The Government has announced it will pass legislation to extend the tax-free status of income supporting a superannuation pension until a deceased member’s benefit has been paid from the fund. ...
The Government has announced it will pass legislation to extend the tax-free status of income supporting a superannuation pension until a deceased member’s benefit has been paid from the fund. This will be effective from 1 July 2012 and will also apply for self-managed superannuation funds.
Many property and investment syndicates are described as joint ventures but do not actually qualify as joint ventures for tax or GST purposes because of the narrow scope of the definition of joint venture in the legislation.
The extensive powers of the Australian Tax Office (ATO) to issue notices under section 264 of the Income Tax Assessment Act 1936 have been confirmed in the recent decisions of Binetter v Deputy Commissioner of Taxation and Australia and New Zealand Banking Group Limited v Konza.
In a rare win for the taxpayer, the Administrative Appeals Tribunal (AAT) has set aside the decision of the Australian Taxation Office (ATO) to issue a non-compliance notice to the trustee of a self managed superannuation fund in Pabian Park Pty Ltd Superannuation Benefits Fund v FCT.
The Administrative Appeals Tribunal (AAT) has upheld tax assessments of over $36 million, despite finding that the assessments were clearly incorrect. The case is Murray and Commissioner of Taxation (No 3) [2012] AATA 557.
The general anti-avoidance rules in the income tax law, commonly referred to as Part IVA, are to be rewritten in 2012.
Federal Parliament is considering proposed amendments to deal with the excess contributions tax regime and the unjust outcomes that can arise from taxpayers making inadvertent errors.
A recent alert to trustees from the Australian Taxation Office (ATO) states that trustees who make beneficiaries entitled to trust income by way of resolution must do so by the end of an income year (June 30) for that to be effective for determining who is to be assessed on
Individual versus corporate trustee – one of the common questions for SMSF trustees.
On 13 October 2011, amendments were introduced to make directors personally liable for unpaid superannuation contributions where the company does not comply with its superannuation guarantee obligations.
It is easy to forget that income of a superannuation fund can be taxed at the top tax rate, even if the fund is in pension phase.
On 14 September 2011 the ATO issued draft ruling SMSFR 2011/D1.
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.