Income which is non-arm’s length income or NALI is taxed in an SMSF at the top marginal tax rate (rather than the concessional rates that usually apply to income of ...
Income which is non-arm’s length income or NALI is taxed in an SMSF at the top marginal tax rate (rather than the concessional rates that usually apply to income of SMSFs).
This could get ugly. For tax periods starting from 1 April 2020, the Commissioner will be able to pursue directors personally for their company’s outstanding GST liabilities.
It has become increasingly common for documents to be signed electronically.
The 2017 Budget saw the announcement of the ‘NALE’ changes to the non-arm’s length income (NALI) rules effective from 1 July 2018.
One long outstanding measure that affects members of SMSFs has been including the outstanding borrowings of an SMSF in members’ total superannuation balances. The legislation implementing this has now been passed.
The ATO has been targeting lump sum payments received by medical practitioners. A recent decision of the Federal Court means that ATO audit activity is likely to continue in certain cases.
Discretionary trusts that own ‘residential land’ in New South Wales or hold an ownership interest in a company or unit trust that owns residential land in New South Wales must amend their trust deeds to exclude foreign persons as beneficiaries before midnight on 31 December 2019, otherwise foreign land tax
AUSTRAC collects and shares financial data with the ATO. The ATO uses this data to identify individuals who may not be declaring all of their income. Taxpayers should expect the ATO to review funds coming into Australia – regardless of the amounts – and be prepared to explain the source
Generally, an attorney appointed under a general or enduring power of attorney cannot enter into a conflict of interest transaction.
The New South Wales Supreme Court has confirmed how trusteeship of an SMSF works where a member and trustee loses capacity and then dies.
The commercial debt forgiveness rules are designed to cancel out any ‘gain’ that a person makes when a commercial debt that they owe is forgiven.
On 24 May 2018, the Government first introduced a 12-month superannuation guarantee amnesty. The relevant Bill failed to pass the Senate and then lapsed when the federal election was called on 11 April 2019.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.