SMSF status change if returns late
Use of cash to be restricted
Opt-out insurance change to SIS act
Social security payments offshore to require proof of life
SG opt-out, NALI expands, LRBA share included in TSB
Employee share scheme concession access tightens
LCT refunds; Interest on ATO super; Redundancy concession age aligns to pension age
Australia-Israel DTA initiated
No breach of SIS act by IOOF, court rules
SMSF status change if returns late
From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status on Super Fund Lookup to “Regulation details removed”.
Use of cash to be restricted
Cash payments of $10,000 or more are to be outlawed under a new bill Currency (Restrictions on the Use of Cash) Bill 2019. With an aim to battle the black economy, reduce tax evasion, fraud and money laundering, the measure also aims to make sure taxpayers cannot hide transactions from the ATO. It is expected to not apply to individual-to-individual payments. The bill has been referred to a Senate committee for inquiry and will report by 7 February. Also listen to the Tax Wrap podcast episode 200 for more.
Opt-out insurance change to SIS act
Legislation to change the way insurance is provided through superannuation to certain members has made its way through both houses of Parliament and looks set to become law. The change intends to block provision of cover on an opt-out basis to members with balances of less than $6,000 and/or who are younger than 25. The measure (Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019) was amended to delay commencement until 1 April 2020. Also an exception applies to certain “dangerous” occupations (that is, retaining provision of insurance on an opt-out basis). Readmore
