Category: Blog
Contribution caps increase from 1 July 2021
Contribution caps for both concessional and non-concessional contribution will increase from 1/7/21: The new cap is as below: Concessional $27,500 Non- concessional $110,000 If you use the bring forward rules for NCC, the following threshold will apply: TSB: tota..Read More
SMSF lodgement and compliance updates from the ATO
the latest tax gap for small super funds shows around 97.5 per cent compliance reported regulatory contraventions among self-managed superfunds are currently tracking at about 2 per cent during the 2020 financial year, 22,000 new self-managed superfunds were registered, a 7 per cent increa..Read More
Appointing an SMSF auditor on time
The ATO is reminding SMSF trustees to appoint an approved SMSF auditor to audit their fund each year, no later than 45 days before the SMSF annual return is due. They highlight that an audit is required even if no contributions or payments are made in the financial year, and that the auditor is al..Read More
SuperStream Rollover v3
From 31 March 2021, the SuperStream Rollover message will be extended to include self-managed superannuation funds (SMSFs) and digital release authorities. The transition period for implementation and onboarding to SuperStream Rollover v3 is from 31 March 2021 to 30 September 2021. The ATO has dev..Read More
ATO Sends SMS or Email Alerts for Changes to Your SMSFs
ATO now sends alerts to SMSF trustees via SMSF or email in regards the changes made to their SMSFs. If you have received such alerts, do not get stressed and you can contact us first if you are our clients. Some changes are made by us when we lodge the SMSF tax return. These changes to your SMSF ..Read More
Transfer balance cap will be indexed from $1.6 to $1.7 million from 1 July 2021
From 1 July 2021, the general transfer balance cap will be indexed from $1.6 to $1.7 million. When the general transfer balance cap is indexed to $1.7 million, there will not be a single cap that applies to all individuals. Every individual will have their own personal transfer balance cap of b..Read More
Merry Christmas and Happy New Year!
Our Office is unattended from Monday 21 December 2020 . We will be back on Monday 4th of January 2021 at 9am. All requests received during this period will be dealt with upon our return. If your matter is urgent please send us an email and we will do our best to help you over the holida..Read More
Guidance on “influence test” for super fund for foreign residents withholding tax and sovereign immunity exemptions
Law Companion Ruling LCR 2020/3 addresses Schs 3 and 4 to the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019, which limit the withholding tax exemption for superannuation funds for foreign residents and codify and limit..Read More
Regulations made to amend tax and super law
Regulations have been made to make minor and technical amendments to regulations in the Treasury portfolio, including tax and superannuation laws. The Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 (the regulations) correct typographical errors and unintended ou..Read More
ABN regulations finalised
Regulations to remake and improve the operation of the A New Tax System (Australian Business Number) Regulations 1999 (existing regulations) before they sunset have been finalised. The A New Tax System (Australian Business Number) Regulations 2020 remake and improve the existing regulations b..Read More