The Government has passed some superannuation measures to assist individuals combat the impacts of COVID-19. Do they assist you and how do you take advantage?
On 6 March 2020, the superannuation guarantee amnesty Bill finally became law.
Two senior lawyers at Cooper Grace Ward have been accredited as SMSF Specialist Advisors™ after passing the coveted SMSFA accreditation program.
Income which is non-arm’s length income or NALI is taxed in an SMSF at the top marginal tax rate (rather than the concessional rates that usually apply to income of SMSFs).
The two-day program is targeted towards accountants, financial planners and other professional advisers.
It has become increasingly common for documents to be signed electronically.
The 2017 Budget saw the announcement of the ‘NALE’ changes to the non-arm’s length income (NALI) rules effective from 1 July 2018.
One long outstanding measure that affects members of SMSFs has been including the outstanding borrowings of an SMSF in members’ total superannuation balances. The legislation implementing this has now been passed.
The New South Wales Supreme Court has confirmed how trusteeship of an SMSF works where a member and trustee loses capacity and then dies.
On 24 May 2018, the Government first introduced a 12-month superannuation guarantee amnesty. The relevant Bill failed to pass the Senate and then lapsed when the federal election was called on 11 April 2019.
There have been several cases where SMSF advisers have been held liable for loss suffered in an SMSF. However, in a recent case, the AAT did not accept a director of an SMSF trustee blaming their accountant for SMSF compliance breaches.
The AAT has upheld the disqualification of a director of a trustee of an SMSF in Fitzmaurice and Commissioner of Taxation (Taxation) [2019] AATA 2217.
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.