News : Tax

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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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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