News

NALI/NALE, Property, Strategy

Complex structures a NALI target

Complex structures used by SMSFs are still a concern for the ATO in regards to breaches of the non-arm’s-length income provisions.

Complex structures used by SMSFs are still a concern for the ATO in regards to breaches of the non-arm’s-length income provisions.

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Division 296, Legislation, Tax

Div 296 alignment with TBC suggested

The FAAA has called for both Division 296 thresholds to be aligned with the general transfer balance cap for all elements of their operation.

The FAAA has called for both Division 296 thresholds to be aligned with the general transfer balance cap for all elements of their operation.

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Auditing, Compliance, Crypto Assets, Cryptocurrency, Digital assets, Legislation, Regulation

Crypto valuations rigorous for auditors

The procedures the ATO has stipulated auditors must follow with regard to the valuation of SMSF cryptocurrency assets are quite arduous.

The procedures the ATO has stipulated auditors must follow with regard to the valuation of SMSF cryptocurrency assets are quite arduous.

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Division 296, SMSF, Superannuation, Tax

Div 296 to up small fund compliance

The revised Division 296 provisions will add unnecessary work for small super funds to assess their position under the new impost.

The revised Division 296 provisions will add unnecessary work for small super funds to assess their position under the new impost.

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Contributions

Contribution age limit strictly applied

There is no flexibility that is applied to the age limit restriction of whether a trustee can accept a contribution from a member.

There is no flexibility that is applied to the age limit restriction of whether a trustee can accept a contribution from a member.

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ATO, Auditing, Compliance

ATO specifies ACR lodgement timing

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

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ETFs, financial advice

ETF popularity on the rise

New research has shown close to three quarters of financial advisers are now incorporating ETFs into their client portfolios.

New research has shown close to three quarters of financial advisers are now incorporating ETFs into their client portfolios.

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Division 296, SMSF, Superannuation, Tax

Div 296 cost base reset flawed

The government has adopted a blanket approach to resetting the cost base of assets that may be liable to Division 296 tax, highlighting a further flaw in its revised bill.

The government has adopted a blanket approach to resetting the cost base of assets that may be liable to Division 296 tax, highlighting a further flaw in its revised bill.

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ATO, Superannuation, Tax

Release authority compliance an issue

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

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Division 296, Investments, Superannuation, Tax

Franking credits a Div 296 worry

CPA Australia has raised its concerns over the treatment of franking credits in the calculation of revenue for the proposed Division 296 tax.

CPA Australia has raised its concerns over the treatment of franking credits in the calculation of revenue for the proposed Division 296 tax.

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