LATEST ACCOUNTING NEWS
5 strategies for successful ‘work from home’ policies
Small businesses: don’t forget your FBT concessions
ATO chases $172bn in undeclared contractor income
‘Penalties will resume’: ATO flips the switch on debt recovery
JobMaker Hiring Credit rules and reporting
ATO data-matching: JobMaker
A broad range of Calculators.
ATO Small Business Newsroom
ATO’s good-faith approach to crypto won’t last much longer
‘Much more complex’: ATO introduces new partnership profit guidelines
Cost of retirement up in December quarter
Contributing to Superannuation
ATO tipped to pounce once JobKeeper ends
What’s Happening to Small Business Loans in Australia?
ATO Revs Up As JobKeeper Set To End In March 2021
Small businesses urged to register assets before insolvency explosion.
ASIC sounds warning around high-yield bond scams
JobMaker Resources - ATO
Government mulls HECS-style business loans
Industry pressure forces ATO’s hand on STP deadline
$36bn withdrawn from super during COVID-19
ATO opens claims for first JobMaker quarter
Vaccination rates as they happen around the world
Toyota returns $18m in JobKeeper payments
Approaching the dawn
Videos and other resources for our clients
Brazen ATO scam costs Sydney woman $22k
Key dates for the second JobKeeper extension period
Returning expats reminded on tax snares with pensions, investments
80¢ per hour work-from-home deduction method extended
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
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
Big-ticket tax set for government review
FBT – Christmas Parties and Taxi Fares
Unclaimed Monies - Christmas Project?
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?
Domestic (non-marital) Relationships
Is there a problem with using your company’s assets for yourself?
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
 
SMSF Advisers Network logo CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411 |Fax: (07) 3376 8904 | Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation and other than for the acts or omissions of financial services licenses.