The Government has announced that it will legislate to compel trustees of APRA-regulated superannuation funds to act in the best “financial” interests of their members.
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Pre-Budget business tax concessions announced
Ahead of the 2020-21 Federal Budget, the Government has announced a range of new tax concessions for small and medium sized businesses.
Read more$199bn deficit leaves room in Budget for tax cuts: Deloitte Access Economics
Ahead of the Federal Budget on 6 October 2020, Deloitte Access Economics has forecast an underlying cash deficit at $198.5bn for 2020-21, “just” $14bn worse than the $184.5bn Treasury forecast in the July Fiscal Update.
Read moreWEBINAR: Federal Budget 2020-21: Unwrapped by the experts!
Our Senior Tax Writers, Ian Murray-Jones and Stuart Jones will be your Federal Budget guides, bringing you the latest news and taking you through the detail and analysis of the tax and superannuation announcements.
Read moreMy wish list: 3 changes SMSFs need that won’t blow a hole in the Federal Budget
If accountants ever needed reminding that 2020 is indeed a strange year, look no further than the fact that the 2020 Federal Budget will be brought down on Tuesday, 6 October rather than the traditional “second Tuesday in May”.
Read moreFederal Budget 2020 confirmed for 6 October
The Treasurer has confirmed that the 2020-21 Federal Budget will be handed down on Tuesday, 6 October 2020.
Read moreTime to review long-held practices for directors’ fees
The changing requirements for reporting directors’ fees have intersected with COVID-19 economic stimulus measures, activity statement reporting and Services Australia increasing potential compliance risks. Several issues have arisen which demand attention.
Read moreJobKeeper 2.0 legislation introduced
The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 was introduced into the House of Representatives on 26 August.
Read moreDownsizer super contributions from part disposal of home
ATO advice suggests that a part disposal of a person’s home can be eligible for making a superannuation downsizer contribution under s 292-102 of ITAA 1997.
Read moreATO compliance approach to trust liquidity issues due to COVID-19
The ATO has advised that it will not undertake compliance action to consider the validity of a beneficiary’s entitlement, or the application of s 100A of the ITAA 1936, where a trustee is affected by liquidity issues due to COVID-19 and unable to satisfy a beneficiary’s entitlement.
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