It’s worth getting to grips with the rules to lower your tax bill.
Q: I have a query on capital gains and taxing property that has increased in value while held in a superannuation fund. Because the tax laws on capital gains and income generally have changed several times over the years, can one apportion the capital gains according to the time it spent in particular tax periods? David.
More recently, in mid-2017, funds were given six months to apply for tax relief that allowed them to reset the cost base of certain investment assets because of the introduction of the $1.6 million transfer balance cap.over the time an investment has been owned by a fund, Colley says this is not possible if what you are asking is whether you can somehow apply any previous concessions retrospectively.
As a general proposition, Colley says, gains are taxed on the net gain when a capital gains event occurs. For example, where real estate is involved, the capital gains event occurs at the time the contract is signed for the sale of the property.The gain or loss is determined in the financial year when the asset is disposed of.
Retirement phase is when pensions being paid relate to members who have met a condition of release of retirement for superannuation purposes or are at least 65. Where an SMSF has “disregarded small fund assets”, it must use the proportioning method to determine the taxable and tax-exempt income of the fund. “Disregarded small fund assets” is where the SMSF is paying at least one income stream that is in retirement phase during the financial year and where any fund member has a total super balance of more than $1.6 million on June 30 in the previous financial year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How do I work out SMSF capital gains tax?It’s worth getting to grips with the rules to lower your tax bill.
Read more »
Six months on, Ukraine is losing the war with RussiaAnalysis: Six months on, Ukraine is losing the war with Russia | Anthony Galloway
Read more »
When it’s worth using an inheritance trustHow to avoid extra tax when a superannuation fund gifts a death benefit to an estate.
Read more »
Pay up: mining and gambling companies told not to expect sympathy over Queensland tax hikesCampaigns against changes to coal royalties and betting taxes given short shrift by government and advocates
Read more »
Ukraine bans Independence Day festivities citing Russian threatUkraine's capital Kyiv will ban public celebrations this week commemorating independence from Soviet rule.
Read more »
Australia’s GP clinics are struggling. Here’s what we can learn from other countries on healthcare funding | Peter Breadon for the ConversationTo improve primary care access and affordability under Medicare we should look at what’s worked overseas
Read more »