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The tax office’s updated guidance may impact thousands of SMSFs and it’s important you’re aware of the risks for your clients
The Australian Taxation Office has signalled its intention to look closely at how self-managed super funds calculate a crucial tax exemption.
The move has implications for tens of thousands of SMSFs.
In a recent speech to the Tax Institute, Assistant Commissioner Matthew Bambrick said the ATO would look closely at how funds calculate exempt current pension income (ECPI). The ATO has also recently updated its technical guidance around ECPI on its website.
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