News : Tax

Superannuation, Tax

Cancelling ABN creates SuperStream glitch

SuperStream ABN

The cancellation of an SMSF’s ABN upon closure of the fund is creating problems with the rollover of tax refunds via SuperStream.

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Financial Planning, Tax

Tax adviser shift will create more complexity

tax financial advisers

Plans to streamline the registration of advisers who provide tax advice remain unclear and should be put aside so other key changes can occur.

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Contributions, Tax

No TSB impact on business CGT contributions

business cgt contributions

The ability for an individual to make a small business capital gains tax contribution is not impacted by their total super balance.

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ATO, Tax

SMSF sector growth at five-year high

SMSF sector growth high

New data from the ATO shows SMSFs have consistently grown over the past year and reached record highs in a number of areas in the June quarter.

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ECPI, Tax

Complex disregarded asset rules need review 

disregarded asset rules

The rules relating to disregarded small fund assets in an SMSF should be reviewed to either reduce their complexity or phase them out entirely.

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ATO, Tax

ATO reminds trustees of PAYG obligations

ATO PAYG obligations

The ATO has reminded trustees of the PAYG obligations for members who receive a super benefit payment as the reporting due date closes in.

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Compliance, Tax

COVID deception results in maximum ban

TPB ban covid

A tax agent has been deregistered from the Tax Practitioners Board and been given the maximum ban for multiple breaches of the Code of Professional Conduct.

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Superannuation, Tax

Super info to be shared in separations

superannuation separation

The superannuation balances of separating couples will be transparent to each party under proposed changes put forward by the government.

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Contributions, Pensions, Strategy, Superannuation, Tax

Year-end client considerations

financial year end

The end of financial year is arriving and planners need to ensure clients are prepared for SMSF financials and tax returns by 30 June.

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Pensions, Superannuation, Tax

Tax on pension reserves a concern

legacy pension reserves

The severity of the tax treatment of reserves associated with legacy pensions contained in this year’s budget is cause for concern.

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