News : Tax

Contributions, Strategy, Superannuation, Tax

2023/24 ideal for concessional contributions

Voluntary superannuation contribution

Trustees contemplating making a voluntary contribution to their superannuation funds should take action within this fiscal year.

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ATO, NALI/NALE, Tax

NALI case shows exact evidence need

AAT NALI evidence

SMSFs gathering evidence to prove arrangements do not breach NALI provisions have been shown the level of detail needed to defend a challenge in a recent AAT case.

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Insurance, SMSF, Strategy, Tax

Insurance source doesn’t impact tax

SMSF life insurance

SMSF trustees are not required to use funds from their superannuation accumulation accounts to cover life insurance premiums in order to qualify for a tax deduction.

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Superannuation, Tax

Deeming rate better for $3m tax

superannuation earnings tax deeming rate

The use of a deeming rate, in lieu of the proposed calculation method, to achieve the outcomes of the $3 million superannuation earnings tax would be within normal industry practice.

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Contributions, Tax

Breach danger in passing shares to SMSF

SMSF personal services income shares

SMSF members passing on shares given to them in place of payment for personal services are likely to have breached a number of laws and ATO advice should always be sought on such matters.

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Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

Superannuation earnings tax

SMSFs will remain an attractive superannuation vehicle despite the impacts of the $3 million super earnings tax.

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ATO, Compliance, SMSF, Tax

Tax agent banning decision upheld

Tax practitioners board ban

The AAT has upheld the Tax Practitioners Board’s decision to terminate the tax agent registration of a Victorian tax agent as a result of deliberate misleading conduct.

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SMSFA, Superannuation, Tax

$3m super tax law expected by mid-2024

Superannuation earnings tax

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

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Retirement, Superannuation, Tax

Zero tax on lump sums not tax-free

Preservation age

Particular attention must be given to the tax situation of people looking to access their superannuation benefits between the ages of 59 and 60.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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