Category: Blog
New approved form for SMSF independent auditor’s report from 1 July 2019
The ATO has made changes to the approved form of the Self-managed super fund independent auditor’s report (IAR) effective for reporting periods starting on or after 1 July 2019. The report replaces the previous IAR that applied to reporting periods starting on or after 1 July 2016. Auditors may us..Read More
Intermediary LRBAs — legislative instrument finalised
The ATO has finalised the Superannuation Industry (Supervision) In-house Asset Determination — Intermediary Limited Recourse Borrowing Arrangement Determination 2020 following stakeholder consultation. The instrument excludes an investment by a self-managed super fund (SMSF) in a related trust fr..Read More
COVID-19: Super guarantee amnesty
The ATO has advised that employers affected by COVID-19 should apply for superannuation guarantee amnesty by 7 September 2020, even where they are concerned that, as a result of COVID-19, they will not be able to pay the liability. The ATO will work with employers to establish a flexible payment ..Read More
ATO on SMSFs providing rent relief during COVID-19
The ATO has indicated in its FAQs for SMSFs that it will not take compliance action against or penalise SMSFs that contravene the sole purpose test or in-house asset rules when providing rental relief to a related party due to the impact of COVID-19. SMSF auditors will therefore not need to repo..Read More
APRA to collect data on temporary early release of super
APRA has advised that it will be collecting data from superannuation entities to assess the progress and impact of the government’s temporary early release of superannuation in response to the COVID-19 outbreak. A range of information will be collected via an early release initiative reportin..Read More
ASIC grants temporary financial advice relief on early access to superannuation
To assist the provision of affordable advice on early access to super, ASIC has: allowed advice providers not to give a statement of advice (SOA) to clients when providing advice about early access to superannuation permitted registered tax agents to give advice to existing clients about ear..Read More
How to determine the eligibility and apply for early access to super
Eligibility requirements for temporary early access to your Superannuation The Government will allow eligible individuals affected by the Coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionate grounds before 1 July 2020. A further amou..Read More
COVID-19 early access to superannuation commences
The measure, announced and legislated in March, to allow qualifying Australians early access to up to $20,000 of their superannuation between now and September, came into effect on 20 April 2020. The Treasurer, Josh Frydenberg MP, has released figures showing that 456,000 have initially requested..Read More
Early release of superannuation for temporary residents
The Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2020 have been made to allow temporary residents affected by the adverse economic effects of coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionat..Read More
ATO deferral of payments and lodgements for SMSFs
The ATO has advised that it is providing a short-term blanket deferral for a number of lodgement and payment obligations, to ease the burden on tax professionals during this difficult time. Lodgement and payment deferrals will be automatically applied to the following obligations due on 15 May 2020..Read More