Please download our newsletter – click here: EFA Tax and Super Newsletter-September-2017

If you’re intending to leave Australia long term (or permanently), you may be able to lodge your tax return before 30 June 2018.

The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors.

The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical report on SMSFs that trustees should be glad to read.

Also dealt with are the differences between investment returns being on revenue or capital account, and what to do if you need to lodge your next tax return early.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

 

Notes:

For the new rules on transfer balance credit and LRBAs, see this link. The ATO view on excluded assets for small business maximum net asset value test can be found in ID 2001/37. And for the revenue versus capital for investment returns article, to clear up whether profits from isolated transactions are on revenue account, see TR 92/3.