News

Accounting, Financial Planning

Accountants’ exemption return rejected

Accountants’ exemption return rejected

Two major professional accounting bodies have expressed their concern regarding the reintroduction of the accountants’ exemption as part of their joint submission to the Treasury’s review of the Tax Practitioners Board.

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LRBA

SMSFs in ATO probe used LRBAs

ATO letters LRBA

The SMSFs contacted by the ATO as part of its inquiry into fund investment strategies used an LRBA to acquire their asset or asset class, the regulator reveals.

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Regulation

ATO gets tough on annual return lodgement

Late lodgments of SMSF annual returns from 1 October will impact on funds’ complying status, the ATO has warned.

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Compliance

Market value substitution rules not a NALI pardon

A technical expert has warned the amendments to the non-arm’s-length income rules will still apply to an SMSF that has implemented the market value substitution measures as defined in the Income Tax Assessment Act 1997.

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Business News

DomaCom capital raising to generate $6m

The most recent share placement activity undertaken by fractional property investment manager DomaCom is anticipated to raise $6 million.

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Regulation, Tax

Accountants split on tax advice oversight

Accountants split on planner tax advice oversight

Accounting and tax bodies have taken a number of differing stances on which regulator should oversee tax advice provided by financial planners, with one calling for no regulation at all.

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Compliance

NCC cap triggers common error

NCC cap triggers common error

An SMSF expert has identified a common misconception regarding the non-concessional contributions cap and its effect on the treatment of limit breaches.

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FASEA

FASEA plans need not change in light of extensions

FASEA exam extensions

Advisers should avoid depending on the recently announced FASEA deadline extensions when deciding when to sit their exam, a financial planning exam preparation provider has said.

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LRBA

ATO letters could be targeting LRBAs

ATO letters could be targeting LRBAs

A technical expert has raised the notion LRBAs may be the target of ATO scrutiny resulting from the letters of inquiry it recently sent out regarding SMSF investment strategies.

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Compliance, Financial Planning

TBC creates puzzling advice issues

Transfer balance cap death benefits

A chartered accounting firm partner has identified advice compliance complexity resulting from the transfer balance cap’s effect on the treatment of SMSF death benefits.

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