News : Tax

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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ATO, Tax

No SAR extension this year

SMSF Annual Return extension

Advisers and trustees should not expect any extension to the SMSF Annual Return lodgement date despite one being granted last year.

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Tax

Indexation does not apply for DSFA

indexation DSFA

Indexation of the transfer balance cap will not affect the process that determines if an SMSF has disregarded small fund assets.

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Pensions, Tax

Pension-phase CGT issue clarified

pension phase CGT

The ATO has clarified how the rules that govern non-arm’s-length capital gains tax triggered by assets used to support an income stream will apply.

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Tax

Splitting CGT relief has catch

Splitting CGT relief

Capital gains tax relief is available when SMSF assets are required to be split when spousal members separate.

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NALI/NALE, Tax

Retrospective NALE problematic

Retrospective NALE rules

The NALE rules take effect from 1 July 2018, but can apply to transactions and arrangements occurring before this date.

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NALI/NALE, Tax

Auditors still have NALE reporting duties

SMSF auditors NALE report

SMSF auditors are still required to report NALE matters in their independent reports despite the ATO not taking any action on most issues until 2022/23.

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Tax

Delayed allocations not Part IVA

superannuation contributions Part IVA

The use of contributions reserves has a very low probability of having the ATO consider it a tax avoidance arrangement.

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Superannuation, Tax

Greater tax benefit focus needed

SMSF tax minimisation

Advisers and accountants need to pay more attention to tax minimisation strategies for their SMSF clients.

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ATO, Superannuation, Tax

NALI homework tripping up trustees

NALI rules SMSF trustees

SMSF trustees are still falling short of meeting the rules surrounding arm’s-length transactions despite many putting in the effort to better understand their obligations.

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