ATO warns on minimum pension payments
The Australian Taxation Office has issued a warning to trustees of self-managed super funds that lump sums, or partial commutations, no longer count towards a minimum annual pension payment.
The ATO says that if the minimum pension standards…
Increasing Penalties For White-Collar Crime
As the Royal Commission into the misconduct in the banking, superannuation and financial services industry rolls on and uncovers more unscrupulous behaviour by the corporate and financial sector, the government is attempting to get on the front…
Can't Buy Me Love: Conscientious Coupling and Binding Financial Agreements
The breakdown of a relationship is frequently ranked second, after the death of a loved one, as one of life's most stressful events. With a third of all Australian marriages ending in divorce, and similar statistics in other countries, it's…
Client Alert: November 2018
Transfer balance cap: ATO highlights admin issues
On 30 August 2018, ATO Assistant Commissioner Superannuation Tara McLachlan gave a speech on “Administration issues under the transfer balance cap” at the Tax Institute Sixth National Superannuation…
Explanatory Memorandum November 2018
Transfer balance cap: ATO highlights admin issues
On 30 August 2018, ATO Assistant Commissioner Superannuation Tara McLachlan gave a speech on Administration issues under the transfer balance cap at the Tax Institute Sixth National Superannuation…
Top mistakes Aussies make when setting up an SMSF
In a speech given earlier this month, ATO assistant commissioner Dana Fleming highlighted seven key mistakes SMSF trustees make when establishing their funds.
Despite the continued growth in SMSF membership, key mistakes are still being made…
Catch-up Concessional Contribution Caps
The ATO has released details of Catch-up concessional contribution caps to the effect from 1 July 2018.
New concessional contribution ‘catch-up’ measure
From 1 July 2017, the maximum amount of concessional contributions you can…
Setting Up Your SMSF
If you're thinking of setting up your own self-managed super fund (SMSF), to take charge of your retirement and be able to make investment decisions, there are some important steps you have to take before you seek registration with the ATO…
Improvements To GST Risk Assessment
The Inspector-General of Taxation (IGT) has recently released his review into the verification of GST refunds by the ATO. The review was initially conducted as a response to concerns raised by taxpayers which had their GST refunds delayed as…
Tax Return Lodgement Due Soon
With the 31 October fast approaching, so is the deadline for lodging your tax returns. If you're making the last-minute scramble to gather all your tax documentation, keep in mind there are some changes in this year's tax return particularly…