, financial advice, Tax

Adviser register to show tax advice capability

Advisers register tax advice

ASIC’s adviser register will show which financial advisers can provide tax advice but the accuracy of information will depend on licensees.

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Tax

CGT concessions a specialised field

CGT concessions advice

SMSF members using small business CGT concessions should seek specialist advice when doing so, regardless of the practitioner involved.

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financial advice, Tax

ATO to review tax deductibility of advice

ATO tax deductibility advice

The ATO will review the tax deductibility of financial advice fees and revise its 27-year-old stance on the matter, a move that has been welcomed by the FPA.

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