ATO addressing cash economy

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One way that the ATO addresses the cash economy is through writing to taxpayers and – where identified in ATO systems – their associated tax agent representatives. In 2011-12, the ATO is sending letters to registered tax agents identified as having a high number of clients reporting outside the small business benchmarks. We will include a list of the […]

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SPAA calls for rethink on tax after death

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The Self Managed Super Fund Professionals’ Association (SPAA) has expressed concern about a draft tax ruling which clarifies that income derived from assets supporting the payment of a pension from a superannuation fund are immediately taxable upon the death of the pension member. The draft ruling TR 2011/D3 includes tax liabilities from income taxes and capital […]

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Deferred date for new tax treatments for managed investment trusts

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Last year, the government announced a new tax system for managed investment trusts (MITs) that will reduce complexity, increase certainty and minimise compliance costs for MITs and their investors.  In April, a further announcement was made to defer the start date of the new laws from 1 July 2011 to 1 July 2012.  The government […]

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The taxation of financial arrangements under TOFA rules

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Background to the TOFA reforms The TOFA reforms were first announced in the 1992 budget and were later taken up by the Review of Business Taxation. The review’s final report – A Tax System Redesigned (the Ralph report) – made various recommendations about the taxation of financial arrangements. While some of the recommendations made in […]

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Strategy for making contributions important to avoid excess risk, says expert at SPAA National Conference

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There are ways to manage excess contributions and contribution strategies to consider The halving of the super contribution caps has resulted in rising instances of people making excess contributions and attracting tax office penalties, but strategies exist to both remedy errors and maximise savings, according to Jemma Sanderson, Principal of Cooper Partners Financial Services. Ms […]

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SPAA National Conference: SPAA predicts year of clarity for SMSFs

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SPAA will work towards resolution of the excess contributions tax issue for investors and replacement of the accountants’ exemption as new SMSF issues emerge The Self Managed Super Fund Professionals’ Association has today predicted a year of clarity for the SMSF sector on issues such as limited recourse borrowing, replacement of the accountants’ exemption and […]

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FPA welcomes TFN legislation

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The FPA welcomes Friday’s announcement introducing draft legislation to enable Tax File Numbers (TFN) to be used by super funds as the primary source to identify superannuation accounts and match them with their members. Though lost super accounts are not a major issue for clients who have a financial planner, there are of course many […]

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SPAA calls for action on annual contribution caps and excess contributions tax in Federal Budget submission

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SPAA says superannuation caps must be returned to pre 2009 levels The Self Managed Super Fund Professionals’ Association has today called for excessively low superannuation contribution caps to be restored to their pre-2009 levels, to allow people to legitimately save for retirement and for a sensible, workable solution for those who inadvertently breach superannuation caps […]

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Financial Services Council welcomes Investor Manager Regime

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John Brogden, CEO of the Financial Services Council, today welcomed the Federal Government’s changes to the income tax treatment of investment income of foreign funds. “The Investment Manager Regime was a recommendation of the Financial Services Council to the Financial Centre Taskforce (Johnson Review) and we strongly support the Government’s initiative today,” Mr Brogden said. […]

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