A recent unanimous decision of the Full Federal Court represents a major win for SMSFs and taxpayers on the topic of the sole purpose test. This decision overturns the primary judge’s decision at first instance in Aussiegolfa Pty Ltd v Commissioner of Taxation  FCA 1525 which held that the sole purpose test had been contravened.
In the part 3 of our series, we examine two other strategies to reduce an individual’s TSB — namely, tax effect accounting and contribution splitting….
On 24 May 2018, the government announced a 12 month superannuation guarantee (‘SG’) amnesty (‘Amnesty’) that proposes to give employers an opportunity to rectify past SG non-compliance without penalty. If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘SG Bill’) is ever made law, the Amnesty period will apply from 24 May 2018 and run for a 12 month period to 23 May 2019.
Over the past 10 years, the number of media outlets and mask-heads covering accounting and SMSFs has skyrocketed. And don’t get me wrong, I do not see anything wrong with this. I think it is great our industry is getting recognition for the contribution it makes to the financial health of the community.
BGL is delighted to announce the release of stage 1 of the Simple Fund 360 mobile application – The Trustee Query.