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ATO guidance on managing trust distributions

Overview The taxation of trusts continues to be an area of scrutiny for the ATO. The ATO has released a webpage titled ‘Trust distributions done right’ that provides guidance to practitioners on how to prepare for year-end trust distributions. The webpage (QC 101752) can be found here. Clearly, the ATO is concerned with trustees and [read more]

SMSF Bank Accounts and Overdraft Implications

SMSF bank accounts and overdraft implications

Bank accounts are essential for a self managed superannuation fund (SMSF). For example, an SMSF typically requires a bank account to accept receipts including contributions and rollovers and pay expenses and benefits. However, many SMSF trustees fail to realise that some bank accounts are riskier than others. This article outlines the importance of preventing a [read more]

Businesman show TAX for Individual income tax return form online for tax payment concept

When does Division 296 tax ($3M+) make super not worth it?

Short answer The short answer is that clients should conduct detailed financial modelling and make an objective decision based on the numbers after examining their available options having regard to their particular factual circumstances. Generally, clients should not act hastily and should be better positioned to make a more informed decision closer to 30 June [read more]


Employee or contractor – new changes to the Fair Work Act – Part 7

This is part 7 of our series of ‘employee versus contractor’ articles. Part 7 focuses on recent changes by the Federal Government to the definition of ‘employer’ and ‘employee’ in the context of the Fair Work Act 2009 (Cth) (FWA). The other articles (parts 1-6) are linked under the Related Articles heading below. Overview The [read more]

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Victoria’s vacant residential land tax – holiday home exemption

The vacant residential land tax (VRLT) applies to all vacant residential land throughout Victoria from 1 January 2025. This tax can also apply to holiday homes unless the holiday home exemption (HH Exemption) or another exemption applies. What is VRLT? VRLT was originally introduced in 2017 to assist with housing affordability as overseas purchasers were [read more]

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Law Institute Victoria SMSF Specialist The Tax Institute