COVID-19 Superannuation Update
Special COVID-19 Superannuation Condition of Release Extended Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire […]
Lifestyle assets continue to be an ATO audit target
Lifestyle assets targeted The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to 2020 […]
No CGT main residence exemption for non-residents
CGT main residence exemption for individuals who are foreign residents The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e. non-resident taxpayers for Australian tax purposes). The restrictions to this CGT exemption will apply to taxpayers who are a non-resident […]
SMS for SMSF
ATO to email, SMS SMSF changes In the interests of protecting self-managed super fund (SMSF) members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes are made, including updates to the SMSF financial details or member information. […]
Late SMSF annual returns to change Super Lookup ‘status
Super Lookup ‘status’ will change if SMSF annual returns are late The ATO considers the lodgement of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and […]
Other superannuation legislation
Government passes other superannuation legislation The Government has recently passed legislation requiring insurance in superannuation for new members under 25, and members with low balance accounts, to only be offered on an opt-in basis from 1 April 2020. Importantly, low balance account holders and young members will still be able to opt in if they […]
Taxpayer liable for excess transfer balance tax
Taxpayer liable for excess transfer balance tax despite commutations A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions. The taxpayer was receiving three pensions in 2017, including two capped defined benefit income streams and one account based pension. Based on information reported by the super funds, […]
Super dependants
If you have a super fund, you’ve probably been asked to nominate your beneficiary But, super fund trustees can only pay your super death benefit to eligible dependants* or to the legal personal representative (LPR) of your estate. If you haven’t elected a valid beneficiary the super fund trustee generally decides who your super goes […]
Is it time to go off-grid?
Pros and cons 0f off-grid living Once considered a radical way to live, many Australians are now viewing an off-grid lifestyle as both economically and environmentally savvy. We delve into some of the pros and cons and whether it’s a good choice for you. Just a few years ago, going off-grid wasn’t something many people […]
A super tax opportunity
Super is one of the most tax-effective ways to save You could be thousands of dollars better off by making ‘concessional contributions’ to your super. And, putting more money into your super now could make a big difference to your retirement later on. So, this tax time, ensure you make the most of your concessional […]
