News : Tax

Estate Planning, Tax

Death benefit lump sums restrictive

Death benefit; lump sum

A senior superannuation consultant has warned lump sum death benefits can be restrictive when managing the financial obligations resulting from a deceased member’s affairs.

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Property, Tax

SMSF valuers create shield against ATO penalties

SMSFs can avoid potential ATO penalties related to an incorrect valuation by using a qualified valuer familiar with these types of funds.

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Superannuation, Tax

Super taxes won’t be reviewed

review: superannuation; retirement

The federal government has indicated the review it will conduct into the superannuation system will not examine the taxation of retirement benefits.

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Regulation, Superannuation, Tax

Super policies still causing confusion after poll

SMSF advisers need to inform clients as to what superannuation policies now apply to prevent any confusion they may still have after the federal election.

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ATO, Tax

ATO extends TBAR deadline

The ATO has given SMSFs a one-off extension on the deadline for filing their TBAR in July as the reporting date falls on a Sunday.

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ATO, Tax

ATO updates guidance on contribution deductions

SMSF members making deductions for personal contributions will need to provide written notice of their intent and receive written confirmation from the ATO.

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ATO, Auditing, Tax

SMSF returns to require new audit information

SMSF; annual return; audit

SMSFs will need to pay attention to changes in the 2019 SMSF annual return that require mandatory audit report information to be included for the first time.

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ATO, Superannuation, Tax

When is Division 293 tax paid?

SMSFs may be subject to paying tax on contributions made to the fund but, under Division 293, when can a fund member access money from the fund to pay that tax, and what steps are required to remain compliant with the ATO?

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ATO, Tax

Targeting of tax practitioners by TPB nets results

More than 6000 late lodgements of tax returns have been received from tax practitioners who were targeted for their non-compliance by the Tax Practitioners Board.

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ATO, Tax

TBAR cancellation errors avoidable

The ATO has warned that incorrect information in a cancellation TBAR will only create further reporting for trustees and suspend the cancellation.

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