The ATO has consistently accepted that 'fixed entitlement' is not a defined term for the purposes of the non-arm’s length income rule in section 295-550(4) of the Income Tax Assessment ...
The ATO has consistently accepted that ‘fixed entitlement’ is not a defined term for the purposes of the non-arm’s length income rule in section 295-550(4) of the Income Tax Assessment Act 1997.
The ATO’s additional powers to deal with breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by self-managed superannuation funds (SMSFs) is now law and will apply to breaches of the SIS Act from 1 July 2014.
Interest-free or low rate loans to self-managed superannuation fund (SMSFs) from related parties have been the flavour of the month since the ATO’s comments in the National Tax Liaison Group meeting of December 2012
The ATO’s additional powers to deal with breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by self-managed superannuation funds (SMSFs) is now law and will apply to breaches of the SIS Act from 1 July 2014.
After reviewing literally thousands of trust deeds, it still amazes us to see how many have not been updated, or at least reviewed, by a tax professional following Bamford and the 2011 ‘trust streaming’ amendments to the Tax Acts.
The case of YPFD and Commissioner of Taxation [2014] AATA 9 provides some helpful insights for self-managed superannuation fund (SMSF) trustees on the circumstances when their residential properties may be considered ‘business real property’.
Gutteridge and Commissioner of Taxation [2013] AATA 947 provides some valuable insights into when a person may be deemed to ‘control’ an entity, even if the person is not a director or shareholder of the entity.
The ATO has released a draft legislative instrument that proposes to extend the in-house asset exemption to LRBAs once the loan has been fully repaid.
On Wednesday 6 November 2013, Federal Treasurer Joe Hockey and Assistant Treasurer Arthur Sinodinos announced the Government’s decision to abandon $3.1 billion worth of Labor’s unlegislated proposals in relation to tax and superannuation.
On 6 November 2013, Treasurer Joe Hockey announced the Government’s decision to abandon some of Labor’s proposed tax and superannuation initiatives.
Self-managed superannuation fund administrators, planners and accountants should be aware that the rules to calculate the components of a superannuation death benefit where a person receiving a non-reversionary pension dies have been amended by the Income Tax Assessment Amendment (Superannuation Measures No 1) Regulation 2013. The new rules are effective
On 30 July 2013 the ATO issued TR 2013/5 – the final ruling on when an account based or transition to retirement income stream commences and ceases.
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.