News : Tax

Superannuation, Tax

No new super taxes from coalition

superannuation taxes

The Morrison government has vowed there will not be an increase to superannuation taxes should it be returned at next month’s federal election.

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Documentation, Tax

Stick with expense apportioning methods

SMSFs apportion

SMSFs tempted to switch methods of how they apportion fund expenses may find the tactic raises the interest of the ATO.

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Tax

CGT small business concession win

CGT small business concessions

The ability to make contributions under the CGT small business concessions has been broadened due to new legislation governing contributions.

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Superannuation, Tax

Div 293 payment clarity needed

SMSF division 293 tax

SMSFs members looking to pay a division 293 tax from their fund need to be clear as to what part of their benefits will be impacted before making that election.

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Superannuation, Tax

Deed change deductions not equal

SMSF deed deductions

Tax deductions for a change to an SMSF trust deed are based on the impact on the operation of the fund and so not applied across the board.

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ATO, Tax

Deductibility of LRBA costs limited

SMSF LRBA deductions

Limits apply to the tax deductibility of expenses related to setting up an LRBA, with the ATO viewing legal advice as outside the deduction provisions.

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Property, Tax

Payment type irrelevant for property sale CGT

property transactions CGT

Large-value property transactions must clear CGT withholding rules regardless of whether they are made in cash or in specie.

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Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Estate Planning, Tax

BDBN to estate can create tax advantage

BDBN estate tax

Having a person’s estate specified as the beneficiary of a binding death benefit nomination could result in a significant tax saving.

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Financial Planning, Tax

Time running out to prove tax bona fides

TPB relevant provider

Practitioners who provide tax advice have until year end to register with the TPB for inclusion on the relevant provider register from the start of next year.

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