Ever since TD 2013/22 and ATO ID 2012/16 many have considered contribution reserving to be a ‘lay down misere’. However, there are various possible difficulties practitioners must be aware of. The ATO has recently addressed one of these difficulties by releasing the new ATO form ‘Request to adjust concessional contributions’ (NAT 74851). This form notifies [read more]
Establish a new SMSF
Order online now. Includes the necessary documents to establish your self managed super fund.
There have been recent changes to the definition of terminal medical condition. This affects both super and tax law. In short, it provides more flexibility to those are going to die shortly. Background Before 2008, having a terminal medical condition was not a condition of release. Under the early release provisions that existed before then, [read more]
Proposed changes in the exposure draft Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (‘ED Bill’) will impact on the tax treatment of unit trusts that are currently taxed as companies under div 6C of the Income Tax Assessment Act 1936 (Cth) (‘ITAA 1936’). Currently, under div 6C, the 20% tracing [read more]