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SMSF trustees no longer need to obtain an actuarial certificate when calculating exempt current pension income (ECPI) where all members of the fund are solely in retirement phase for the entire financial year. The changes will commence from 2021/22 and...

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Piggy bank on money concept for business finance, investment and
Superannuation fund trustees that receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps. Background A superannuation fund may have a right to seek compensation if it entered into...

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Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but your sibling also inherits a half-share of these. While you both acquire a very valuable 50% interest across four properties, it’s safe to...

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Tax & Super Australia (TSA) says Service NSW’s new requirement for businesses to reaffirm their decline in turnover every fortnight to remain eligible for JobSaver payments and Micro-business grant assistant packages would further intensify pressure on businesses and their advisers. On...

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Angry Senior Woman Paying Bills And Filing Federal Tax Return
There has been an update from the regulators (ATO and APRA) regarding two measures that support individuals impacted by the COVID-19 pandemic. 1. ATO: Recontribution of COVID-19 early release amounts Clients can now recontribute amounts they withdrew under the ‘COVID-19 early...

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Tax & Super Australia (TSA) welcomes further investigations by the Inspector-General of Taxation and Taxation Ombudsman (IGTO) Karen Payne into how effectively the ATO communicates a taxpayer’s right to review, complain and appeal its decisions. On Monday, IGTO Ms Payne released...

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More often than not, a tax obligation will arise for anyone carrying out the role of executor of a deceased estate when they earn a commission for this service. By Mark Morris, Senior tax counsel at BNR Partner Before a solicitor...

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The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work. Certain conditions need to be met to ensure an allowance can be considered...

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How to treat work-related
Tuesday 24 August Business support package for regional Victoria activated A package of automatic cash grants jointly funded by the Commonwealth and Victorian governments have been activated to provide regional Victorian businesses with the support following the extension of the Victorian lockdown...

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On 12 August, in response to the ATO’s recently-released final ruling on NALI and NALE, Tax & Super Australia’s Head of Superannuation, Natasha Panagis, ran a webinar on the topic. Attended by several hundred professionals across Australia, the event generated...

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