Month: June 2021

2019-20 Update on Super Rates and Thresholds

2019-20 Update on Super Rates and Thresholds 2019-20 Update on Super Rates and Thresholds 2019-20 Update on Super Rates and Thresholds, in brief, the ATO on 4 March 2019 have published the super rates and thresholds for the upcoming 2019/20 financial year. There is no change to the concessional contribution (CC) cap of $25,000. Whilst indexation from 1 …

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Top budget measures impacting SMSF professionals

Top budget measures impacting SMSF professionals Top budget measures impacting SMSF professionals. Beyond the big-ticket tax cuts and cash handouts, the federal budget had important proposals and promises for SMSF professionals. SMSF Adviser rounds up the measures that matter most to the SMSF sector. BDO partners, business services, Chris Balalovski said that the headline measures …

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2019 Federal Budget

2019 Federal Budget: What it means for Individuals 2019 Federal Budget: What it means for Individuals From NAB Business Research and Insights 3rd Apr 2019.Personal income tax cuts were the headline of the 2019 Federal Budget – along with a change to super contributions and a new work test age.By NAB Group Economics Treasurer Josh …

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Auditors will require more information on non-standard investments in future

Auditors will require more information on non-standard investments in future Auditors will require more information on non-standard investments in future Auditors require more information on investments as concerns about non-arm’s length income intensify following recent litigation cases. Audit cases prompt fears with new NALI (non-arms’s length income) measures, SMSFAdviser by Miranda Brownlee 12th November 2018 Concerns about …

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Quality controls flagged for auditors as regulator clamps down

Quality controls flagged for auditors as regulator clamps down Quality controls flagged for auditors as regulator clamps down SMSF auditors should consider new quality controls in 2019, given the regulator’s ongoing focus and recent court battles holding auditors liable for investment losses. – Accountantsdaily, SMSF Miranda Brownlee 17 January 2019 Speaking in a webinar, DBA Lawyers …

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Franking changes tipped to ‘strangle’ SMSFs

Franking changes tipped to ‘strangle’ SMSFs Franking changes tipped to ‘strangle’ SMSFs The federal opposition’s proposal to end refunds of excess imputation credits will potentially “strangle” existing SMSFs and drive them into retail and industry funds, says the Tax Institute. SMSF  Jotham Lian  04 December 2018 from www.accountantsdaily.com.au Speaking to Accountants Daily, the Tax Institute’s senior tax counsel, Professor Robert …

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Three-year SMSF audits: how auditors will be affected

Three-year SMSF audits: how auditors will be affected Three-year SMSF audits: how auditors will be affected Three-year SMSF audits: how auditors will be affected – By Alexandra Cain, – 26 Jun 2018, INTHEBLACK magazine – 26 Jun 2018 https://www.intheblack.com/articles/2018/06/26/three-year-smsf-audits Trustees will still have every year audited, but this would be completed once every three years. Experts says …

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Pension Loan Scheme

Pension Loan Scheme Pension Loan Scheme The pension loans scheme, From Tax & Super Australia Newsroom – https://taxandsupernewsroom.com.au/pension-loans-scheme/ To help pensioners who are asset rich but income poor, the government launched its own version of a financial product that has been commercially available for some time, the reverse mortgage. A reverse mortgage is a type of home loan …

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Insurance under SMSF

Insurance under SMSF Important tax time decision flagged for SMSF insurance Reported in SMSFAdviser News by Miranda Brownlee 16 July 2018 https://www.smsfadviser.com/news/16751-bt-flags-important-tax-time-decision-for-smsf-insurance. Instead of claiming tax deductions for life insurance premiums, SMSFs may want to claim a deduction for the future liability to pay death or disability benefits instead, according to a technical expert. BT …

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