Category: Blog
Merry Christmas and Happy New Year!
Our Office is unattended from Monday 21 December 2020 . We will be back on Monday 4th of January 2021 at 9am. All requests received during this period will be dealt with upon our return. If your matter is urgent please send us an email and we will do our best to help you over the holida..Read More
Guidance on “influence test” for super fund for foreign residents withholding tax and sovereign immunity exemptions
Law Companion Ruling LCR 2020/3 addresses Schs 3 and 4 to the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019, which limit the withholding tax exemption for superannuation funds for foreign residents and codify and limit..Read More
Regulations made to amend tax and super law
Regulations have been made to make minor and technical amendments to regulations in the Treasury portfolio, including tax and superannuation laws. The Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 (the regulations) correct typographical errors and unintended ou..Read More
ABN regulations finalised
Regulations to remake and improve the operation of the A New Tax System (Australian Business Number) Regulations 1999 (existing regulations) before they sunset have been finalised. The A New Tax System (Australian Business Number) Regulations 2020 remake and improve the existing regulations b..Read More
COVID-19: determination on SMSF in-house assets finalised
The ATO has finalised a legislative instrument that excludes certain assets of self-managed superannuation funds (SMSFs) from being in-house assets in response to COVID-19. The Self Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020 p..Read More
Draft data and payment standard for SMSF rollovers
The ATO has issued a draft legislative instrument requiring self-managed superannuation funds (SMSFs) to send and receive rollover information and payments using SuperStream from 31 March 2021. The draft instrument amends the Superannuation Data and Payment Standards 2012 (F2016C01040) (F2016..Read More
Your Future, Your Super package
The government has released exposure draft materials for public consultation to implement measures in the Your Future, Your Super package of reforms announced in the 2020–21 Budget. The exposure draft legislation includes amendments for the following: Single default account — The draft..Read More
45 days reporting requirement for SMSFs
As part of package of miscellaneous amendments, Treasury are consulting on a measure which proposes that trustees of SMSFs finalise their accounts and statements 45 days prior to the lodgement due date of their annual return. The proposed draft regulation would, from the 2020-21 financial year ..Read More
2020 SMSF annual return due date
The ATO has reminded that self-managed super funds (SMSFs) unable to meet their lodgment date should obtain a deferral before the due date. An SMSF that is more than two weeks overdue on any annual return and has not requested a deferral will receive a status on the Super Fund Lookup of “Regu..Read More
ATO transitional compliance approach to non-arm’s length expenditure for SMSF auditors
The ATO has clarified that self-managed super funds (SMSF) auditors do not need to modify their independent auditor’s report (IAR) for the 2018-19, 2019-20 and 2020-21 income years regarding non-arm’s length expenditure incurred by a fund of a general nature. Practical Compliance Guideline..Read More