How to complete member information in the 2018 SMSF annual return?

How to complete member information in the 2018 SMSF annual return?

The Australian Tax Office (ATO) has made a number of changes to the Self-managed superannuation fund annual return 2018 (NAT 71226-06.2018) to facilitate the superannuation reform changes that came into effect on 1 July 2017. Some of the main changes are highlighted...
Can an SMSF still apply for Capital Gains Tax uplift?

Can an SMSF still apply for Capital Gains Tax uplift?

While the lodgement date for a 2017 self-managed superannuation fund annual return has passed, some SMSFs may have yet to submit their tax return. The due date was 30 June 2018. However, as the due date falls on a weekend, lodgement no later than Monday 2 July 2018...
Unsegregated Capital Gains Tax Relief

Unsegregated Capital Gains Tax Relief

The CGT relief provisions preserve the tax exemption on capital gains accrued, but not yet realised, on CGT assets held in ABPs and TRISs prior to 1 July 2017.  The relief ensures that only capital growth post 1 July 2017 is taxed.  The CGT relief applies differently...
Common mistakes while claiming GST

Common mistakes while claiming GST

A SMSF with an annual turnover of less than $75,000 is not required to register for GST, but can opt to do so. Since annual turnover for GST purposes does not include input-taxed supplies, a SMSF that invests only in shares, units in unit trusts and/or residential...

Claiming foreign income tax offset

The speculation over Australian economic downturn and rising unemployment has motivated trustees to invest overseas. When an SMSF pays foreign tax on foreign income, foreign tax credits can be claimed on that income according to Section 770.75 of the Income Tax...

Can your SMSF sell property assets to a related party?

Self-managed superannuation funds (SMSFs) over the past few years have become the retirement vehicle of choice due to the flexibility that trustees have over investments and effective low tax rates. SMSFs are also an effective tool for estate planning, as it allows...