COVID-19 and SMSF rental relief
SMSF investments in real property will likely be impacted by the COVID-19 rental relief available to tenants. Where relief is granted by SMSF trustees, they will be required to justify and
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Early release super amounts may have other unintended uses
There are no restrictions on how the money released under the new coronavirus compassionate ground early release scheme is spent. This means that an eligible individual is free to spend this
[ Read More ]Don’t let your employer clients miss any 2019-20 super deductions
A key date is just around the corner for being able to claim a deduction for super payments. With all the COVID-19 updates and new information to absorb, it would not have been surprising to see
[ Read More ]Concerns from ATO on property development and SMSFs
The regulator of self managed superannuation funds reports that it has noticed an increase in the number of trustees entering into arrangements involving buying and then developing property
[ Read More ]Will COVID-19 affect the operation of the SG amnesty?
Some of your business clients may wish to apply for the superannuation guarantee amnesty but may also, given the coronavirus crisis, be concerned that as a result of COVID-19 their circumstances
[ Read More ]COVID-19 stimulus package explained: Tax team special commentary
A legislative package has been pushed through Parliament which contains a number of bills that implement the government’s economic response to the spread of the coronavirus. The relief package of
[ Read More ]Early release of superannuation for COVID-19: Details on eligibility
A set of bills now in Parliament, otherwise known as an omnibus bill, spells out the government’s response to the COVID-19 crisis. Schedule 13 of the omnibus bill amends the SIS Regulations and
[ Read More ]SMSFs to have new LRBA-related label in annual return
Trustees of SMSFs can expect a new label in their annual return forms, which the ATO says should be available from the end of May. After the Treasury Laws Amendment (2918 Superannuation Measures
[ Read More ]Is NALE the key to NALI? The ATO’s compliance approach
SMSFs must transact on an arm’s-length basis. The purchase and sale price of fund assets should always reflect the true market value of the asset, and the income from assets held by a fund
[ Read More ]Accessing DASP online to transition to myGovID — soon
As 99.99% of practitioners will be aware, the ATO is transitioning how tax professionals access its online services, from AUSkey to myGovID and Relationship Authorisation Manager (RAM). From the
[ Read More ]No argument: Non-lodging SMSFs face tough ATO action
As the regulator of the SMSF sector, the ATO’s message to participants comes back regularly to the fact that it continually balances providing assistance and support to this very important
[ Read More ]SG amnesty bill passes both houses and is now law
The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has been passed by the Senate without amendment and received royal assent on 6 March. The bill contains measures that
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