Blog

Updating your email address in the Accurium Membership Portal

Update

16 Jul 2024

As an actuarial certificate client of Accurium, you will have an Accurium membership account. This membership account offers a number of benefits, including; the ability to order certificates, management of account users, access to the Retirement HealthCheck and the capability to download completed certificates and invoices.

ATO releases update to pension ruling which may lead to increased costs

Income streams/pensions

11 Jul 2024

Whilst the focus was on end of financial year matters, the ATO released the final updated version of their pension ruling TR 2013/5: when a superannuation income stream commences and ceases on 26 June 2024. It appears that it has somewhat flown under the radar with yours truly only looking at it in the past day or so, but there is an interesting, and some may say concerning, concept that has been included in the final version, that was not in the original draft.

Certainty achieved for the instant asset write-off

Income & deductions

28 Jun 2024

The increase to the instant asset write-off threshold from $1,000 to $20,000 for 2023-24 has passed Parliament just days before the end of the financial year.

The benefits of advice for residential aged care clients

Age Pension & Aged Care

22 Apr 2024

Most people are not prepared for entry into residential aged care because it is typically not considered until there is an immediate requirement. Aged care advice is usually not sought until there is an unexpected incident such as a stroke or fall and there is need for aged care. This can be a challenging and daunting process and one that the individual’s adviser can provide assistance with. Some of those areas include:

Income protection insurance and temporary incapacity benefits

Income streams/pensions

8 Apr 2024

Understanding the intricacies of income protection insurance within a self-managed superannuation fund (SMSF) is crucial to navigate the compliance requirements and taxation rules effectively. While income protection insurance is typically held outside of superannuation due to tax deduction advantages, some opt to include it in their SMSF for various reasons. However, doing so requires careful consideration of temporary incapacity benefit regulations.

Navigating critical audit issues for SMSF property investments

Audit

3 Apr 2024

The Australian Taxation Office (ATO) has recently underscored the paramount importance of valuing SMSF assets at market value every income year..

Death and the main residence exemption: timing is everything

Capital gains & losses

8 Mar 2024

The interaction between the main residence exemption rules and the rules regarding the death of a taxpayer can provide some interesting outcomes with respect to timing.

Exciting News: Count acquires Diverger

Update

1 Mar 2024

Today marks a significant milestone for Count as they announce the completion of the acquisition of Diverger Limited. Diverger is a diversified professional services business that includes services businesses Knowledge Shop, TaxBanter and Priority Networking.

Don’t be wound up over winding up an SMSF

Expenses, tax and administration

8 Feb 2024

For many individuals, a Self-Managed Superannuation Fund (SMSF) is a vital component of their retirement savings strategy. However, there comes a time when one must consider winding up their SMSF, whether due to reaching a certain age, changing circumstances, or simply that the SMSF no longer suits their needs.

Tax concessions costing the most and who benefits: Government releases its annual Tax Expenditures and Insights Statement

Income & deductions Tax administration

6 Feb 2024

On 31 January 2024 Treasury handed down the 2023‑24 Tax Expenditures and Insights Statement. This annual statement provides a detailed picture of how features of the tax system affect participants and provides some very interesting insights into the tax concessions which cost the most, and the profile of those who benefit.

Changing residency

Income & deductions

3 Nov 2023

Where an individual changes residency, Australian tax law can apply differently — what must be disclosed to the ATO differs, as does how tax or levy imposts are calculated.

Division 7A: Is change coming?

Division 7A Update

4 Oct 2023

The AAT has handed down a decision completely at odds with the ATO’s long-held view that a UPE to a corporate beneficiary falls within general operation of the loan rules in Division 7A. Here is our take on the decision.