Monthly Archives: January 2018

Excess Transfer Balance Determinations – ATO will send from January 2018 – guidance for SMSF members and trustees

From January 2018 the ATO will start sending Excess Transfer Balance (ETB) Determinations to individuals who have exceeded their transfer balance cap and not rectified the excess. These will generally be based on information APRA funds will have reported to the ATO. If an SMSF member receives one of these ETB Determinations, remember: If the SMSF trustee must…

Deductible Gift Recipients – changes in regulation including: charity registration; no ‘in Australia’ reform (‘external conduct standards’ instead); report political donations and ‘remediation’ work by environmental organisations

On 5 Dec 2017, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced that the Government will reform the administration and oversight of organisations with Deductible Gift Recipient (DGR) status. Referring to the proposed reforms as ‘sensible’, she said that they will enhance the role of the Australian Charities and Not-for-profits Commission…

Digital Currencies ‘financial supplies’ – Treasury Laws Amendment (2017 Measures No 3) Regulations 2017 – to complete the measure giving ‘digital currencies’ the same status as ‘foreign currencies’

The Treasury Laws Amendment (2017 Measures No 3) Regulations 2017 were registered on Mon 4.12.2017 (No. 3 Regulation). They amend  the main GST Regulations, to allow for ‘digital currencies’ (broadly fungible digital units of consideration that are valuable only as consideration – see actual definition below). This change is part the measure announced by the Government in…