No.41: Changes to 2016 Budget super announcements

A Media Release today by the Federal Government has announced a number of significant changes to the superannuation reforms proposed in the May 2016 Budget. The major change is the removal of the so-called retrospective $500,000 lifetime cap on non-concessional contributions. The modified superannuation reforms are briefly as follows: Non-concessional contributions for those who have
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No.40: New Office

Effective from 8 August 2016, Blaze Acumen will be relocating to a new office. The good news is that we’re not moving very far and we remain in the Southgate Complex with which you would be familiar. We are simply moving into the adjacent IBM Tower. The new office address is: Blaze Acumen Level 27
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No.39: Tax scams demanding payment of fake ATO debts

Sophisticated tax scam techniques are being used to defraud taxpayers. The scammers use letters, emails or telephone calls pretending to represent the Australian Taxation Office (ATO). Emails can include links to fake websites which look remarkably genuine. The email attachments or links may also contain malware which corrupts your computer system, or ‘ransomware’ which seeks
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No.38: Private Ancillary Fund Update

Background A Private Ancillary Fund (PAF) is a form of charitable trust introduced by the Federal Government in 2001 to encourage greater personal and corporate philanthropy in Australia. A PAF allows individuals, families and businesses to establish their own charitable trust and enjoy full tax deductibility for donations into the PAF. Within a PAF you
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No.37: Non-resident CGT withholding clearance certificates

As outlined in Client Alert No 35 Foreign resident capital gains withholding payments – Implications for Australian resident vendors, the government introduced a 10% non-final withholding tax regime to assist in the collection of CGT from foreign residents. Although this regime has been publicised as targeting foreign resident vendors, it impacts all vendors and purchasers
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No.36: 2016/17 Federal Budget highlights, 4 May 2016

Download the Federal Budget Tax Bulletin 2016-17 The Federal Budget for 2016/17 was handed down by the Treasurer, Mr Scott Morrison, at 7.30 pm (AEST) on 3 May 2016. Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed Chartered Accountants summary can be found at the link above. Individuals
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No.35: Foreign resident capital gains withholding payments

The government has enacted legislation to introduce a 10% non-final withholding tax on payments made to foreign residents that dispose of certain taxable Australian property. However, Australian resident vendors are also directly affected by these new rules – see below. The new withholding regime will apply to contracts entered into on or after 1 July 2016. Assets
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No.34: Limited Recourse Borrowing Arrangements ATO guidelines

An LRBA is a loan that meets superannuation legislation requirements from a lender to a superannuation fund. The lender can be a bank or a related party of a SMSF ie a loan from a family trust to the family’s SMSF. Such LRBA’s are often on more favourable terms than LRBA’s from banks. The ATO
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No.33: SMSFs – ATO’s warning on dividend stripping arrangements

In 2015 the ATO issued a warning to Self-Managed Superannuation Funds (SMSFs) involved in arrangements to maximise claims for franking credits from private companies. The ATO has now recently published an “Offer to Self-Managed Superannuation Fund (SMSF) trustees to address dividend stripping arrangements.” Background: The original details of the ATO’s warning were included in Taxpayer
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No.32: ATO changes to paper correspondence

The ATO has now recently published an “Offer to Self-Managed Superannuation Fund (SMSF) trustees to address dividend stripping arrangements.” Background: The original details of the ATO’s warning were included in Taxpayer Alert TA 2015/1 – dealing with arrangements where a private company with accumulated profits was channelling franked dividends to a SMSF instead of to
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