News : Tax

Legislation, SMSF, Superannuation, Tax

New super tax attracts more criticism

Total super balance Superannuation tax Superannuation earnings tax

More criticism has been levelled at the proposed $3 million soft cap on the basis it is inequitable and lacks transparency.

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Death benefits, Retirement, Superannuation, Tax

Super reform can unlock billions for charity

Superannuation death benefits Philanthropy Australia Tax reform Charities Charity

Eliminating taxes on superannuation death benefit bequests to charities could generate billions of dollars in additional income for Australia’s charitable organisations.

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Legislation, Superannuation, Tax

Simpler soft cap tax possible

Soft cap superannuation earnings tax calculation method

A peak accounting body has proposed a more straightforward approach to the current calculation method outlined in the draft legislation for the superannuation earnings tax.

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SMSFA, Superannuation, Tax

Consultation for new tax too short

SMSF Association $3 million earnings tax draft bill consultation period

The SMSF Association has expressed its angst over the inadequate consultation period, as well as lack of important details, regarding the draft bill legislating the $3 million soft cap.

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Legislation, Superannuation, Tax

IFPA calls for five soft cap changes

Institute of Financial Professionals Australia IFPA $3 million earnings tax soft cap

In a submission to government regarding the proposed $3 million soft cap, IFPA has identified five areas where amendments are needed.

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NALI/NALE, Tax

Deductibility not a NALE criteria

NALE expenses tax deduction capital

SMSF trustees should not assume a particular expense will not be captured by the NALE rules simply because it is not tax deductible to the fund.

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Contributions, SMSF, Tax

Settlement contributions given tax relief

$3 million tax exemption structured settlement contribution

SMSF trustees who receive a structured settlement contribution can take advantage of the fact that proposed $3 million soft cap will exempt these from its tax calculations.

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Tax, Trusts

Deed change costs not all deductible

SMSF trust deed amendment tax deduction

Determining whether legal fees arising from a trust deed amendment are tax deductible will hinge on the nature of the expenses in question.

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Administration, Legislation, SMSF, SMSFA, Superannuation, Tax

$3m soft cap liquidity risk proven

$3 milliom superannuation earnings tax liquidity SMSFA

New SMSF Association-commissioned research has indicated the tax on super balances over $3 million will result in liquidity risk.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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