Self-managed superannuation fund (SMSF) trustees and their advisers should be aware that there is a new duty exemption in Queensland for property transfers from a custodian (bare trustee) to the ...
Self-managed superannuation fund (SMSF) trustees and their advisers should be aware that there is a new duty exemption in Queensland for property transfers from a custodian (bare trustee) to the SMSF trustee. While the amendment is recent, it applies retrospectively from 26 October 2011.
The Family Court has dismissed an application by the Commissioner of Taxation to be released from an implied obligation not to make collateral use of certain documents filed in a Family Court proceeding.
The Commonwealth Government has announced significant additional funding for the ATO to investigate and pursue trusts. It has never been more critical that distribution resolutions comply with the legislation, the terms of the trust deed and the ATO’s requirements.
Every person should consider an enduring power of attorney. As well as the ‘usual’ risks of who looks after your affairs, members of SMSFs also risk compliance issues for their fund if they do not have a valid enduring power of attorney in place.
The government has announced reforms to superannuation, including changes to the taxation of fund income, concession contributions caps and rules regarding excess concessional contributions. However, it is highly unlikely that these amendments will be legislated before the election later this year.
From 1 July 2013, accountants, other advisers, companies and partnerships can apply for a limited financial services licence that will allow them, their employees and representatives to provide advice in a range of situations when dealing with self-managed superannuation funds (SMSFs), without holding a ‘full’ AFSL.
Draft legislation designed to give the ATO more flexibility in dealing with breaches of the Superannuation Industry (Supervision) Act or Regulations by SMSF trustees has been released. The changes are intended to take effect from 1 July 2013.
From August 2012 a failure by the trustee of a self-managed superannuation fund (SMSF) to keep its assets separate from assets held by the trustee personally or from those of a standard-employer sponsor (and their associates) is an offence punishable by a fine of up to $17,000.
Recent amendments to the 1936 Tax Act mean the ATO now has more ammunition to fight anti-avoidance cases. Treasury estimates that the changes will prevent the loss of $1 billion in tax revenue each year.
The ATO has changed its position on residential premises in its new public ruling, GSTR 2012/5, in which the ATO asserts that you only look to the physical characteristics to determine whether premises are residential premises. This will lead to some unexpected and unusual GST results.
Due to some uncertainty over the effect of draft ruling TR 2011/D3, the ATO has clarified in a SMSF News Alert when a pension ceases and the consequences if minimum payments are not made.
Several recent decisions by the Administrative Appeals Tribunal (AAT) have highlighted the common misconception that Australian citizens living and working overseas are not required to pay Australian tax on their income.
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.