Category: Blog
Defence amendment (miscellaneous measures) Bill now law
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
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
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
Intermediary LRBAs — legislative instrument finalised
The ATO has finalised the Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020 following stakeholder consultation. The instrument excludes an investment by a self-managed super fund (SMSF) in a related trust ..Read More
COVID-19: Super guarantee amnesty
The ATO has advised that employers affected by COVID-19 should apply for superannuation guarantee amnesty by 7 September 2020, even where they are concerned that, as a result of COVID-19, they will not be able to pay the liability. The ATO will work with employers to establish a flexible payment ..Read More
ATO on SMSFs providing rent relief during COVID-19
The ATO has indicated in its FAQs for SMSFs that it will not take compliance action against or penalise SMSFs that contravene the sole purpose test or in-house asset rules when providing rental relief to a related party due to the impact of COVID-19. SMSF auditors will therefore not need to re..Read More
APRA to collect data on temporary early release of super
APRA has advised that it will be collecting data from superannuation entities to assess the progress and impact of the government’s temporary early release of superannuation in response to the COVID-19 outbreak. A range of information will be collected via an early release initiative reportin..Read More
ASIC grants temporary financial advice relief on early access to superannuation
To assist the provision of affordable advice on early access to super, ASIC has: allowed advice providers not to give a statement of advice (SOA) to clients when providing advice about early access to superannuation permitted registered tax agents to give advice to existing clients about ear..Read More
How to determine the eligibility and apply for early access to super
Eligibility requirements for temporary early access to your Superannuation The Government will allow eligible individuals affected by the Coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionate grounds before 1 July 2020. A further amo..Read More
COVID-19 early access to superannuation commences
The measure, announced and legislated in March, to allow qualifying Australians early access to up to $20,000 of their superannuation between now and September, came into effect on 20 April 2020. The Treasurer, Josh Frydenberg MP, has released figures showing that 456,000 have initially requested..Read More