News : Tax

Administration, ATO, SMSF, Tax

More admin pain from $3m soft cap

SMSF SMSF annual return Total superannuation balance Defined benefit pension $3 million earnings tax

SMSF trustees and practitioners are likely to face a greater administrative burden and associated costs as a result of the new $3 million soft cap.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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Superannuation, Tax

Div 296 tax carries penalty rates

Division 296 tax Tax liability penalty interest rates total super balance $3 million

The penalty interest rates applied to unpaid tax liabilities under the proposal to tax total super balances over $3 million have been defined.

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Legislation, Superannuation, Tax

$3m soft cap tax concerns left off table

$3m soft cap tax Consultation Total superannuation balance Associated earnings SMSF

During the initial consultation phase for the proposed $3 million soft cap, industry feedback was not sought regarding certain key aspects of how the tax would operate.

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ATO, Contributions, SMSFA, Superannuation, Tax

Contribution deduction process can be fixed

Tax deduction Notice of intent Contributions SMSF Association SMSF

The process to lodge a notice of intent to claim a tax deduction on personal superannuation contributions can be streamlined, with industry bodies calling for change.

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financial advice, Superannuation, Tax

Double standard must end

SMSF Association pre-budget submission superannuation financial advice fees tax deductibility

The double standard in the treatment of SMSFs compared to APRA-regulated funds must end, including in regards to the deductibility of financial advice fees.

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Contributions, Legislation, Tax

Reserve allocations a $3m cap issue

Reserve allocations Total superannuation balance Contributions $3 million soft cap tax Concessional cap

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

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Death benefits, Regulation, Tax

Death benefit payment delay risky

Death benefit Payment Pension Lump sum ECPI

SMSF trustees have been urged to promptly distribute death benefits as doing so is believed to reduce the likelihood of unintended consequences.

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Accounting, SMSF, Superannuation, Tax

Timeframe limits foreign transfers

Foreign superannuation fund Lump sum payment Timeframe SMSF Superannuation rules

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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Contributions, Superannuation, Tax

Tax cuts offer super boost

stage three tax cuts superannuation balance concessional non-concessional contribution

Proposed tax cuts later this year will allow superannuants to boost their balances without adversely impacting their cash flow.

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