News : Tax

SMSF, Superannuation, Tax

Trustees exploring options ahead of $3m cap

Super tax

SMSF trustees are searching for alternative strategies outside of superannuation to mitigate the tax implications of the proposed $3 million super earnings tax.

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Superannuation, Tax

Indexation measure a Div 293 issue

indexation division 293

Indexation of the quarterly maximum super contribution base might trigger a Division 293 tax issue for employees on high salaries.

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Superannuation, Tax

New 30 per cent tax not accurate

30 per cent tax

Practitioners and SMSF trustees alike should not be under the impression the proposed new superannuation tax is just a 30 per cent impost.

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Regulation, SMSF, Tax

Changes to super will not end

superannuation changes

The size of assets held within superannuation means governments are likely to make ongoing changes such as the proposed $3 million tax.

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Superannuation, Tax

$3m soft cap effect significant

$3 million tax impact

Advisers are expecting the proposed tax to be applied to people with a total super balance over $3 million will affect one-third of their SMSF clients.

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ATO, Compliance, Tax

New SMSFs targeted for non-lodgement

SMSFs annual returns

New SMSFs are failing to lodge annual returns and abide by their taxation obligations, drawing the attention of the ATO.

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Compliance, Regulation, SMSFA, Tax

SMSFA supports franking credits review

Franking credits review

The SMSF Association has backed further review of proposed franking credit amendments, expressing concerns over potential impacts on legitimate business operations.

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Contributions, Tax

Timing key to CGT contributions

Small business CGT concessions

Timing constraints are an important factor to consider when SMSF members are looking to make contributions under the small business CGT concessions.

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Compliance, Regulation, Tax

ASA backs franking credits clarification

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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SMSF, Strategy, Tax

Reserving still an effective strategy

Contribution reserving

Holding superannuation contributions in an SMSF until the next financial year through contribution reserving remains a beneficial strategy for tax planning.

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