ATO

Policy & Regulation

ATO crackdown on property developers’ income

The ATO has warned property developers not to use trusts to give back proceeds from property as capital gains rather than income....

Superannuation

ATO targets SMSFs and home loan unit trusts

The ATO has warned SMSF trustees about inappropriate use of home loan unit trusts and the risks entailed in attending overseas SMSF conferences....

Superannuation

ASIC and ATO scrutinising SMSF seminars

Both ASIC and the ATO have signalled they are scrutinising the legitimacy of SMSF seminars...

Funds management

Cashed-up Aussies opening hearts and wallets

More wealthy Australians are showing philanthropy, with many establishing record numbers of private ancillary funds since the GFC....

Policy & Regulation

Tax officers have insufficient ability

Taxation Inspector-General’s report points to tax officers having insufficient ability to link evidence with appropriate penalties....

Superannuation

Employers reminded of new SG rate

The Australian Taxation Office has issued a reminder that employers need to increase the compulsory minimum superannuation payments on behalf of employees from July 1....

Superannuation

SMSFs winning favour with younger generation of investors

Self-managed superannuation funds (SMSF) are beginning to appeal to a much younger demographic, Australian Tax Office (ATO) data shows. ...

Funds management

Investors urged to declare offshore income or face penalties

Australians with undeclared offshore investments are being urged to take advantage of a once-off chance to avoid hefty fines, and a possible jail sentence, by disclosing ...

Policy & Regulation

Taxman struggling to manage HWIs

High wealth individuals are using complex business arrangements and trusts to minimise their tax liabilities, an Australian National Audit Office report reveals....

Superannuation

SMSFs face hefty tax bills for uncommercial lending

SMSF trustees are being urged to ensure limited recourse borrowing arrangements related party loans are proved on commercial terms to avoid substantial tax bills. ...

Superannuation

SMSF trustees urged to clamp down on contraventions

The Australian Tax Office’s (ATO) new penalty regime could see up to 50 per cent of self-managed super fund (SMSF) trustees fined for violations of their duties, an accou...

Superannuation

SuperStream delay penalises providers who have complied

Super sector given enough time to comply with SuperStream standards with delays penalising compliant providers...

Financial planning

Industry to pay lower regulator levies

The financial services industry will pay $30 million less to be regulated after the Federal Government released details of the levies that it will be charged to fund the ...