News : Tax

ATO, SMSF, Tax

Check entitlement with CSLR payments

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

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financial advice, Financial Planning, Legislation, Tax

Div 296, CSLR priorities for Liberals

Opposition financial services spokesman Luke Howarth has stipulated a coalition government will scrap the Division 296 tax and change the CSLR..

Opposition financial services spokesman Luke Howarth has stipulated a coalition government will scrap the Division 296 tax and change the CSLR.

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ATO, Tax, Trusts

ATO steadfast on UPEs post-Bendel

unpaid present entitlements, UPE, ATO, Louise Clarke, Bendel,

The ATO will not change its stance on the treatment of unpaid present entitlements from unit trusts while waiting on an appeal against the ruling delivered in the Bendel case.

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ATO, SMSF, Superannuation, Tax

Tax agents must review SMSF skills

ATO, The Auditors Institute, Deloitte, SMSF, Liz Westover,

Tax agents who do small numbers of SMSF returns may want to reconsider if they have retained the skills and experience to continue this work.

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Tax

CGT relief limited in SMSF split

CGT relief, capital gains tax, SMSF, self managed super, separation, split, DBA Lawyers, William Fettes, asset rollover, inherited cost base

Only one partner in an SMSF will be able to access CGT relief if they move an asset to another fund during a separation, raising the need for carefully structured arrangements.

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SMSF, Tax

Rule out all unrealised gains taxes

Division 296, tax, superannuation, Labor, The Greens, Angus Taylor, SMSF Association, The National Farmers Federation, The Council of Small Business Organisations Australia, COSBOA, The Family Business Association, unrealised gains, paper gains

A coalition of industry associations has called for a clear commitment that the next government will scrap the taxation of unrealised investment gains before it expands across the entire tax system.

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ATO, Tax

Acting on Bendel case unwise

Unpaid present entitlement, UPE, Bendel, Shelley Banton, ATO, auditor,

SMSF trustees have been told to resist acting on a recent court decision with regard to an unpaid present entitlement from a unit trust.

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Contributions, SMSF, Tax

Reserving useful to stymie Div 293

SMSF members facing a Division 293 tax bill should consider a contribution reserving strategy as a method to offset the additional impost.

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Contributions, Superannuation, Tax

Tax impact of withdrawals nuanced

Sound knowledge of the rules regarding super fund drawdowns is a must to determine the level of tax deduction available for a personal contribution.

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