News : Tax

ART ruling may clash with TR 2013/5

March 17, 2025

Administrative Review Tribunal, ART, TR 2013/5, superannuation pension, Tax Ruling 2013/5, Sladen, Phil Broderick, Philippa Briglia, QWYN and Commissioner of Taxation, superannuation income stream

The Administrative Review Tribunal has adopted a wide view on what may be considered a superannuation pension, potentially creating a conflict with Taxation Ruling 2013/5.

Trustees obliged to approve advice payments

SMSF trustees, financial advice, superannuation, tax, IPFA, Institute of Financial Professional Australia, Natasha Panagis,Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024, financial advice fees, tax deduction, ATO, draft practical compliance guideline

March 10, 2025

Jason Spits

Trustees should be reminded advice fees can now be charged back to an SMSF, but they will need to examine and sign off each time a member requests this type of payment.

ATO information access essential

ATO, SMSF Association, client data, SMSF administrators, client information, Treasury, review of the tax regulator secrecy exceptions, qualified tax relevant providers, tax (financial) advice, superannuation

March 4, 2025

Jason Spits

The SMSF Association has urged the government to give advisers and administrators access to client data held by the ATO, given the law obligates them to operate with correct information.

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Contributions, Tax

Claiming deductible contributions correctly

Strict rules apply to making personal deductible contributions and adherence to them is crucial as the ATO has no related discretionary powers.

March 4, 2025

Shelley Banton

Strict rules apply to making personal deductible contributions and adherence to them is crucial as the ATO has no related discretionary powers.

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Contributions, Tax

Cap breach can improve tax components

SMSF members can enjoy an unexpected benefit with regard to the taxable component of their benefits subsequent to making a contribution in error.

February 27, 2025

Darin Tyson-Chan

SMSF members can enjoy an unexpected benefit with regard to the taxable component of their benefits subsequent to making a contribution in error.

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Contributions, Superannuation, Tax

Contribution can equal forgiven charge

An invoice issued by a trustee to their own SMSF for services but then forgiven can determine the value of the contribution needing to be recorded.

February 25, 2025

Darin Tyson-Chan

An invoice issued by a trustee to their own SMSF for services but then forgiven can determine the value of the contribution needing to be recorded.

ATO releases auditor priorities

The volume and cost of SMSF auditors’ work will be key areas of focus for the ATO in the coming year, with outliers likely to draw attention.

February 25, 2025

Lara Caughey

The volume and cost of SMSF auditors’ work will be key areas of focus for the ATO in the coming year, with outliers likely to draw attention.

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ATO, Tax

Government’s super changes need stopping

superannuation legislation, taxing of unrealised capital gains, $3 million super tax, Division 296 tax, farmers, total superannuation balance, Naz Randeria, Reliance Auditing Services.

February 18, 2025

Naz Randeria

Changes to superannuation legislation should be a key election issue as the government’s proposed changes will impact future generations.

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Legislation, SMSF, Tax

Division 296 delay welcomed

tax, CA ANZ, Better Targeted Superannuation Concessions, legislation, Ainslie van Onselen, Bill, federal election,

February 17, 2025

Lara Caughey

The stalled passage of the Division 296 bill through parliament has been welcomed as calls continue for the Senate to vote against its approval.

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Legislation, Tax

Div 296 bill remains in limbo

Better Targeted Superannuation Concessions and Other Measures, Division 296 tax bill, Institute of Financial Professionals Australia, Michaelia Cash, unrealised capital gains

February 13, 2025

Jason Spits

The Division 296 tax bill has proceeded no further in the Senate after the government did not include it in the order of business for the current sitting period.

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