Treatment of carried forward capital losses existing at 30 June 2017

Treatment of carried forward capital losses existing at 30 June 2017

As part of the new superannuation reform, eligible Self Managed Superannuation Funds (SMSFs) can utilise the transitional Capital Gains Tax (CGT) relief to reset an asset’s cost base to market value either at the cessation time or 30 June 2017. The cessation time...
Segregated Capital Gains Tax Relief

Segregated Capital Gains Tax Relief

From 1 July 2017, SMSF members are limited to having $1.6 million (i.e. Transfer Balance Cap for 2016/2017) in their retirement pension account (i.e. Account Based Pensions (ABP)) where ordinary and statutory income (investment income) derived from assets supporting...
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...

Tax effect accounting and SMSFs

Trustees of self-managed superannuation funds (SMSFs) are required to prepare financial statements in accordance with the accounting policies as per the requirements of the SIS Act 1993 and SIS Regulations 1994. There is no requirement for a superannuation fund to...