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Transfer balance account report (TBAR) update

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.

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More SIS compliance headaches on the way for SMSFs

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.

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Personal Services Income

Personal services income: An overview

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.

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Changing Details In Your Tax Return After It’S Lodged

Changing details in your tax return after it’s lodged

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.

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Private Ruling Facts You May Need To Know

Private ruling facts you may need to know

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.

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Crowdfunding And Tax

Crowdfunding and tax

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.

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