ATO super campaign endorses value of advice
The Australian Taxation Office (ATO) has advised people to consult financial planners or tax professionals to make sure they are not “breaking the bank” when trying to take advantage of the new simpler super legislation.
In an information circular to tax payers, the ATO reinforces warnings already issued by the Commissioner for Taxation, Michael D’Ascenzo, with respect to selling assets or borrowing money to invest into superannuation.
In particular, the ATO warned that consumers who sold their rental property to make cash payments into superannuation needed to ensure they had funds set aside to meet tax liabilities such as capital gains tax.
It said this was also the case with respect to listed shares.
“To be sure you’re not breaking the bank, talk to a tax professional or financial planner about the best way to grow your super for retirement,” the ATO said.
AUTHOR
Mike Taylor
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
