Category: Blog
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 amou..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
Early release of superannuation for temporary residents
The Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2020 have been made to allow temporary residents affected by the adverse economic effects of coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionat..Read More
ATO deferral of payments and lodgements for SMSFs
The ATO has advised that it is providing a short-term blanket deferral for a number of lodgement and payment obligations, to ease the burden on tax professionals during this difficult time. Lodgement and payment deferrals will be automatically applied to the following obligations due on 15 May 2020..Read More
Variation from your investment strategy is not a breach due to COVID-19
The downturn in the market has impacted on your SMSF’s investment strategy. Is this a breach of the superannuation law? Trustees must prepare and implement an investment strategy for their SMSF, which they must then give effect to and review regularly. The strategy should be reviewed at least ann..Read More
In-house asset restrictions relaxed due to COVID-19
The recent downturn in the share market may result in the fund’s in-house assets being more than 5% of the fund’s total assets. The in-house asset rules would be breached. What do you need to do as a trustee of your SMSF? If, at the end of a financial year, the level of in-house assets of a SMS..Read More
Temporary rent reduction due to COVID-19
If your SMSF own a real property and wants to give the tenant – who can be a related party – a reduction in rent because of the financial impacts of the COVID-19. Charging a related party a price that is less than market value is usually a contravention. Given the impacts of the COVID-19, will t..Read More
Changes in 2020 SMSF annual return form
The 2020 self-managed super fund (SMSF) annual return (SAR) form will incorporate a few new changes and will be made available at the end of May 2020 by the ATO. The new changes: New label - property count: this label will reports how many investment properties held in trust under the LRB..Read More