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Category: Blog

Early release of superannuation for temporary residents
24 Apr, 2020

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
24 Apr, 2020

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 20..Read More

Variation from your investment strategy is not a breach due to COVID-19
02 Apr, 2020

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 a..Read More

In-house asset restrictions relaxed due to COVID-19
02 Apr, 2020

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 S..Read More

Temporary rent reduction due to COVID-19
02 Apr, 2020

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
26 Mar, 2020

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..Read More

Temporary early access to your SMSF member balance
24 Mar, 2020

The Government has allowed SMSF members affected by the Coronations to access up to $10,000 of their member balance for 2020 and 2021 financial years respectively. Are you eligible? You only need to satisfy one of the following conditions: you are unemployed; you are eligible to receiv..Read More

50% reduction of minimum pension payment for both 2020 and 2021 financial years
24 Mar, 2020

The minimum payment requirement for the following pensions in your SMSF has been halved by the Governments on 22/03/2020. account based pensions allocated pensions market linked pensions This applies for both 2019/2020 and 2020/2021 financial years. The reduced rates based on the ag..Read More

Super guarantee amnesty now law
12 Mar, 2020

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received assent as Act No 21 of 2020 on 6 March 2020. The Act introduces a one-off amnesty for historical underpayment of superannuation guarantee (SG) that begins on 24 May 2018 and ends six months after the Bill receives..Read More

Top five errors in SMSF annual returns
27 Feb, 2020

The general due date for self-lodgment of the annual return for new SMSFs is 28 February. For existing SMSFs without overdue tax returns, the due date is 15 May. The ATO has identified the most common errors it sees in these returns. These include: annual returns not having a unique b..Read More

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