The ATO will be increasing its focus on SMSFs that have stopped lodging returns in pension phase in order to identify issues with member/trustee capacity. ...
The ATO will be increasing its focus on SMSFs that have stopped lodging returns in pension phase in order to identify issues with member/trustee capacity.
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 to exclude foreign persons as beneficiaries, otherwise foreign land tax and duty surcharges may apply.
Due to current social distancing measures, many organisations are considering whether they can hold general meetings using technology.
The ATO reportedly received 2,609 tip-offs about businesses accessing JobKeeper payments by 20 May 2020, and is investigating some of those cases.
Trustees of discretionary trusts and many unit trusts that distribute capital gains to non-resident beneficiaries will need to include these capital gains in their assessable income.
As directors consider how to meet their duties during the COVID-19 pandemic, the safe harbour provisions may provide some protection from insolvent trading liability.
The Federal Government has registered a legislative instrument permitting electronic signatures and virtual meetings to assist continuity of business operations despite the pandemic.
The recent decision in the Marsella case confirmed the obligation of SMSF trustees to make a death benefit decision in good faith. But does this obligation apply wider than just to death benefits?
The ATO has released guidance that shows the JobKeeper ‘schemes’ that will be audited. Businesses that are receiving JobKeeper payments should check that their payments are not at risk of being clawed back by the ATO.
We have written about SMSFs providing rent relief to related parties, the issues involved, and the ATO’s ‘no action’ position. The ATO is now releasing its expectations of what auditors must do.
On 24 April 2020, the Treasurer announced that new rules will be introduced for the ‘decline in turnover’ test. The effect of one of these rules is that service entities, which may not suffer the necessary decline in turnover in their own right, may now become eligible for JobKeeper payments.
The ATO has now clarified two aspects of its no action position for SMSF landlords providing rent relief to related party tenants because of COVID-19.
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.