Hope remains for $3M super tax changes
The SMSF Association remains hopeful that proposed legislation introducing a 30% tax on superannuation balances above $3 million (Division 296) may still be amended.
2025-26 Federal Budget Summary
The 2025–26 Federal Budget outlines personal tax cuts, student debt relief and housing measures with minimal changes for small businesses and super, many of which remain uncertain pending the outcome of the upcoming federal election.
CGT withholding measure now law
In January, the Government recently passed legislation making changes to the foreign resident capital gains withholding laws.
Tax incentives for early stage investors
Tax Incentives for Investors in Early Stage Innovation Companies (ESIC) Potential Tax Offsets and Capital Gains Tax Benefits for Qualifying Shareholders The ATO is reminding investors who purchased new shares in a qualifying ‘early stage innovation company’ (‘ESIC’) that they may be eligible for tax incentives. These tax incentives provide eligible investors who purchase new […]
What laws do SMSFs need to adhere to?
Navigating the Legal Landscape: Responsibilities of SMSF Trustees Understanding the Legislative Framework and Compliance Obligations for Self-Managed Super Funds As a trustee of a self-managed super fund (SMSF) there are responsibilities and rules you must follow. At the most fundamental level, you need to make sure your SMSF is functioning under the relevant laws. As a type of superannuation fund, trustees […]
Taxpayers able to apply CGT small business concessions
AAT Ruling on CGT Small Business Concessions Trust Eligible to Reduce Capital Gain to Nil Amid Valuation Dispute with the ATO The Administrative Appeals Tribunal (‘AAT’) recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil. In March […]
Contributions caps increase July 1
Contribution caps to increase from 1 July 2024 Following the release of the latest Average Weekly Ordinary Time Earnings (AWOTE) index, the expected increase to the contribution caps from 1 July 2024 has been confirmed. As a result, from 1 July 2024: The standard Concessional contribution cap will increase from $27,500 to $30,0001. The Non-concessional […]
CGT on the sales of shares and units
Capital gains tax on the sales of shares or units When you sell or dispose of shares or units you may make a capital gain or capital loss. This will depend on when you bought or acquired the shares or units. If you bought the shares or units: before 20 September 1985 – you are exempt […]
In the ATO’s sights this Tax Time
The ATO has announced its three key focus areas for this Tax Time Make sure you are up to date as necessary The areas of focus are: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being […]
Rental property income and deductions focus
Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and […]
