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Event-based reporting mistakes lead to greater scrutiny of SMSF audits

Since event-based reporting (EBR) started for SMSFs from 1 July 2018, the ATO says an unprecedented number of transfer balance cap reports have required re-reporting. The transfer balance account report (TBAR) is used to report certain events and is separate from the SMSF annual return (SAR). The TBAR enables the ATO to record and track

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Tax & Super Australia is about to celebrate 100 years

World Taxpayers Conference Last call tickets In the month of May, as the clock ticks over for Tax & Super Australia’s 100 year birthday, we will be teaming up with The Australian Taxpayers’ Alliance for a four day conference, from May 23 to 26 inclusive, to exchange ideas and learn from the best practices of

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SG amnesty is not law, but its promise has gathered $100 million so far

  Tax & Super Australia reported recently that the failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem — namely, that employers who came forward after the announcement of the amnesty, via a media release in May 2018, on the expectation of enjoying the amnesty’s benefits, found themselves facing

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The long and short of the super downsizer scheme

    Under the superannuation downsizer scheme, from 1 July 2018, people aged 65 and older can make a non-concessional (post-tax) contribution of up to $300,000 from the proceeds of selling what was once their family home. Existing contribution caps and restrictions will not apply to the downsizer contribution. The downsizer scheme was one of

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SG amnesty: Are reports of ATO leniency off the mark?

  The failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem. To recap, the Superannuation Guarantee Amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the amnesty (set out below) employers must during this 12-month period

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