Changes to superannuation regulations
Be aware of various new regulations and opportunities surrounding your superannuation New legislation regarding contribution requirements, visibility and guarantee eligibility is currently or soon to be effective. Reporting re-contributions of COVID-19 early super relief super amounts Self-managed super fund (SMSF) members can now re-contribute amounts they withdrew under the COVID-19 early release of super program […]
SMSF update
Introducing SMSF rollover alerts Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
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 […]
Federal Election called
2019/20 Budget Update The Federal Election called for 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April until 18 May 2019 and dissolved the House of Representatives. The election will also be for half the Senate. As a result, all outstanding Bills have also lapsed (so any measures not yet passed […]
Ageing and aged care in Australia
Receiving care in a residential aged care home In Australia, the government subsidises different types of aged care services to cater for older peoples’ needs and to support their carers – usually their family. This is a sensitive and complex area, and for more and more Australians is a decision they will need to make […]
Ageing and aged care
Ageing and aged care in Australia The number of people aged 65 and over in Australia is projected to more than double, to 8.8 million, over the next 40 years(1). This will undoubtedly increase the need for aged care in the community and put pressure on families and Government funding. Receiving help at home Initially, […]
Downsizer contributions
ATO guidance regarding ‘downsizer contributions’ The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to […]
Board of Advice Program
Project managing your future business needs As a business owner, your wealth and well-being are inextricably linked to your business. It is your source of income, your most important asset and, frequently, its sale will fund your retirement. At Omnis Group, we want to support your goals so you can retire financially secure by providing you […]
