SMSF Alert: November 2013

This month's key developments Coalition confirms it won’t proceed with ‘pension tax’ Tax Office issues Tax Determination on reserving of contributions Tax Office issues warning to those double-dipping franking credits Tax Office advises that it is taking additional steps to engage with SMSF trustees and bring their lodgment obligations up to date Pension tax (on incomes over $100,000) won’t proceed On 6 November, the Coalition advised that it wouldn’t proceed with Labor’s proposed cap on the pension-mode tax exemption of $100,000 a year (see How the pension tax might affect you). This is welcome news as the proposed tax...

On 6 November, the Coalition advised that it wouldn’t proceed with Labor’s proposed cap on the pension-mode tax exemption of $100,000 a year (see How the pension tax might affect you). This is welcome news as the proposed tax had the potential to become an administrative nightmare and tax people with average income well under the threshold (for more, see blog posts Ding dong the pension tax is dead and SMSFs to pay for all the weddings and books?).

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