The Government's two Coronavirus economic stimulus packages deliver relief measures for members of superannuation funds, including SMSFs: Temporarily reduce superannuation minimum drawdown rates Early release of superannuation Reducing social security deeming rates The Government is also expected to issue guidance this week in relation to Rent relief for SMSF tenants. Here's our summary of these [...]
COVID-19 relief measures have been announced by the Federal Government, the NSW State Government, the Australian Tax Office (ATO) and the banking sector. Please view/download our summary of the key measures, eligibility requirements and relevant dates. View/Download COVID-19 Relief Measures  Our summary was also published in the CA ANZ's online magazine Acuity. To [...]
On 11 March 2020 COVID-19 was declared a pandemic by the World Health Organisation. The Australian Government's quarantine measures require self-isolation for 14 days for anyone entering Australia, from any international location. Early social distancing is recommended for everyone in Australia and this will have impacts on our home and working lives. To protect visitors, [...]
The Australian Government has announced a $17.6 billion economic response to address the economic impacts of the Coronavirus outbreak. The response is intended to support confidence, employment and business continuity. Key measures include: SUPPORTING BUSINESS INVESTMENT Increasing the instant asset write-off - Effective immediately, the instant asset write-off threshold has been increased from $30,000 [...]
An employee can ‘sacrifice’ part of their salary or wages into super contributions under an agreement with you, the employer. You then pay the sacrificed amount to your employee’s super fund on their behalf. Benefits for the employee: salary sacrificing is a tax effective way of increasing their super, provided they stay within their contribution caps. Benefits for the [...]
A taxpayer must meet additional conditions to access the small business capital gains tax (CGT) concessions for shares in a company or interests in a trust. A taxpayer can apply the small business CGT concessions to lower or disregard their capital gain from the disposal of their CGT assets. If the CGT asset is a share in a company or interest [...]
Treasury has released exposure draft legislation to extend the definition of a Significant Global Entity (SGE) beyond groups headed by listed companies and by private companies required to prepare general purpose financial statements. SGE is a concept to define, generally speaking, a group of entities, interrelated by a control relationship that could enable non-arm’s length dealings and therefore be of special interest [...]
Two special sets of rules apply to closely held trusts – the trustee beneficiary (TB) reporting rules and the tax file number (TFN) withholding rules. However, the circumstances when they apply are different. The information provided will help you to quickly work out: whether your trust is one to which either or both sets of rules applies (Part A) which beneficiaries [...]
Employers need to take care not to be caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments are received by the trustee of a complying superannuation fund. It’s not [...]
The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires. An automatic two-month deferral for activity statements lodgements and payments due has been provided to those in affected postcodes. Taxpayers can also call the ATO directly to request further assistance, such as requesting extra time to manage tax [...]
