logo
spacer
spacer

 eWombat Search 
>
spacer spacer spacer
Latest Accounting News
Hot Issues
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
Small business corporate tax rates Bill is now law
ATO to double rental deduction audits to 4,500
ATO set to issue excess super contribution determinations
How's Australia going as we approach the election?
Single Touch Payroll (STP) is compulsory for all small businesses.
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
GST collection on overseas goods at 300% of forecasts
The problem with getting to 53 years of age.
Lost Beneficiaries
New quarterly STP reporting method for closely held payees revealed
Some Australian figures to help on Budget night.
Employers hit with rolling SG audits as ATO toughens stance
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Articles archive
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 4 of 2016
Articles
Big-ticket tax set for government review
Unclaimed Monies - Christmas Project?
FBT – Christmas Parties and Taxi Fares
Employee Christmas Parties and Gifts – Any FBT?
‘Beware the tax man’ eyeing holiday period activity
Merry Christmas for 2016, a Happy New Year and a prosperous 2017.
Research reveals key to ‘high-performing’ firms
Late payments hitting SMEs hard
Estate planning issues flagged with $1.6m pension transfer cap
Travel to a workplace: What’s in, what’s out
New fleet “safe harbour” approach for car fringe benefits
Struggling Business Turnarounds
SMSF practitioners told to urgently address TRIS issues
$20,000 write off is only available for small business, right? Well…
Do you need an Employment Agreement?
What does the new withholding tax mean for your clients?
Is there a problem with using your company’s assets for yourself?
Domestic (non-marital) Relationships
SMEs at risk of ‘falling foul’ of ATO
Scams, fraudsters and viruses
Got your car log book ready?
SMSF practitioners told to urgently address TRIS issues

 

SMSF practitioners are being told to review their clients’ TRIS strategies and start discussing any work test issues now, as there will only be a short time frame left, once the legislation is passed, to implement changes.



       


 


Clients who are in receipt of a transition to retirement pension, practitioners may want to start discussing whether the client has met a condition of release, because that will push the pension into pension phase under the new proposals.


“If I’m older than sixty, and I go and get a job and I cease that, then I’ve ceased that employment and that means I’ve met a condition of release,” Mr Colley of Superconcepts said.
 
A side issue to that which practitioners should talk to clients about now is whether clients still meet the work test, which will affect whether they can make contributions.


“That’s been a reasonably common question that I’ve had with some of our clients now they’re saying ‘OK, well, that’s all well and good, but do I meet the work test or can I meet the work test or how can I do that?’” Mr Colley said.


Heffron SMSF Solutions head of customer Meg Heffron said she expects there are still plenty of pensions around the country that are classified as transition to retirement because the client never thought to tell their accountant they had fully retired.


“For example, a client who is over 60 may have had a casual job working for the electoral commission and once the election was over, they met a condition of release. So the thing they’re calling a transition to retirement actually isn’t anymore.”


Ms Heffron agreed that tidying this up now will be useful for clients regardless of whether the proposed legislation for superannuation is passed.


“Even if the changes aren’t passed, there is no downside with tidying things up and clarifying which ones are transition to retirement and which ones aren’t, so I would be doing that now,” she said.


 



MIRANDA BROWNLEE
Thursday, 27 October 2016
smsfadviser.com.au




11th-November-2016