News

Division 296, Legislation, Superannuation, Tax

New Div 296 issues emerge

While changes to the Division 296 tax have been welcomed, the shift has raised new questions on its altered operation and application.

While changes to the Division 296 tax have been welcomed, the shift has raised new questions on its altered operation and application.

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Accounting, Compliance, Documentation, financial advice

SMSF loan write-offs not simple

Specific recovery actions have to be taken to prove a private loan from an SMSF will not be paid back and should be written off.

Specific recovery actions have to be taken to prove a private loan from an SMSF will not be paid back and should be written off.

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Compliance, Pensions, Retirement

In-specie pensions not possible

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

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ATO, Compliance, Valuations

ATO calls out two aspects of compliance

The ATO has highlighted two areas of compliance continuing to present challenges for trustees, raising the concerns of the regulator.

The ATO has highlighted two areas of compliance continuing to present challenges for trustees, raising the concerns of the regulator.

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ASIC, Compliance, Legislation

Super fund executive found not guilty

The case brought against a senior super fund executive by ASIC has been dismissed, with it deemed the defendant had no case to answer.

The case brought against a senior super fund executive by ASIC has been dismissed, with it deemed the defendant had no case to answer.

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Division 296, Superannuation, Tax

Two significant Div 296 victories

The SMSF Association has expressed its relief over the changes to the Division 296 tax, especially those regarding the calculation of the impost.

The SMSF Association has expressed its relief over the changes to the Division 296 tax, especially those regarding the calculation of the impost.

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Division 296, Superannuation, Tax

Revised impost creates multi-tax system

Three levels of tax will apply to earnings in super if revisions to the Division 296 measure are adopted and enacted.

Three levels of tax will apply to earnings in super if revisions to the Division 296 measure are adopted and enacted.

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Division 296, Superannuation, Tax

Accountants united in support for changes

The three major accounting bodies have backed the changes to the Division 296 tax and have called for it to be implemented quickly.

The three major accounting bodies have backed the changes to the Division 296 tax and have called for it to be implemented quickly.

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Valuations

IHA breach not about valuations

The true nature of an in-house asset breach is not about whether the valuation of the holdings involved exceeds the allowable threshold.

The true nature of an in-house asset breach is not about whether the valuation of the holdings involved exceeds the allowable threshold.

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Commercial Property, Property, Technology

Class adds property valuation feature

Class has added a specialised property valuation feature to its SMSF administrative software to streamline the compliance process for its clients.

Class has added a specialised property valuation feature to its SMSF administrative software to streamline the compliance process for its clients.

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