Super fund (and SMSF) ‘transfer balance cap’ reporting of relevant events to the ATO – Position Paper on options for transition period from 1 July 2018 to 30 June 2020

Tax Month - August 2017

The ATO has released a Positions Paper on how Super funds (including SMSFs) will be required to report events impacting an individual member’s pension transfer balance accounts for the purposes of the $1.6m cap. The ATO is seeking comment about options for phasing in this reporting over a ‘transition phase’. This $1.6m limit will introduce…

Twenty-seven per cent of ‘tax (financial) adviser’ notifiers did not renew in July – TPB announces in Media Release

Tax Month - August 2017

Over one quarter, or 27 per cent, of the 2,748 registered tax (financial) advisers due to renew their registration in July with the Tax Practitioners Board (TPB) the TPB Chair: Mr Ian Taylor announced in a media release on 24.8.17. ‘Failing to submit a renewal application by the expiry date means the registration expires,’ Mr Taylor…