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.

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Until this year Bernard Salt predicted the top three calamities likely to befall humanity would be climate, nuclear and military devastation. But not a global pandemic. “I never saw it coming,” confesses Australia’s leading demographer.

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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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The Federal Government is extending the application period for the early release from superannuation measure to increase the scope for individuals who may still be financially impacted by COVID-19 to access early release in the coming months.

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