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Category: Blog

Application period extended for temporary early access to superannuation
24 Jul, 2020

The Government has allowed individuals affected by the financial impacts of COVID-19 to access up to $10,000 of their superannuation in the 2019-20 income year and a further $10,000 in the 2020-21 income year on a tax-free basis. The application period for the 2020-21 income year will be extended..Read More

July 2020 version of ATO’s eSAT tool released
09 Jul, 2020

The electronic superannuation audit tool (eSAT) was designed to help independent approved SMSF auditors of self-managed super funds fulfil their obligations, carry out the annual compliance audit and lodge an auditor/actuary contravention report (ACR) when required. The July 2020 version includes..Read More

Early release of super for 2020-21
09 Jul, 2020

Individuals can now submit applications to access their superannuation early online through myGov until 11.59pm (AEST) on Thursday 24 September 2020. Eligibility criteria continue to apply and the ATO has identified behaviours of concern such as: applying when there is no change to regular..Read More

Guideline on non-arm’s length expenditure for super funds
04 Jun, 2020

Practical Compliance Guideline PCG 2020/5 sets out the ATO’s transitional compliance approach to amendments to s 295-550 of ITAA 1997 relating to non-arm's length expenditure of complying superannuation entities. This transitional compliance approach does not apply where the fund incurred no..Read More

Guidance on deducting super contributions via small business clearing house
04 Jun, 2020

Practical Compliance Guideline PCG 2020/6 sets out the ATO’s approach to the timing of income tax deductions for superannuation contributions made through the Small Business Superannuation Clearing House (SBSCH). This approach does not apply to contributions made through a clearing house othe..Read More

Super regs on work test and spouse contributions
04 Jun, 2020

A legislative instrument has been made to increase the age at which the work test applies and the cut-off age for spouse contributions for superannuation, with the changes applying to contributions made from 1 July 2020. The Superannuation Legislation Amendment (2020 Measures No 1) Regulations ..Read More

ATO requiring acknowledged notice of intent for 2019 personal superannuation contribution deductions
04 Jun, 2020

The ATO has recently written to around 25,000 individuals, and their registered tax agents, who claimed a personal superannuation contribution deduction in their 2019 tax return, and details of an acknowledged notice of intent has not been reported by their fund via the Member Account Transaction Se..Read More

Defence amendment (miscellaneous measures) Bill now law
28 May, 2020

A Bill enabling former Australian Defence Force (ADF) members, who have provided at least 12 months of service, to continue to make contributions to their ADF Super accounts has become law. The Defence Legislation Amendment (Miscellaneous Measures) Bill 2020 received assent as Act No 45 of 2020 on..Read More

SMSF compliance tips for 2020 financial year
28 May, 2020

There is no doubt that additional emphasis was being placed on the annual SMSF compliance before Covid-19 and you need to be prepared for more extensive requirements from fund auditors going forward for you to be able to complete the work we do to satisfy the ATO and best practice. Not all the re..Read More

New approved form for SMSF independent auditor’s report from 1 July 2019
21 May, 2020

The ATO has made changes to the approved form of the Self-managed super fund independent auditor’s report (IAR) effective for reporting periods starting on or after 1 July 2019. The report replaces the previous IAR that applied to reporting periods starting on or after 1 July 2016. Auditors may us..Read More

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