News : Tax

Auditors still have NALE reporting duties

April 20, 2021

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

April 14, 2021

Darin Tyson-Chan

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

April 13, 2021

Darin Tyson-Chan

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

April 12, 2021

Jason Spits

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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Superannuation, Tax

Indexation preparation lax

April 6, 2021

Darin Tyson-Chan

Nearly two thirds of financial advisers and accountants are yet to determine the effect transfer balance cap indexation will have on their client bases.

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Tax

Family allowance a tax win in death

March 30, 2021

Darin Tyson-Chan

The establishment of a family allowance arrangement can result in a better tax outcome for the recipients of an SMSF death benefit.

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Tax

NALE no-action period extended

March 25, 2021

Jason Spits

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Superannuation, Tax

Segregation a potential tax rort

March 24, 2021

Tharshini Ashokan

Asset segregation will not protect trustees seeking a tax avoidance arrangement, with the ATO watching these situations, a technical expert has advised.

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Strategy, Tax