NEWS

People are expected to hold onto assets rather than dispose of them following changes to the superannuation legislation, claims the Shadow Finance Minister. In the Senate Estimates on Wednesday (3 December) Senator James Paterson said according to the Parliamentary Budget Office, superannuation members who hold assets will now more likely keep them within the super environment rather than face capital gains tax on their sale. “The package [legislation] is expected to raise ab

Aggressive re-contribution strategies can be classed under Part IVA or general anti-tax avoidance, warns a technical consultant. Matt Manning from BT Financial said withdrawals from super are proportioned between the tax-free and taxable component. Standard withdrawals such as pension payments, and non-concessional contributions form part of the tax-free component, and the law doesn’t specify from which component an excess non-concessional contribution is released. “It just s

The new draft legislation on digital assets introduced into Parliament last week is “good news” for the SMSF sector, particularly for trustees who have, or are thinking of, investing in crypto currencies, a leading auditor said. Shelley Banton, director of Super Clarity, said while there is a lack of regulation in the digital asset industry the draft legislation is “really good news because we’re finally seeing some movement at the station”. According to research from the Dig