2023 - Accurium

Changing residency

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.

NALE legislation introduced: Relief for general expenses

Expenses, tax and administration

15 Sep 2023

Long awaited changes implementing a cap on the amount of NALI arising from a general NALE has been introduced into Parliament. This blog outlines key aspects of the proposed relief.

Accurium expands its education offering

11 Sep 2023

Accurium is excited to announce a significant expansion of its education and technical services offering. Already an award winner for its SMSF education, Accurium is expanding into the broader tax space to provide a comprehensive professional development offering for accountants.

Advice opportunity for clients with market-linked pensions

Transfer balance cap

24 May 2023

SMSF members with market-linked pensions whose balances exceed the transfer balance cap may now have an exit route to greater flexibility, better tax outcomes and preferrable estate planning options.

SMSF Professionals Day – a one-day event designed for SMSF practitioners

Accumulation & contributions

8 May 2023

Building on the success of Accurium’s growth in education and training offering for SMSF practitioners, this year we are pleased to be partnering with selfmanagedsuper to deliver a full day event providing attendees with up to 11 hours of CPD!

Myths of aged care

Age Pension & Aged Care

11 Apr 2023

As the proverb goes, ‘a little knowledge is a dangerous thing’. With much information floating on the internet or a gathering among friends and family, clients sometimes make decisions based on incomplete information which can unfortunately lead to detrimental and sometimes irreversible outcomes.

$3 million cap consultation paper released

Retirement strategies

10 Apr 2023

Treasury has released (31 March 2023) a consultation paper today “Better targeted superannuation concessions” on the proposed measure to reduce the superannuation tax concessions available to individuals whose total superannuation balances exceed $3 million. The proposed measure, if legislated, will apply from 1 July 2025.This consultation paper expands on the Government’s announcement of this measure on 28 February 2023, which included a fact sheet “Better Targeted Superannuation Concession”. You can view the Treasurer’s media release which includes the fact sheet here.

Proposed NALE changes a solution, but is it best?

Expenses, tax and administration

6 Mar 2023

The government has released a consultation paper (24 January 2023), “Non-arm’s length expense rules for superannuation fund” which outlines options to amend the nonarm’s length income (NALI) provisions which apply to superannuation funds. The intention of these potential changes is to ensure the rules continue to operate in line with their original policy intent and provide a greater level of certainty to trustees ahead of the expiry of the transitional compliance approach (PCG 2020/5) on 30 June 2023.

Ethics training – the black, white and grey of practicing in financial services

1 Mar 2023

Our principal Melanie Dunn sat down with ethics expert Nidal Danoun to discuss why professional development training in ethics is valuable for professionals working in financial services.

Member benefit or superannuation death benefit – a shift in perspective

Death benefits & Estate planning

14 Feb 2023

Around this time last year, the ATO provided their view on the scenario where a member had requested a benefit payment but died prior to it being paid. The issue was whether the benefit payment would be treated as a member benefit or as a superannuation death benefit. Almost twelve months on and the ATO has updated their website on this issue which appears to be a reversal of their view from last year.

Indexation of the transfer balance cap – here we go again!

Transfer balance cap

25 Jan 2023

The general transfer balance cap (TBC) is the cap that determines how much an individual can transfer into retirement phase and will increase from the current $1.7m to $1.9m on 1 July 2023. This is the second time that the general TBC has been lifted.

Blog

/ 2023