[av_section min_height=’custom’ min_height_pc=’25’ min_height_px=’230px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_margin=’0px’ custom_margin_sync=’true’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#ffde59′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_tb’ src=” attachment=” attachment_size=” attach=’scroll’ position=’center center’ repeat=’stretch’ video=” video_ratio=’16:9′ overlay_opacity=’0.6′ overlay_color=’#084a79′ overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-145nae’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ link=” linktarget=” link_hover=” padding=’0px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-jgf3pjem’]

[av_heading heading=’The News Brief_20201216′ tag=’h1′ style=’blockquote modern-quote modern-centered’ subheading_active=’subheading_below’ show_icon=” icon=’ue800′ font=” size=’6vw’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’20’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ icon_color=” margin=’0′ margin_sync=’true’ padding=’0′ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kipdq35z’ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

[/av_one_full][/av_section][av_one_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-g8cs0t’][/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-hh2n9p’]
[av_social_share title=’Share this story to your friends’ style=’minimal’ buttons=” av_uid=’av-k7zlpjtt’ custom_class=” admin_preview_bg=”]
[/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-jhgqpp’][/av_one_third]

[av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’tax1′ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Coronavirus grants now tax-free’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kipdqnae’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday.

The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these payments are not subject to income tax by the Commonwealth.

The minister must declare a grant program to be eligible by legislative instrument and must be satisfied that the program is responding to the economic impacts of the coronavirus pandemic.

The grant must have been first publicly announced on or after 13 September 2020 by the relevant state, territory or authority, and must be directed at supporting businesses subject to certain restrictions regarding their operations.

Only entities with an aggregated turnover of less than $50 million will be eligible for the concessional tax treatment.

“The concessional tax treatment ensures that eligible businesses obtain an additional boost to their cash flow, further supporting their economic recovery,” the explanatory memorandum said.

“This is because, in addition to the payments not being subject to income tax (by being treated as non-assessable non-exempt income), businesses will continue to be able to claim deductions for eligible expenses made with the grant payments.”

The concessionary measure was first revealed by Prime Minister Scott Morrison following the announcement of Victoria’s $3 billion Business Resilience Package.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’property’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Victorian property market holds firm in the face of Covid-19′ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kipdrjw1′ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
Residential Prices

The Victorian property market is resilient and this is evident in the price performance over recent months. While the pandemic has impacted transaction volumes in Victoria, property prices have held steady. The September 2020 quarter median price for homes in metropolitan Melbourne remained steady and regional Victoria recorded new historical benchmark for its median house price. Details below.

Rental Market

House rents in both metropolitan Melbourne and regional Victoria have performed well, consistently growing over the quarter and the year. Weekly rents for units and apartments fell slightly in the metro area, but had a solid performance for regional Victoria, which increased over the year by 7.4%.


[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’mortgage’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’What is positive gearing?’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kipduqhm’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
As interest rates continue to fall, there has been more and more talk about the concept of positive gearing.

Simply put, when a property is positively geared, it generates more income than it costs to hold.

Most property investors are faced with a number of costs that come with owning a property. The most obvious costs are the interest repayments on your mortgage. However, there are also a number of other expenses that need to be factored in when calculating how much money your property is making you each week, month or year.

These costs include repairs and maintenance, strata fees, council costs, land taxes and even periods of vacancies. On the flip side, the income is based on how much rental income your property receives. If the income is more than the sum of the expenses, you have yourself a positively geared property.

For the most part, positively geared properties are not that common given the high costs that usually come with owning property. They are also far less common in the major cities such as Sydney and Melbourne, where house prices are high and rental yields are low.

Advantages of Positively Geared Properties

The real advantage of owning a positively geared property is that it makes you money every month.

Instead of owning a property that costs you money every month, a positively geared property is effectively another source of income.

Positively geared properties are also great for investors who are looking to build large property portfolios. Invariably, if an investor holds a number of negatively geared properties, it is only a matter of time until their serviceability runs out and obtaining finance will be incredibly difficult.

Disadvantages of Positively Geared Property

The main disadvantages of a positively geared property is that you need to pay tax on the income. Contrast this to many Australians who are able to access tax deductions, if their rental properties are losing them money each year.

Equally, there is a belief that most positively geared properties are located in less desirable areas. Some of these locations tend to have lower capital growth potential than properties located in popular metropolitan areas.

However, there are a number of regional areas that are currently experiencing very high demand and strong growth, which suggests that there is no rule of thumb that says metro areas are always stronger.

There are several different types of properties that might be positively geared, such as those containing granny flats, dual-income proprieties such as duplexes, or those in regional locations or even mining towns.

Buying a positively geared property is perhaps easier than it has ever been, given the low level of interest rates.

However, it’s important to weigh up your buying decisions based on a range of factors, including the potential for capital growth, the type of tenant you want and your overall investment strategy, instead of chasing income alone.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’tax2′ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Reform taxpayer’s burden of proof, government told’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kipe1xq9′ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
The suggestion by Richard Bobb of Encountr Tax Advisory, presented to standing committee on tax and revenue chair Jason Falinski, builds on a 2015 recommendation by the same committee that called on the government to make changes to the law to place the burden of proof on the Tax Commissioner to prove fraud and evasion after the elapse of a certain period.

The committee’s 2015 report noted that an allegation of fraud and evasion exposed taxpayers to a limitless record-keeping period, disadvantaging them when records outside the statutory record-keeping period no longer exist.

