Our advocacy work: 30% tax on earnings of superannuation balances over $3 million
In February 2023, the Government announced an intention to pursue an increase in the tax rate applying to superannuation earnings on member balances over $3m.
In February 2023, the Government announced an intention to pursue an increase in the tax rate applying to superannuation earnings on member balances over $3m.
Ali Suleyman, Elena Bogomolova and Gary Matthews from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update.
As the world emerges from the pandemic crisis, regulatory authorities are once again turning their attention to compliance matters.
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
The Full Federal Court has handed down its decision in FCT v Guardian AIT Pty Ltd [2023] FCAFC 3 (“Guardian”) which considered the application of anti-avoidance rules to trust distributions to a corporate beneficiary.
The ATO has finalised draft guidance on the application of section 100A to trust entitlements, staying close to the original released earlier this year. The finalisation comes despite two cases (both for and against the Commissioner) currently on appeal to the Full Federal Court. The guidance provides a very stringent view by the ATO on what may fall within the scope of section 100A. This may create significant risks with respect to trust distributions that will need to be managed very carefully.
Recent media articles speculating on possible superannuation changes in the upcoming Federal Budget on 25 October 2022 have many questioning what they should be doing with their super before Budget night.
When the ATO released the Draft Ruling last week, the existing residency rulings IT 2650 and TR 98/17, were withdrawn.
It would appear the ATO has released the Draft Ruling to modernise the previous rulings (which were both released in the 1990s) and to incorporate key findings from recent residency cases, in particular Addy, Pike and Harding.
Treasury has released exposure draft legislation to implement an integrity measure to make corporate distributions unfrankable where they were funded by capital raising.
Jon is a Principal at Pitcher Partners’ Adelaide firm, specialising in providing management and taxation advice to a variety of private clients and small to medium size businesses. A multi-talented professional, his expertise lies in family and business advisory, managing compliance requirements, structural and entity reviews, as well as taxation matters. A client focused relationship […]