News : Tax

Contributions, Tax

Breach danger in passing shares to SMSF

SMSF personal services income shares

SMSF members passing on shares given to them in place of payment for personal services are likely to have breached a number of laws and ATO advice should always be sought on such matters.

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Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

Superannuation earnings tax

SMSFs will remain an attractive superannuation vehicle despite the impacts of the $3 million super earnings tax.

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ATO, Compliance, SMSF, Tax

Tax agent banning decision upheld

Tax practitioners board ban

The AAT has upheld the Tax Practitioners Board’s decision to terminate the tax agent registration of a Victorian tax agent as a result of deliberate misleading conduct.

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SMSFA, Superannuation, Tax

$3m super tax law expected by mid-2024

Superannuation earnings tax

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

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Retirement, Superannuation, Tax

Zero tax on lump sums not tax-free

Preservation age

Particular attention must be given to the tax situation of people looking to access their superannuation benefits between the ages of 59 and 60.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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NALI/NALE, Tax

NALI-CGT determination provides clarity

NALI CGT determination

A recently issued tax determination has clarified the treatment of capital gains where non-arm’s-length transactions are conducted and offers practical outcomes for SMSFs.

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Regulation, SMSF, Tax

Imputation system changes bad for SMSFs

Franking credits

The proposed changes to the franking credits regime could have a significant impact on trustees who rely on the credits to benefit from lower taxation rates offered by their SMSFs.

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NALI/NALE, Tax

Clarity sought on NALI/CGT ruling

SMSFA NALI CGT

The SMSF Association has called on the ATO to clarify the draft ruling on the interaction between NALI and the CGT regime.

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ATO, NALI/NALE, Tax

ATO releases draft NALI, CGT determination

NALI CGT determination

The ATO has released a draft determination on how it will measure NALI inside capital gains that result from non-arm’s-length dealings.

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