News

Rent relief still unclear for 13.22c trusts

April 9, 2020

SMSFs holding property via 13.22c unit trusts should hold off on providing rent relief until confirmation has been provided the measures will extend to these arrangements.

read more

Superannuation, Tax

SG amnesty needs urgent action

April 9, 2020

Tharshini Ashokan

The superannuation guarantee charge and amnesty urgently requires the government’s attention as a result of the coronavirus pandemic, the National Tax Liaison Group has said.

read more

ATO

ATO to assess NALI at fund level

April 8, 2020

Darin Tyson-Chan

No sector-wide directive on how to treat non-arm’s-length income issues arising from the COVID-19 financial relief measures will be delivered by the ATO.

read more

ATO, Superannuation

Demand for early super access high

April 8, 2020

Tharshini Ashokan

Over 350,000 registrations of interest in the COVID-19 early release of super relief measure have been received by the ATO as at the beginning of April.

read more

LRBA, Superannuation

LRBA guarantees may trap the unwary

April 8, 2020

Jason Spits

SMSF members with personal guarantees for an LRBA should be aware any COVID-19-driven payments may be considered as contributions unless properly recouped from the fund, according to a legal expert.

read more

Regulation

ATO sees TBC review as unlikely

April 7, 2020

Darin Tyson-Chan

The government is unlikely to review the transfer balance cap in the short term in response to the coronavirus’s effect on SMF asset values, the ATO has said.

read more

Administration, Compliance

Funds must justify rent relief for tenants

April 7, 2020

Tharshini Ashokan

Trustees must provide commercial justification on behalf of their fund for any rent relief arrangements with tenants unable to pay rent because of the COVID-19 pandemic, an SMSF technical expert says.

read more

ASIC