SMSFs need to prepare for the new transfer balance cap

Recent legislation has introduced several superannuation rule changes. Among them is a new “transfer balance account”, which each recipient of a superannuation pension will be required to have. In other words, individuals receiving superannuation income stream benefits will need to keep a transfer balance account. The use of “accounts” for tax law purposes is not

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Kids are staying home for longer, but when is a “dependant” really dependent?

Many adult children continue to stay in mum and dad’s house because it’s generally cheaper than the alternative and probably a lot more comfortable. Although many stay-at-home grown-up kids can most likely support themselves, the familial home in most instances can provide the higher standard of living. When is a “dependant” really dependent? But this

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New superannuation laws – a challenge for advisers

Tax & Super Australia commends the Federal Government on the prompt passage of superannuation reforms through both Houses of Parliament during the current sitting. However, the new measures will mean that advisers will need to quickly get up to speed in order to help their clients. superannuation laws, advisers, clients, superannuation Chief Executive Officer, Moti

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A yuletide FBT liability? Ho ho no

Apart from giving businesses a chance to thank their employees for a job well done over a difficult year, end of year Christmas celebrations are also of course a chance to get everyone together for some fun and socialising. But while you should feel free to pop a champagne cork or three for employees, make

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Contrived trust income arrangements “not on”, says ATO

The ATO’s “trusts taskforce” has uncovered a class of arrangements that it says appears to be designed to “exploit the proportionate approach to trust taxation”. Therefore a taxpayer alert has been issued by the ATO that warns closely held trust trustees against engineering a reduction in trust income to improperly gain access to favourable tax

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