Taxation

2019 SMSF annual return lodgment date deferred

2019 SMSF annual return lodgment date deferred to 30 June 2020

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.

Vary SMSF PAYG Instalments

Vary SMSF PAYG Instalments

PAYG instalments is a system that helps taxpayers manage expected future tax liabilities on their SMSF income for the current income year by making regular payments in advance. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is enabling tax payers to vary SMSF PAYG instalments without penalty for the current financial year due to the economic impact of the pandemic.

SMSF Minimum Pension 2020 Drawdown Relief

The Government has reduced the required SMSF minimum pension 2020 draw-down rates for all superannuation pensioners including SMSFs for the current financial year 2019-20 and the next financial year 2020-21.

Draw-down rates for account based pensions are normally 4% per annum for people under 65 an increase as pension recipients age.

Limited opportunity to avoid 'transfer balance cap' problems

Limited opportunity to avoid ‘transfer balance cap’ problems

As you know, the superannuation reform announced in the 2016 Federal Budget has been largely implemented. We have busy working with our clients to address all their concerns and working with them to ensure that no rock is left unturned when it comes to their personal circumstance. In regards to the $1.6 million transfer balance cap,

New threshold for capital gains withholding (1)

Capital gains withholding, a new threshold – What you need to know

Capital gains withholding, a new threshold

From 1 July 2017, where a foreign resident disposes of Australian real property with a market value of $750,000 or above, the purchaser will be required to withhold 12.5% of the purchase price and pay it to the ATO unless the seller provides a variation (this is referred to as ‘foreign resident capital gains withholding’).