This is the second in a series of articles on strategies that can be employed in a tax dispute with the ATO.
Tax disputes can be costly, time consuming, and stressful, even if the taxpayer is ultimately successful. When approached by the Australian Taxation Office (ATO), we will always advise clients to engage with the ATO to either resolve or narrow the issues in dispute as quickly as possible.
The Coalition’s ‘miracle’ win may not have been foreseen by the polls or the pundits, however either way the votes fell, the tax and superannuation landscape was up for change.
A previous legislative technical defect in the operation of reversionary transition to retirement income streams (TRIS) has been resolved by the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018.
The New South Wales Civil and Administrative Tribunal (NCAT) recently considered whether a duty concession was applicable to the transfer of property related to a person changing superannuation fund – including self managed superannuation fund (SMSF) in Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue  NSWCATOD 3 (Forbes).
Following the passing of Treasury Laws Amendment (2018 Measures No. 4) Bill 2018, the ATO now has the below increased powers to enforce the super guarantee laws.
New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts. The number show businesses have saved more than $31 million in the first financial year it was introduced.
The activities that accountants without an AFSL provide to self-managed super funds (SMSFs) have been clarified by a recent Australian Securities and Investment Commission (ASIC) guidance note.
Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.
The Federal Government’s 2018 Budget contained much less change for the superannuation sector than previous years.
At the SMSF National Conference we heard James O’Halloran, Deputy Commissioner of Superannuation give a speech outlining the areas of focus for the balance of the financial year. The speech confirmed that a key component of the ATO is education to prevent breaches before they occur, especially in light of the recent superannuation reforms, but with some specific enforcement priorities.
The court in Aussiegolfa v FCT has recently examined the in-house asset rules (s62) and sole purpose test (s71) of the Superannuation Industry Supervision Act 1993 (Cth) (SISA).
The Australian Securities & Investments Commission (ASIC) has released a media release warning the financial advice sector about the consequences of binding death benefit nominations (BDBNs) not being signed and witnessed correctly.
In a move welcomed by SMSF trustees (and their advisors!) the ATO has announced the extension of the lodgment date for self managed superannuation fund (SMSF) annual returns for the 2016/17 year to 30 June 2018. The ATO has confirmed that because 30 June 2018 falls on a Saturday, lodgment can occur on Monday 2 July 2018 without penalties.
For many people, their super is one of their most significant assets. But many people do not understand what happens to their super benefits (called death benefits) when they die.
With the new super laws due to commence on 1 July 2017, now is the time to consider whether your SMSF trust deed or pension document needs to be updated.
As set out in our previous article, the deadline for ensuring non-commercial related party limited recourse borrowing arrangement (LRBA) loans are rectified to reflect commercial terms is 31 January 2017. This date is fast approaching and SMSF trustees must take immediate action to ensure compliance with the ATO’s guidelines set out in PCG 2016/5.
The Government has released the second round of draft rules for the implementation of the superannuation reform package announced in the 2016-2017 budget, which includes draft legislation for the 5 year concessional contributions catch-up measure.
The Government has released the second round of draft rules for the implementation of the superannuation reform package announced in the 2016-2017 budget. This tranche includes the draft legislation for the proposed $1.6 million super pension cap, which essentially limits the amount that a member can hold in a pension account to $1.6 million from 1 July 2017.
The Government has released its second tranche of draft legislation to implement the proposed superannuation budget measures.
The announcement of the $500,000 lifetime non-concessional contributions cap in the 2016-2017 budget was not only controversial, especially given what was widely perceived as its retrospective operation, but raised many questions as to how it would be applied. The Government has announced that the proposed lifetime cap will not proceed but will be replaced by a new measure.