The Superannuation Guarantee increases to 10.5% from 1 July and the $450 per month earning threshold will be removed. Businesses are advised to update payroll software to correctly calculate the SG entitlement. Employees previously not eligible for super under the $450 threshold will need to provide their employer with a nominated super fund, which will [...]
1 July marked the start date for a raft of new rules around superannuation, including some affecting self-managed super funds (SMSFs). Most notably, the maximum number of members allowed in an SMSF has been increased from four to six. Â This change is expected to be useful for a small cohort of SMSF trustees, such as [...]
As part of the response to the COVID-19 crisis, The Tax Practitioner Stewardship Group and the BAS Agent Association Group have extended the Single Touch Payroll (STP) exemption deadline for small employers (those with 19 or fewer employees) needing to report their closely-held payees through STP enabled software from 1 July 2020 to 1 July [...]
The recent sell-off on global share markets due to the economic impact of COVID-19 has highlighted the risks of depending too heavily on a single asset class. Even before the current crisis, the ATO was concerned about a minority of self-managed superannuation funds (SMSFs) with up to 90 per cent of their money in a [...]
The National COVID-19 Coordination Commission (NCCC) has developed a 14-page COVIDSafe plan to assist businesses to keep their staff, clients and community safe as their business operations recommence. The guide includes advice on ensuring people’s safety, how to adapt your business now and in the future and how to access support and assistance. Please click [...]
HomeBuilder is a temporary measure intended to help the residential construction market recover from the COVID-19 crisis. The program will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The eligibility criteria and conditions include that the contract is signed between [...]
For the 2019/20 and 2020/21 financial years, the ATO has announced that for commercial property owned by a SMSF, the trustee as the landlord may in certain circumstances be able to offer a tenant rent relief because of the financial impacts of COVID-19. This relief measure is also applicable for business owners who rent their [...]
Building wealth tax effectively within your SMSF should be a priority and approaching the end of the financial year is the ideal time to review your strategy in context of your financial affairs as a whole. Adjustments may be required to help you take advantage of the tax-efficient retirement savings environment, cost benefits and flexibility [...]
