News : Tax

Tax

Tax schemes using SMSFs targeted

tax schemes SMSFs

Retirement planning schemes using SMSFs to avoid tax, including those used by practitioners, have been listed as an area of concern and action for the ATO.

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Tax

CGT concession use needs specialist advice

CGT concessions specialist advice

SMSF members wanting to use the small business CGT concessions should seek specialist advice, regardless of the practitioner involved.

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Tax

Div 293 tax is a personal liability

Division 293 tax

Proper procedures must be followed when an individual chooses to have their SMSF make a payment for a Division 293 tax assessment.

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Superannuation, Tax

Labor to review super tax concessions

superannuation tax concessions

The new Labor government has confirmed a review of the tax concessions contained within the superannuation system is one of its policy objectives.

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Financial Advice, Tax

Two tax agents deregistered

tax agents registration terminated

The Tax Practitioners Board has terminated the registration of two tax agents for dishonest conduct in regard to the veracity of SMSF audits.

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Superannuation, Tax

Govt pledges no new super taxes

superannuation taxes government

The Morrison government has vowed there will not be an increase to superannuation taxes should it be returned at next month’s federal election.

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ATO, Tax

ATO’s NALE position finalised

NALE nexus income

The ATO has released its final ruling on the treatment of NALE and will continue to view the expenses as having a nexus to all of a super fund’s income.

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Pensions, Tax

Pension-phase NALI treatment clarified

pension phase CGT

Rules governing non-arm’s-length capital gains tax (CGT) triggered by assets used to support an pension phase income stream have been clarified.

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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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