News : Tax

Tax

Tax write-offs for scams possible

SMSF Self-managed superannuation Heffron Lyn Formica investment scam tax deduction capital loss

Favourable tax treatment may be available to SMSF members who have been victims of an investment scam in certain circumstances.

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NALI/NALE, Tax

NALI penalises all capital gains

Non-arm’s length income NALI Capital gains SMSF Self-managed superannuation IFPA Natasha Panagis

An example included in TD 2024/5 has shown how the NALI provisions can affect all SMSF capital gains realised in a particular income year.

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Tax, TPB

Updated tax agent bill tabled in parliament

Tax agents code of professional conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones IFPA SMSF Association amendment

An amended bill dealing with the proposed changes to the code of professional conduct for tax agents has been tabled in parliament.

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Death benefits, Tax

Use Div 296 to open death tax discussion

Division 296 tax death benefits SMSF Self-managed superannuation Large balances Heffron Meg Heffron

The potential impact of the proposed Division 296 impost should be a trigger to open conversations around death benefit taxes and reducing large balances as both will carry a cost for fund members.

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Tax, TPB

PM called on to fix tax agent code

Chartered Accountants Australia and New Zealand CPA Australia Tax Agent Services (Code of Professional Conduct) Determination Stephen Jones Ainslie van Onselen Chris Freeland

A group of industry bodies representing tax agents has called on the Prime Minister to address changes to a new code of conduct in a move that bypasses the relevant minister ahead of a meeting later this week.

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Compliance, Tax, TPB

Jones plans tax agent code meeting

Code of Professional Conduct Tax Practitioners Board TPB Stephen Jones IFPA Institute of Financial Professionals Australia Tax Agent Services (Code of Professional Conduct) Determination

The government has invited a group of industry bodies to air their concerns over changes to the tax agent code of conduct, with mandatory reporting being a key issue of concern.

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Retirement, Tax

Set rules for CGT retirement exemption

Small business capital gains tax Retirement exemption CGT Contribution

Specific rules apply to individuals under age 55 who want to take advantage of the retirement exemption under the small business CGT concessions.

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Property, Tax

GST a must for high-yield properties

GST Goods and services tax Yield Commercial property Registration

SMSFs holding commercial property generating over $75,000 in rent must register for GST, while those not required to should carefully assess the benefits and costs of doing so.

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Investments, Superannuation, Tax

Associations call for Division 296 change

JAWG Joint Associations Working Group Division 296 tax Unrealised capital gains Deeming rate Better Targeted Super Concessions Bill

A group of 11 industry bodies representing advisers, stockbrokers and accountants has called for the Division 296 tax calculations to be reopened for further consultation.

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Compliance, financial advice, Tax

Tax agent code consultation non-existent

Joint Bodies Tax Agent Services (Code of Professional Conduct) Determination Tax Practitioners Board Stephen Jones Matthew Addison SMSF Association

A group of 10 industry bodies has rejected claims by the government that it consulted with the sector over changes to the tax agent code of conduct.

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