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The COVID-19 pandemic’s knock-on effect on the economy has meant that many landlords are feeling the strain as their tenants seek to delay paying rent or reducing rent in response to job loss. To reduce the uncertainty for landlords, the ATO has provided some guidance on the deductibility of certain expenses in various situations including guidance for those that own short-term accommodation.
Read MoreBy some estimates there are around $20.8bn in lost and unclaimed super in Australia. The last financial year saw $4.38bn worth of lost super reunited with their owners across 537,000 accounts. While consolidating super is one of the easiest ways to reduce fees and increase the money available for retirement, recent analysis by ASIC shows that it needs to be done in an appropriate way for members to gain benefits.
Read MoreBusinesses that have applied for the JobKeeper now have some certainty on the integrity provision contained in the legislation. The ATO has released details of its administrative approach, in particular when it will apply compliance resources to investigate whether there has been breaches of the law. In general, it notes that it would only apply resources to what it terms “schemes”, the determination of which would depend on individual circumstances.
Read MoreAs we approach 30 June 2020, and subsequently provide information on our EOFY planning tips, we are mindful that some of us may be in a different financial situation than last year due to the COVID-19 pandemic.
Given this, we have also included information that may be beneficial in this respect. However, as with any of the tips provided below, it’s vital to assess the relevance to your personal circumstances before taking action.
Super is an integral part of Australia’s three-pillar retirement income system. In a nutshell, super is a tax-effective long-term investment structure to assist in accumulating wealth while working, which will then be used to generate income during retirement.
Providing support in retirement, is a core purpose of super. And, death aside, the main conditions of release broadly operate in conjunction with this.
We’re all living in unprecedented times. The world feels like it has turned on its head and if you’re one of the unfortunate Australians who has either had a family member or friend sick with the Coronavirus who has had their employment affected by it, you’re probably feeling like there is no end in sight.
If you have been affected financially and you have a mortgage, you’ll be looking for ways to ease the burden.
Australian shares faced a very tough March as measures to combat the spread of the coronavirus, along with the economic dislocation globally, hit businesses hard. The only good news was sign of a relief rally late in the month as markets began pricing in stimulus measures announced by the government, but no sector has made it through this period unscathed.
Read MoreThe ATO has expanded and extended their independent review service to encompass income tax, GST, excise, luxury car tax, wine equalisation tax, and fuel tax credits. The service was originally scheduled to run for 12 months from 1 July 2018 but has now been extended until 31 December 2020. In addition, the service now appears not to be limited to any one state or territory ll business disputes in Victoria and South Australia). The use of the service does not preclude you from seeking other dispute options.
Read MoreBefore the disruption of the Coronavirus epidemic, the government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions. However, since the epidemic, the earliest these measures could conceivably become law would be August.
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