The recent Victorian decision of Wilstead No.5 Pty Ltd v Smyth reinforces the importance of checking beneficiary structures in family trust deeds to ensure they are wide enough and include ...
The recent Victorian decision of Wilstead No.5 Pty Ltd v Smyth reinforces the importance of checking beneficiary structures in family trust deeds to ensure they are wide enough and include everyone to whom we wish to distribute (and have been distributing).
The ATO has issued a formal Legislative Instrument that covers in-house asset issues where a self-managed superannuation fund (SMSF) provides rent relief to a related party.
Employers that have underpaid compulsory superannuation up to 31 March 2018, and who did not take advantage of the amnesty, will now generally be subject to a base penalty of between 100% and 200% of the superannuation guarantee charge (SGC).
The Commonwealth Government responded to the COVID-19 outbreak by providing a temporary extension to the reporting deadlines under the Modern Slavery Act. The new deadlines are approaching.
Several years ago, the ATO published valuation guidelines for self-managed superannuation funds (SMSFs) to assist in their compliance obligations. SMSFs and their auditors are facing a number of challenges in applying these in 2020.
Discretionary trusts that own ‘residential land’ in New South Wales or hold an ownership interest in a company or unit trust that owns residential land in New South Wales must amend their trust deeds before 31 December 2020 to exclude foreign persons as beneficiaries, otherwise foreign land tax and duty
The government has reintroduced its Bill to increase the maximum number of people who can be in a self managed superannuation fund from four up to six. Many are excited about this concept, but is it really a good idea?
As a result of COVID-19, Australians’ tax debts are at a record high. During the height of the pandemic, the ATO also slowed its tax debt recovery activity, so it collected less revenue than usual.
The recent case of Re SB; Ex Parte AC [2020] QSC 139, has confirmed that the decision to make a binding death benefit nomination is a financial matter and therefore can be made for a person by their administrator (or attorney).
The ATO have accepted that self-managed superannuation funds (SMSFs) can provide rent relief and loan concessions to related parties because of COVID-19 without breaching the SIS Act, but there are limits. The ATO have made clear what they require auditors to obtain from SMSFs, or else report a contravention.
The ATO have accepted that self-managed superannuation funds (SMSFs) can provide rent relief and loan concessions to related parties because of COVID-19 without breaching the SIS Act, but there are limits. What will SMSFs have to provide to their auditors?
At any point in time, it is important to ensure you have in place an up-to-date estate plan. However, there are particular milestones and events during life that make it more important, or critical, to review your estate planning.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.