News : Tax

ATO, Documentation, Tax

Expand in-house asset relief to more entities

in-house asset relief

The ATO should expand the number of entities within an SMSF that are able to claim in-house asset relief related to COVID-19 rent relief.

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Tax

Tax practitioner COVID concessions extended

Tax practitioners COVID concessions

Tax practitioners have had the COVID-19 concessions regarding their renewal and registration requirements extended.

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Superannuation, Tax

CGT least harmful super tax tweak

CGT superannuation tax

Adjusting the capital gains tax concession on super fund assets is the least disruptive option should the government look to the country’s retirement savings framework to repair the budget deficit caused by the coronavirus, a specialist manager has advised.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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Estate Planning, Tax

Trust change improves tax position for minors

testamentary trust death benefit

A recent change to tax law will prevent the misuse of death benefit testamentary trusts but has also clarified that minors will not be excessively taxed on income from the trust.

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Retirement, Tax

Bucket companies a valid strategy tool

bucket companies retirement tax

Bucket companies are a legitimate retirement and tax planning tool and claims they are out of favour with the ATO are untrue.

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Property, Tax

Rent relief a 2020 tax return issue

Rent relief

The tax implications of rent concessions granted to tenants as a result of COVID-19 need to be taken into account for the 2020 financial year, an SMSF technical expert says.

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Tax

NALE costs will be hard to price

NALE general expenses

Putting a cost on services provided by SMSF practitioners to their own funds to resolve NALE concerns will be difficult and questions remain over who will determine those costs.

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Financial Planning, Tax

TPB, FPA forge inaugural partnership

TPB FPA MOU

A memorandum of understanding has been signed between the Tax Practitioners Board and the Financial Planning Association facilitating an official information exchange.

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ATO, Tax

Loan deferrals need safe harbour clarity

loans deferrals safe harbour

Further guidance from the ATO is required to indicate how the related-party loan safe harbour rules can potentially be amended for COVID-19 loan deferrals, a technical expert has suggested.

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