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Author: Tarun Kumar

ATO’s cyber safety checklist
November 17, 2020

ATO’s cyber safety checklist

November 17, 2020

Scammers never seem to rest, with even the lastest Job Keeper iteration coming in for some scam treatment. In a new update, the ATO reports that it is receiving reports of email scams about JobKeeper and backing business investment claims. “The fake emails say we’re investigating your claims. They ask you to provide valuable personal…

JobKeeper rules, conditions and payment rates have changed
November 13, 2020

JobKeeper rules, conditions and payment rates have changed

November 13, 2020

JobKeeper rules, conditions and payment rates have changed Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another…

SG penalty remissions: How not to trip up, post-amnesty
October 15, 2020

SG penalty remissions: How not to trip up, post-amnesty

October 15, 2020

SG penalty remissions: How not to trip up, post-amnesty The ATO has published a draft law administration practice statement PSLA 2020/D1 – remission of additional superannuation guarantee charge. With the SG amnesty now expired, so too has the ability of the ATO to remit part 7 penalties in full (which can otherwise amount to 200%…

Fears of Div 7A danger from COVID-relaxed loan repayments unfounded
October 13, 2020

Fears of Div 7A danger from COVID-relaxed loan repayments unfounded

October 13, 2020

Fears of Div 7A danger from COVID-relaxed loan repayments unfounded The ATO has clarified its position regarding loans and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives. An important sidebar to the ATO’s announcement is the implications regarding…

SMSF regulations to allow six members under new legislation
October 8, 2020

SMSF regulations to allow six members under new legislation

October 8, 2020

A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19 Federal Budget, the remainder of the measure is to be implemented through regulations. The bill…

JobKeeper rules, conditions and payment rates have changed
October 6, 2020

JobKeeper rules, conditions and payment rates have changed

October 6, 2020

JobKeeper rules, conditions and payment rates have changed Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another…

Electronic execution of documents during COVID-19
October 1, 2020

Electronic execution of documents during COVID-19

October 1, 2020

Electronic execution of documents during COVID-19 The COVID-19 pandemic has prompted state and territory governments to temporarily ease the manner in which documents are executed.   It is now possible under multiple jurisdictions to sign and witness certain documents electronically or via audiovisual links. The changes address difficulties in executing documents amid social distancing and…

COVID-19 and trust liquidity issues
September 29, 2020

COVID-19 and trust liquidity issues

September 29, 2020

The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with their assets. The ATO states that were a present entitlement arose…

Top 5 ways to trip up with SMSF annual returns
September 24, 2020

Top 5 ways to trip up with SMSF annual returns

September 24, 2020

The ATO has compiled, from many years’ worth of annual return data supplied by self-managed superannuation funds, what it says are the top five errors committed by SMSF trustees when lodging their annual tax return. Knowing where other SMSF trustees have tripped up in the past can go a long way to make sure you…

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