News : Tax

Regulation, Tax

Off-market transfer practices hold NALI trap

Off-market transfers

Trustees should not rely on old habits when processing off-market transfers as NALI rules will create new tax burdens.

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Auditing, Tax

Tax agent/auditor role unclear

Tax agent SMSF auditor

It remains unclear whether a practitioner can act in the capacity of tax agent and also auditor for an SMSF, a sector specialist has said.

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Financial Planning, Regulation, Tax

Review calls for TPB rego on opt-out basis

TPB registration advisers

Financial advisers will automatically fall under the oversight of the TPB unless they opt-out under a recommendation put forward by Treasury.

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Accounting, Financial Planning, Superannuation, Tax

Advice use could inject $600b into economy

advice economic boost

Widespread use of professional financial, superannuation, tax and accounting advice could provide billions in economic benefits to the nation, according to new research.

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Accounting, Tax

Accounting method not Part IVA

Accounting method Part IVA

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

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Tax

TPB deregisters tax agent for SAN misuse

TPB agent SAN misuse

The TPB has terminated the registration of a fourth tax agent following its review of tax practitioners referred to the board by the ATO for SAN misuse.

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Accounting, Tax

TPB signs agreement with CPA Australia

TPB MOU CPA

The Tax Practitioners Board has signed a memorandum of understanding with CPA Australia, which will improve compliance monitoring of registered tax agents.

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Pensions, Tax

Proportionate ECPI method emphasises timing

Proportionate ECPI

The proportionate method of calculating exempt current pension income makes the timing of SMSF transactions significant, a technical expert has said.

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ATO, Tax

Div 7A interest must be separate

division 7a interest

A technical specialist has warned the interest charged on Division 7A loans cannot be treated as it is with other borrowing facilities under the coronavirus relief measures.

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ATO, Documentation, Tax

Expand in-house asset relief to more entities

in-house asset relief

The ATO should expand the number of entities within an SMSF that are able to claim in-house asset relief related to COVID-19 rent relief.

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