AAT rules against trust distributions

A tax dispute over whether an IT consultant was entitled to receive income through a trust and split it with his wife, has shed light on the contentious personal services income rules. Many people set up a trust or company…

Rental property and the in-house assets risk

Trustees of self-managed super funds that own vacation rental properties must take extra care when managing an asset that gets a lot of attention from the tax office around tax time. SMSFs risk breaching the in-house assets rule, as well…

Cryptocurrency an ‘enabler of risks’, says ATO

The Australian Taxation Office has started collecting data from cryptocurrency service providers as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Service providers are required to give the ATO…

Cutting SMSF red tape

The Government announced in the Budget that it would reduce costs and simplify reporting for superannuation funds by streamlining some administrative requirements for the calculation of exempt current pension income (ECPI). The term ECPI refers to income an SMSF earns…

Tax man warns: Get your rental property claims right

Claims for rental property tax deductions contain errors in 90 per cent of cases, the Australian Taxation Office reports. It is planning a blitz on what it calls ‘its next big area of focus’. The ATO says it recently completed…

ATO warns on SMSF breaches

The Australian Taxation Office has spelled out a range of concerns about breaches of superannuation rules by trustees of self-managed funds and warned that it is actively reviewing fund registrations. James O’Halloran, the ATO’s deputy commissioner superannuation, says common areas…

ATO updates crypto tax guidance

People who convert cryptocurrency to Australian dollars or other money may be liable to pay capital gains tax, according to new tax guidance issued in July. The Australian Taxation Office updated the information on its website dealing with tax and…

ATO puts Aussiegolfa in context

The Australian Taxation Office has published a decision impact statement on the high-profile Aussiegolfa case, saying it does not consider that the case is authority for the proposition that a superannuation fund trustee can never contravene the sole purpose test…

Court shuts down SMSF early release scheme

The Australian Taxation Office’s attempts to crack down on the use of self-managed superannuation funds as part of illegal early release schemes has not stopped people using services that promise early access to super benefits through SMSFs. Last month, the…

New SMSF reporting deadline looms

The Australian Taxation Office has issued a reminder to self-managed super fund trustees that a new event-based reporting framework has started and their first quarterly self-managed TBAR reports are due on October 28 – next Sunday. Trustees will have to…