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ato's revised view on lrbas and the nali risk

ATO’s revised view on LRBAs and the NALI risk

By: Daniel Butler, Director and Rebecca James, Special Counsel Overview of TD 2016/16 The Australian Taxation Office (‘ATO’) released Taxation Determination TD 2016/16 — Income tax: will the ordinary or statutory income of a self-managed superannuation fund be non-arm’s length income under subsection 295-550(1) of the Income Tax Assessment Act 1997 (ITAA 1997) when the parties to [read more]

a hidden gem in new draft legislation

A hidden gem in new draft legislation

On Friday 14 October 2016, Treasury released the third tranche of draft legislation to implement the announcements in the Federal Budget. The principal component of this tranche was the new non-concessional contribution rules. Hidden in the legislation is a very important concession. I envisage that advisers will only need to apply it a handful of times [read more]

transfer balance cap explained

The $1.6 million transfer balance cap explained

Introduction The Department of Treasury on 27 September 2016 released the second tranche of exposure draft legislation and explanatory material in relation to the Federal Government’s proposed superannuation reforms. These materials provide long-awaited detail on the workings of the $1.6 million transfer balance cap measure. This article explains some key take-away points about this measure. [read more]

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