News : Tax

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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Tax

Tax practitioner COVID concessions extended

Tax practitioners COVID concessions

Tax practitioners have had the COVID-19 concessions regarding their renewal and registration requirements extended.

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Superannuation, Tax

CGT least harmful super tax tweak

CGT superannuation tax

Adjusting the capital gains tax concession on super fund assets is the least disruptive option should the government look to the country’s retirement savings framework to repair the budget deficit caused by the coronavirus, a specialist manager has advised.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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Estate Planning, Tax

Trust change improves tax position for minors

testamentary trust death benefit

A recent change to tax law will prevent the misuse of death benefit testamentary trusts but has also clarified that minors will not be excessively taxed on income from the trust.

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Retirement, Tax

Bucket companies a valid strategy tool

bucket companies retirement tax

Bucket companies are a legitimate retirement and tax planning tool and claims they are out of favour with the ATO are untrue.

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