Guidance on Superannuation measure for downsizer contributions
The ATO has released a ruling and a guidance note on the measure allowing downsizer contributions to be made into superannuation funds.
The ruling discusses these contributions and how the measure interacts with other income tax and superannuation…
ATO's Use Of Real-Time Data For SG Compliance
As technology improves, there's a continual move towards real-time data for enhanced and timely administration of the tax system, particularly in the superannuation sector.
The ATO is leveraging this real-time data and event-based reporting…
Director Identification Numbers Coming Soon
Being a director of a company comes with many responsibilities, this could soon increase with a government proposal to introduce a "director identification number" (DIN), a unique identifier for each person who consents to being a director.…
World Congress of Accountants - Audit
The World Congress of Accountants was a chance for leading experts to respond to thought-provoking and stimulating questions from tax regulations to tech disruption and provide some much-needed clarity on their future impact.
A significant…
Tax Consequences Of Compensation From Financial Institutions
The Royal Commission into misconduct tin the banking, superannuation and financial services industry has revealed some major deficiencies in terms of financial advice provided to consumers. Even though the Commission itself cannot fix or award…
Government Debts And Your Travel Plans
Departure Prohibition Orders (DPOs) have long been used as a tool by the government as a way to stop those who owe debts from leaving the country before they pay their debts, even if they are just going on a holiday. It has been used successfully…
Super Transfer Balance Cap: Reporting Events
With the introduction of the transfer balance cap of $1.6m designed to limit the amount of capital that can be transferred into the tax-exempt retirement phase, certain events that track the movement of capital in and out of retirement phase,…
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…