Capital Gains Tax Relief
Capital Gains Tax Relief – Documentation Service Super Reforms Implementation Service (externally administered funds) Completing the Form Who should complete this form? This form should be completed for each SMSF who require documents to be prepared to cover funds who: •
Will be taking up the special relief on Capital Gains Tax
Please note, this is a document only service, the fund administrator responsible for the fund will need to provide implementation and any reporting services required to meet the fund’s obligations.
What do the services include? Capital Gains Tax Relief ($440 per fund) Our documentation covers three phases for the CGT relief: •
•
•
A minute confirming the Fund’s eligibility for relief under the relevant method and the circumstances which lead to that eligibility. The administrator of the fund should review the actual events leading up to 30 June 2017 and ensure that the Fund meets the relevant requirements. The purpose of the minute is to support the fund in the event of a future audit of the re-set cost base for the fund’s assets; Instructions from the trustees to the fund administrator, accountant or adviser on how to prepare the 2016/17 income tax return. This ensures that the trustee is clearly instructing their suppliers and provides protection for all parties. It also highlights the consequences of those decisions to ensure that these are transparent. A final minute confirming the actual elections and choices made by the trustee about the CGT relief, including details of the re-set cost base, effective date and any deferred notional gains that should be carried forward until the sale of the asset(s). This provides the capital gains tax records necessary for the future
Super Reform Documents Complete and return this form to Heffron: [email protected] Section A: Fund Details Fund Name:…….…………………………………………………………………………………………………………….. Trustee Name/s (individual or corporate):………………………………………………………………………………………… Section B: Contact Details – documents will be sent to this person Name: …………………………………………….………………………………………………………………………………….. Phone: …………………………………………………….
Company: ………………………………………………………….
Email: …………………………………………….…………………………………………………………………………………... Section C: Order Details
Capital gains tax relief $440 Inc GST per fund Generally, CGT relief will be claimed under one of two methods for the entire fund. If you will be using both methods (for different assets) provide details below
Segregated Method
Cost Base Reset Date:
Proportionate Method
Will the fund:
(Write “leave blank” if not yet known)
What event caused / will cause the fund to be eligible for CGT relief on its segregated assets?
Defer the payment of tax on capital gains that arise as a result of resetting the cost base
Pay tax on this gain in 2016/17
OR
The Fund provided one or more transition to retirement pensions that in the 2017
The Fund stopped segregating the Assets Details:
Opt in to CGT relief for:
All assets in a gain position at the cost base re-set date All assets in a gain position at the cost base re-set date, other than a specific list of assets (please provide details) A specific list of assets (please provide details) Not yet decided, to be determined as part of preparing the 2016/17 tax return
Section D: Payment
Details
Credit Card VISA
MasterCard
Amount: $................................................ Cardholder’s Name: ……………………………………. Card Number: …………………………………………… Expiry Date:………………………………………………
EFT Transfer Amount: $......................................................................... BSB: 082 691 Account: 561309446 Ref: Company Name/Fund Name
Signature: ……………………………………………….. Request an Invoice Amount: $...................................................................... *Note: documents will be sent once payment confirmation has been provided: [email protected]
Signed ___________________________________________
Any further information:
Will be taking up the special relief on Capital Gains Tax
Please note, this is a document only service, the fund administrator responsible for the fund will need to provide implementation and any reporting services required to meet the fund’s obligations.
What do the services include? Capital Gains Tax Relief ($440 per fund) Our documentation covers three phases for the CGT relief: •
•
•
A minute confirming the Fund’s eligibility for relief under the relevant method and the circumstances which lead to that eligibility. The administrator of the fund should review the actual events leading up to 30 June 2017 and ensure that the Fund meets the relevant requirements. The purpose of the minute is to support the fund in the event of a future audit of the re-set cost base for the fund’s assets; Instructions from the trustees to the fund administrator, accountant or adviser on how to prepare the 2016/17 income tax return. This ensures that the trustee is clearly instructing their suppliers and provides protection for all parties. It also highlights the consequences of those decisions to ensure that these are transparent. A final minute confirming the actual elections and choices made by the trustee about the CGT relief, including details of the re-set cost base, effective date and any deferred notional gains that should be carried forward until the sale of the asset(s). This provides the capital gains tax records necessary for the future
Super Reform Documents Complete and return this form to Heffron: [email protected] Section A: Fund Details Fund Name:…….…………………………………………………………………………………………………………….. Trustee Name/s (individual or corporate):………………………………………………………………………………………… Section B: Contact Details – documents will be sent to this person Name: …………………………………………….………………………………………………………………………………….. Phone: …………………………………………………….
Company: ………………………………………………………….
Email: …………………………………………….…………………………………………………………………………………... Section C: Order Details
Capital gains tax relief $440 Inc GST per fund Generally, CGT relief will be claimed under one of two methods for the entire fund. If you will be using both methods (for different assets) provide details below
Segregated Method
Cost Base Reset Date:
Proportionate Method
Will the fund:
(Write “leave blank” if not yet known)
What event caused / will cause the fund to be eligible for CGT relief on its segregated assets?
Defer the payment of tax on capital gains that arise as a result of resetting the cost base
Pay tax on this gain in 2016/17
OR
The Fund provided one or more transition to retirement pensions that in the 2017
The Fund stopped segregating the Assets Details:
Opt in to CGT relief for:
All assets in a gain position at the cost base re-set date All assets in a gain position at the cost base re-set date, other than a specific list of assets (please provide details) A specific list of assets (please provide details) Not yet decided, to be determined as part of preparing the 2016/17 tax return
Section D: Payment
Details
Credit Card VISA
MasterCard
Amount: $................................................ Cardholder’s Name: ……………………………………. Card Number: …………………………………………… Expiry Date:………………………………………………
EFT Transfer Amount: $......................................................................... BSB: 082 691 Account: 561309446 Ref: Company Name/Fund Name
Signature: ……………………………………………….. Request an Invoice Amount: $...................................................................... *Note: documents will be sent once payment confirmation has been provided: [email protected]
Signed ___________________________________________
Any further information:
