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SMSF regulations to allow six members under new legislation
A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19 Federal Budget, the remainder of the measure is to be implemented through regulations. The bill...
Fears of Div 7A danger from COVID-relaxed loan repayments unfounded
The ATO has clarified its position regarding loans, and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives. An important sidebar to the ATO’s announcement is the implications regarding Division 7A — just in case you have had some...
Electronic execution of documents during COVID-19
The COVID-19 pandemic has prompted state and territory governments to temporarily ease the manner in which documents are executed. It is now possible under multiple jurisdictions to sign and witness certain documents electronically or via audio visual links. The changes address difficulties in executing documents amid social distancing and stay-at-home restrictions. However the requirements for...
SMEs: ATO confirms JobKeeper payments do not contribute to aggregated turnover
From the outset, it has been emphasised that JobKeeper payments are assessable income. However some concerns had been raised as to JobKeeper payment status in regard to being statutory income or ordinary income. And if the latter, whether it is ordinary income derived in the ordinary course of carrying on a business. If so, JobKeeper...
New data matching programs initiated by Federal Government
Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds. Data matching involves bringing together data from different sources and comparing it. For example, records from different agencies or businesses are compared, with the results possibly identifying people who are being paid...
JobKeeper rules, conditions and payment rates have changed
Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another version in place from then until 28 March....
Wallace Partners 2020-21 Federal Budget Newsletter
Access our Wallace Partners 2020-21 Federal Budget Newsletter below: Federal Budget 2020-21 We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty. The Treasury has given its best estimate, but we also need to...
Wallace Partners Client Information Newsletter October 2020
Access our Wallace Partners Client Information Newsletter October 2020 below:
Bonus Article, Top 5 ways to trip up with SMSF annual returns
The ATO has compiled, from many years’ worth of annual return data supplied by self managed superannuation funds, what it says are the top five errors committed by SMSF trustees when lodging their annual tax return. Knowing where other SMSF trustees have tripped up in the past can go a long way to make sure...
Bonus Article, FBT and vehicles under COVID-19 restrictions
The pandemic period under which we labour continues to have outcomes that may at first have not been obvious, but as time and lodgement considerations come to pass, more taxation consequences edge their way out of the woodwork. One such outcome is where employees have been garaging work cars at their homes due to COVID-19,...