News : Tax

Administration, SMSF, Strategy, Tax

Family trusts can offset $3m tax

Family protection trusts Estate planning superannuation SMSF earnings tax

Family protection trusts can be used to manage additional tax obligations related to existing or future legislative changes to the superannuation system.

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Legislation, SMSFA, Tax

Simpler tax model presented to govt

SMSF Association Superannuation earnings tax Unrealised gains Treasury $3m soft cap tax

The SMSFA has urged Treasury and the government to re-evaluate the taxation of unrealised capital gains within the $3 million soft cap tax.

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Legislation, SMSF, Superannuation, Tax

New super tax attracts more criticism

Total super balance Superannuation tax Superannuation earnings tax

More criticism has been levelled at the proposed $3 million soft cap on the basis it is inequitable and lacks transparency.

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Death benefits, Retirement, Superannuation, Tax

Super reform can unlock billions for charity

Superannuation death benefits Philanthropy Australia Tax reform Charities Charity

Eliminating taxes on superannuation death benefit bequests to charities could generate billions of dollars in additional income for Australia’s charitable organisations.

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Legislation, Superannuation, Tax

Simpler soft cap tax possible

Soft cap superannuation earnings tax calculation method

A peak accounting body has proposed a more straightforward approach to the current calculation method outlined in the draft legislation for the superannuation earnings tax.

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SMSFA, Superannuation, Tax

Consultation for new tax too short

SMSF Association $3 million earnings tax draft bill consultation period

The SMSF Association has expressed its angst over the inadequate consultation period, as well as lack of important details, regarding the draft bill legislating the $3 million soft cap.

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Legislation, Superannuation, Tax

IFPA calls for five soft cap changes

Institute of Financial Professionals Australia IFPA $3 million earnings tax soft cap

In a submission to government regarding the proposed $3 million soft cap, IFPA has identified five areas where amendments are needed.

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NALI/NALE, Tax

Deductibility not a NALE criteria

NALE expenses tax deduction capital

SMSF trustees should not assume a particular expense will not be captured by the NALE rules simply because it is not tax deductible to the fund.

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Contributions, SMSF, Tax

Settlement contributions given tax relief

$3 million tax exemption structured settlement contribution

SMSF trustees who receive a structured settlement contribution can take advantage of the fact that proposed $3 million soft cap will exempt these from its tax calculations.

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