News : Tax

Strategy, Tax

Allowance a more solid link to dependency

A sector expert has suggested the payment of an allowance as opposed to specific expenses is a more prudent method of establishing financial dependency and the associated favourable tax treatment in the event of an SMSF death benefit being paid.

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Documentation, Tax

Testamentary discretionary trust death benefit bonus

SMSF death benefits can be better protected from external threats and receive more favourable tax treatment with the use of a testamentary discretionary trust.

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Pensions, Superannuation, Tax

Time to review pension payment rules

There were changes from 1 July 2017 altering which pension payments could be counted towards meeting a client’s minimum payment obligations for the year. It makes sense to review the new rules.

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Accounting, Administration, Tax

Advisers need solid ECPI knowledge

Financial advisers need to have a firm grasp on exempt current pension income and segregation rules as they are no longer just the accountant’s domain.

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Superannuation, Tax

Labor policy scraps tax equality

The scrapping of franking credit refunds unfairly targets SMSFs and goes against principles of equity within the taxation system according to the SMSF Association.

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Superannuation, Tax

Franking credits policy won’t weaken sector

The SMSF industry remains buoyant despite the franking credits proposal, indicating short term tax policy changes will not stifle the sector.

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Superannuation, Tax

ALP proposals aimed at boosting industry funds

Proposed changes to superannuation and tax are designed to bolster industry funds, according to I Love SMSF founder Grant Abbott.

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Administration, Tax

Class offers new automated tax statement service

Class has introduced an automated tax statement system that can create individual or bulk statements for directly held securities.

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Tax

ALP’s trust tax leaves SMSFs hanging

SMSFs have been warned they could be affected by Labor’s proposal to charge a 30 per cent tax rate on discretionary trust distributions to those over 18.

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Retirement, Tax

Govt addresses early retirement payment equality

The federal government has moved to make the tax treatment of redundancies and early retirement payments consistent for all individuals.

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