Category: Blogs

Be on the lookout for Division 293 tax notices

When determining an individual’s liability to Division 293 tax, the ATO uses information obtained from the individual’s personal income tax return, as well as information reported to the ATO by […]

Disposing of in-house assets when the 5% limit is exceeded

Following the publication of a recent media article, we have received numerous member enquiries in relation to the proper treatment of in-house assets. Specifically, what must occur when a fund […]

$3 million cap advocacy update – Join our Roundtable Sessions

Last week, Association Chair, Scott Hay-Bartlem, and I travelled to Canberra to meet with politicians and Treasury officials. The topic of discussion was the proposed new tax on super balances […]

SMSF Property valuations – Walking the tightrope of ATO guidance and auditing standards

For all SMSFs, it is a regulatory requirement that assets be valued at their market value when preparing a fund’s annual accounts and financial statements. Additionally, SMSF auditors are obligated […]

The importance of getting all things NOI right at tax time

As many individuals start to turn their minds toward meeting their tax time obligations, a recently published Administrative Appeals Tribunal (AAT) case highlights the strict application of the Notice of […]

LRBA safe harbour interest rates set to increase on 1 July 2023

With 1 July just around the corner, it’s important for SMSF trustees with a limited recourse borrowing arrangement (LRBA) to start planning for the increased liquidity pressures resulting from the […]

Restructuring Market-Linked Pensions (MLPs) – The wait for a commutation authority continues

The ATO have updated their website to reset the expectations of taxpayers who have restructured a MLP and are waiting on a commutation authority to be issued before they can […]

ATO UPDATE: Restructuring market-linked pensions

With the introduction of the transfer balance cap regime, a market-linked pension that was commuted and restarted on or after 1 July 2017 may have resulted in the member exceeding […]

Fixing the ‘work test’ for company directors to allow deductible contributions

It all seemed settled. Since 1 July 2022, the requirement for anyone aged between 67 and 75 to satisfy a work test – or be gainfully employed – before making […]