News : Tax

Superannuation, Tax

Super tax wishlist will not help budget

superannuation taxes

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

in-specie related party

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

work test hours

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

unpaid present entitlements

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

SMSF assets GST

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

SMSF Part IVA

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

TPB tax agent registration

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

tax SMSF deduction

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

SMSFS GST

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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Contributions, Tax

Contributions a main EOFY concern

superannuation contributions financial year

Financial advisers are seeking information about making personal and downsizer contributions at the end of the financial year, according to BT.

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