News : Tax

Accounting, Tax

Numbers for cap on tax advice based on wrong data set

tax advice

Calls to cap deductions for costs related to tax advice have been based on inaccurate and limited data.

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Superannuation, Tax

Franking credit policy should be for all superannuation funds

Any changes to franking credit policy should be applied at an individual level across all superannuation funds if it is to be non-discriminatory.

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Superannuation, Tax

Election highlights contrast in super policies

Long held and distinct ideological positions are being presented in the superannuation and tax policies of the two major political parties.

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LRBA, Tax

LRBA benchmark failures will create NALI dangers

Out of date LRBA loan rates may result in an SMSF being considered as receiving non-arms length income and taxed accordingly by the ATO.

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ATO, Tax

ATO confirms conciliatory TBAR approach

Silhouette of helping hand between two climbers representing ATO helping SMSFs

Late TBAR lodgement is currently being treated from an educational and supportive perspective by the ATO.

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ATO, Tax

June 2019 creates contribution allocation trap

SMSF contributions for the 2019 financial year should be made as early as possible to avoid allocation errors that may result from a calendar oddity, according to a sector expert.

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Superannuation, Tax

Franking credits feature in first election debate

Tax refund, SMSF, franking credit,

The Prime Minister and opposition leader traded barbs over franking credits but neither gave ground on the issue during the first televised election debate.

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Investments, Tax

Indirect effects of franking credit plan also critical

SMSF, trustees, franking credits, AMP Capital

The indirect effects of Labor’s proposed franking credit policy may be as significant as its immediate impact, a large financial services firm has warned.

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Superannuation, Tax

Balance limits a solution to franking credit issue

SMSF balances, franking credits, refunds, trustees

Limits on the size of SMSF balances, and grandfathered changes to franking credit refunds, would reduce high levels of refunds without hurting smaller trustees.

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Superannuation, Tax

Franking credit refunds enhancing risk

Franking credit refunds discourage diversification in SMSF investment strategies, putting retirement savings at risk, according to a Labor MP.

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