COVID-related support for SMSFs
Due to COVID-19, trustees of an SMSF, or a related party of the fund, may provide or accept certain types of relief, which may give rise to contraventions of the super laws. You may also have been stranded overseas because of travel bans, which can affect your fund’s residency status. In recognition of these issues, …
Foreign investors and residential property
With the government encouraging the return of foreign investors to Australia and the gradual reopening of international borders, many foreign workers and investors may soon be making their way onto Australian shores. One of the main things they may be considering is participating in the great Australian dream of home ownership. However, for a foreign …
Changes coming for cryptocurrency and digital assets
It is estimated that more than 800,000 Australians participated in the crypto/digital assets market in the last 3 years. According to the ATO, 2021 saw a jump in participants of 63% compared with the 2020 year. However, this surge in participation and the associated losses from financial scams have amplified calls for regulation. To placate …
Election 2022: Bills not passed
Now that the Federal Election has been called for 21 May 2022, and with the Governor-General proroguing the Senate and dissolving the House of Representatives, the government is now in caretaker mode, meaning that major decisions cannot be implemented during this period until the results of the election are clear. This is bad news for …
Check your PAYG instalments
The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow, but also means the business is not faced with a large tax bill after the end of the tax year. Most businesses lodge and pay instalments quarterly. Primary producers and special professionals (eg …
Employees vs contractors: more clarity coming
The High Court recently handed down a significant decision dealing with the distinction between employees and independent contractors. The case concerned an “independent contractor” and a labour hire company. Although the ATO was not a party to either case, it has since released a decision impact statement as the High Court’s decisions impact on the …
Super pension drawdown reduction extended
The temporary 50% reduction in minimum annual payment amounts for superannuation pensions and annuities has been extended by a further year to 30 June 2023. This temporary measure was first introduced by the government in response to the COVID-19 pandemic causing significant losses in financial markets, which negatively impacted account balances of super and pension/annuity …
Reminder: keep whistleblower policies updated
The whistleblower protection regime was introduced in 2019, and required large proprietary companies, public companies as well as corporate trustees of registrable super entities to have specific policies that outline the legislated protections for whistleblowers under the Corporations Act and how misconduct can be reported. While it is obvious what public companies and corporate trustees …
Budget 2022: what’s in it for you?
With all the media coverage of the Budget 2022, you will no doubt have heard about the “cash splash” spending spree that the government has gone on to win votes in the upcoming federal election. But what’s really there for individual taxpayers to combat the cost-of-living increases caused by inflation? Firstly, the $420 for individuals …