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…
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…