The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions.Read more
Trustees of SMSFs may be soon required to add the creation of a “retirement income strategy” alongside existing compliance requirements centring on investment and insurance. This would similarly require review on a regular basis.
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear.Read more
Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or you accidentally included an extra deduction or doubled one up. There’s no need to panic — an agent from the ATO won’t be pounding on your door demanding that you pay a penalty.
There have been cases where people believe the idle talk about being able to coerce a better tax outcome by applying for a private ruling from the ATO, but there are some sober facts that you may need to keep in mind if you have thought of it yourself.Read more
Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or “help-your-neighbour” initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital, and is no longer regarded as the shy little sister of venture capitalism.Read more