News

Super assets total $2.3 trillion at June 2017

September 13th, 2017

APRA has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June quarter 2017. As at 30 June 2017, superannuation assets totalled $2.324 trillion (up 10% from $2.113 trillion in June 2016). Total assets in MySuper products amounted to $595 billion (up 25.5% from $474 billion in June 2016). Self-managed [...]

First Home Super Saver Scheme – draft legislation

September 13th, 2017

Treasury has released draft legislation to implement the 2017–2018 Federal Budget superannuation measures aimed at improving housing affordability by the establishment of the First Home Super Saver Scheme (FHSSS). The FHSSS will allow voluntary superannuation contributions made from 1 July 2017 to be withdrawn for a first home deposit starting from 1 July 2018. The [...]

Segregated current pension assets

September 13th, 2017

A warning has been issued from the Actuaries Institute that tens of thousands of self-managed super funds (SMSFs) could be at risk of incorrectly claiming exempt current pension income (ECPI) under the ATO’s approach to segregated current pension assets.

Super system reforms

September 13th, 2017

Australian Prudential Registration Authority (APRA) has written to RSE licensees setting out its approach to the Government’s super system reforms aimed at enhancing APRA’s prudential powers to improve member outcomes. Under the proposed reforms, the current “scale test” will be replaced with an “outcomes test” requiring MySuper trustees to attest to outcomes promoting the financial [...]

GST: simplified accounting for food retailers

September 13th, 2017

The ATO has released a draft determination on the choice available to you, if you are a food retailer, to use a simplified accounting method (SAM) to help you to work out your net amount by estimating your GST-free sales and GST-free acquisitions of trading stock. The Draft SAM is substantially the same as the [...]

New downsizing cap available

September 13th, 2017

If you are aged 65 or over, your home is your main residence for CGT purposes and you have owned it for a minimum of ten years, you could benefit from new draft legislation. You will be able to make additional non-concessional contributions, up to $300,000, from the proceeds of selling your home from 1 [...]

Activity statements can now be lodged in advance

September 13th, 2017

The ATO says nil activity statements can be generated early in some cases. Under normal bulk processes, activity statements generally issue from the ATO by the end of the month. However, the ATO says there may be a specific reason for a business to access its activity statements early, such as: if you are a [...]

ATO increases its scrutiny on work-related expenses

September 13th, 2017

Despite wide publicity on the issue, the ATO has reminded taxpayers that it is increasing its scrutiny on work-related expenses. Last year over 6.3 million people made a work-related expense claim for clothing and laundry expenses, totalling almost $1.8 billion. Common mistakes the ATO has seen include people claiming ineligible clothing, claiming for something without [...]

Further guidance for tax losses via a new “similar business” test

September 13th, 2017

The ATO has released a draft guideline on how they will apply the new “similar business test” to supplement the existing “same business test” used for testing whether a company can utilise an earlier year tax loss. The draft guideline says the similar business test will operate in a way that is comparable to the [...]

Foreign resident CGT withholding: early recognition of tax credit

September 13th, 2017

The Commissioner has made a determination to modify the time at which the vendor is entitled to a tax credit in respect of an amount withheld under the foreign resident CGT withholding rules. The modification, applicable for transactions entered into on or after 1 July 2016, ensures that, where a settlement period for a transaction [...]