News : Tax

Superannuation, Tax

NALE no-action period extended

NALE ATO action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Compliance & Regulation, Tax

TPB bans tax agent for SAN fraud

tax agent SAN misuse

A Queensland-based tax agent has been banned for four years following a TPB investigation into SAN misuse.

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Superannuation, Tax

Retaining rent charge not NALI

SMSF rent NALI

An SMSF landlord that does not reduce a tenant’s existing rent expenses will not trigger a breach of the non-arm’s-length income (NALI) rules.

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Tax

Tax incentives remain important

Tax incentives retirement

Tax incentives will still be a significant contributing factor in the bid to encourage people to save enough money to fund their own retirement, according to Treasury.

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ATO, Tax

ATO grants NALE transitional period

ATO arm’s-length arrangements

SMSF trustees have the opportunity to rectify any service provision arrangements involving themselves and their fund to prevent them from falling foul of the new NALE provisions.

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Superannuation, Tax

Super taxes won’t be reviewed

taxation of retirement benefits

The federal government has indicated the review it will conduct into the superannuation system will not examine the taxation of retirement benefits.

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Direct Domestic Shares, Tax

Companies support franking credit system

A panel of company chairs has supported the imputation system incorporated in the Australian equity market following questions raised about it during the recent federal election.

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