The new financial year often brings new rules and new strategies for superannuation and the 2020/21 financial year is no exception. The two key changes this year are: the removal of the work test for anyone aged 66 and 67 years old who wish to make non-concessional superannuation contributions 2020-21;
What are the average SMSF costs and fees? SMSF operating, administration and audit costs are a key consideration when you setup an SMSF.
New data has been released from the ATO on the average SMSF costs and fees. This new data is more detailed than previous high level statistics and provides reliably insight into SMSF administration,
This SMSF end of financial year checklist contains a number of key items for trustees to review and action prior to 30 June 2020. This 2020 end of financial year is slightly different due to a number of specific items related to COVID-19.
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Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need to meet the work test – including members of SMSFs.
The Australian Tax Office has announced (22 April 2020) an automatic deferral of SMSF annual return lodgments for the 2018-19 financial year to 30 June 2020. To be clear, where an SMSF had an original lodgement date of 15 May 2020, the 2019 SMSF annual return lodgment date is deferred to 30 June.
The National Cabinet has agreed to a mandatory code of conduct for commercial tenancies. The code will be guided by a set of principles, developed and legislated by State and Territory governments and apply to commercial landlords including SMSFs.
Tenants who participate in the federal government’s JobKeeper assistance and have a turnover of less than $50 million will be protected by the code.
With social distancing restrictions from COVID-19 impacting almost every aspect of our daily lives we’ve been asking how estate planning can be validly completed and whether it’s possible to sign a Will electronically?
Christina Wolfsbauer from Intello Legal outlines how you can still complete or update your SMSF estate planning during the COVID-19 restrictions.