The ‘similar business test’ has been introduced to provide greater flexibility for businesses to use past year losses. These changes apply to losses made on or after 1 July 2015.
If you have a Division 293 tax liability, you have the option to pay by releasing money from super. To do this you must make a request for the Commissioner of Taxation to release the money for you.
COURT SHUTS DOWN ILLEGAL SMSF PROMOTER
A Federal Court has imposed a $220,000 penalty and a seven-year ban for the promoter of an illegal early release of super scheme using self-managed super funds (SMSFs).
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