The government at the time shot down the recommendation, arguing that such a reversal of onus would “be counterproductive and encourage sham behaviour by taxpayers associated with fraud and evasion”.

Mr Bobb, who also prepared the paper for The Tax Institute’s disputes resolutions committee, believes it is the right time for the government to reconsider its stance.

He believes a compromise should be on the cards, and argues that the ATO should be made to provide evidence when alleging fraud or evasion.

“If the commissioner is to make a serious allegation that there has been either fraud or evasion, then the commissioner should be put to the test to support the allegations with all the evidence he will be relying on,” Mr Bobb said in the submission.

“So, while the onus of proof might still be with the taxpayer, the commissioner’s position will not simply be based on a citation of facts and the application of the tax law to those facts; rather it will be a position that is supported with evidence that corroborates the position taken by the commissioner.

“This would drive ATO conduct towards what would be expected in private practice and allow the taxpayer to more fully understand the evidence that has been gathered to support the opinion.”

Another remedy presented to the government includes recomposing the National Fraud or Evasion Advisory Panel to include a non-ATO member, and allowing a taxpayer’s representative to attend the panel meeting to better understand the proceedings.

Mr Bobb also believes a further workaround could include amending the Administrative Decisions (Judicial Review) Act 1977 to allow the opinion that there is fraud or evasion to be tested in the courts before the issuing of an assessment.

“The utility in this approach is that it prevents the taxpayer being traumatised by the issuing of (amended) assessments that may consequently trigger a plethora of related and adverse issues (such as the commencement of debt recovering action, including legal proceedings), the potential to trigger a breach in a banking covenant and/or an event of insolvency, while Part IVC proceedings are still on foot,” he said.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=’super’ custom_class=” aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’ATO prepares SMSFs for potential indexation of transfer balance cap’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kipe2hp1′ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
In a public update, the ATO stated if the All Groups consumer price index (CPI) figure for the December 2020 quarter is 116.9 or higher, then indexation of the general transfer balance cap will occur on 1 July 2021.

It noted that the CPI figure for the September 2020 quarter released on 28 October was 116.2.

Once indexation of the general transfer balance occurs, there will be no single transfer balance cap which applies to all individuals, the ATO explained.

An individual who starts their first retirement phase income stream on or after indexation, it said, will have a transfer balance cap of $1.7 million.

“[However], an individual who already had a transfer balance account and who at any time met or exceeded the $1.6 million transfer balance cap will not be entitled to indexation and their personal transfer balance cap will remain at $1.6 million,” the ATO cautioned.

“For every other individual, their entitlement to indexation will be based on identifying the highest-ever balance in their transfer balance account and using this information to calculate the proportional increase in their transfer balance cap and applying that new personal transfer balance cap to their affairs going forward. These individuals will have a personal transfer balance cap somewhere between $1.6 million and $1.7 million.”

The ATO stated that it will do this calculation when indexation occurs based on the information received and processed by the ATO at this time. 

“We will use and display what we consider the individual’s personal transfer balance cap to be. After indexation, ATO online services (and online services for agents) will be the only place an individual who had a transfer balance account prior to indexation will be able to see their personal transfer balance cap,” the ATO said.

“Late reporting and retrospective re-reporting by any provider after indexation has occurred may have significant consequences for the individual as we will go back and reconsider if the individual was entitled to proportional indexation and apply this new information to their affairs.”

Indexation of the general transfer balance cap will have consequences on other caps and limits that will flow through to other parts of the tax and super systems, the Tax Office noted.
[/av_textblock]

[/av_one_full][/av_section][av_one_full first min_height=’av-equal-height-column’ vertical_alignment=’av-align-middle’ space=’no_margin’ custom_margin=’aviaTBcustom_margin’ margin=’0px,70px’ link=” linktarget=” link_hover=’opacity80′ padding=’40px’ padding_sync=’true’ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ background=’bg_color’ background_color=’#f7f7f7′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-jgrx3l5f’ admin_preview_bg=”]

Sources: Accountants Daily, The Adviser, REIV and CFH Partners
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

[/av_textblock]

[/av_one_full][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’0px,70px’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#ffde59′ background_gradient_color1=’#094978′ background_gradient_color2=’#105e96′ background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]
[av_one_full first min_height=’av-equal-height-column’ vertical_alignment=’av-align-middle’ space=” margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=” radius=’0px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-lsyke’ custom_class=”]

[av_heading heading=’Any more questions? ‘ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’27’ subheading_active=’subheading_below’ subheading_size=’15’ margin=” padding=’30’ color=’custom-color-heading’ custom_font=’#000000′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”]
Click the button below and talk with us!
[/av_heading]

[av_button label=’Get in touch’ link=’page,851′ link_target=’_blank’ size=’x-large’ position=’center’ label_display=” icon_select=’yes-right-icon’ icon_hover=’aviaTBicon_hover’ icon=’ue879′ font=’entypo-fontello’ color=’custom’ custom_bg=’#ffffff’ custom_font=’#000000′ av_uid=’av-jgf4ovnq’ custom_class=” admin_preview_bg=”]

[/av_one_full]
[/av_section]

[av_one_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-1waoal’][/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-3suqlp’]
[av_social_share title=’Share this story to your friends’ style=’minimal’ buttons=” av_uid=’av-k7zlpjtt’ custom_class=” admin_preview_bg=”]
[/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-6lbunh’][/av_one_third]