With 30 June fast approaching, it is time to start considering trustee distribution resolutions. For those many trusts that have made a family trust election (FTE), getting trust distributions wrong ...
With 30 June fast approaching, it is time to start considering trustee distribution resolutions. For those many trusts that have made a family trust election (FTE), getting trust distributions wrong can have major implications.
Changes were made to the Justice Legislation (COVID-19 Emergency Response-Wills and Enduring Documents) Amendment Regulation 2020 (Qld) last week to extend the operation of that regulation to the signing of deeds.
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.
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.
GST-registered importers can apply to defer payment of GST on their taxable importations from the time of importation until the 21st day of the following month. The GST liability can then be offset with any available input tax credits for the month.
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 Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 passed both houses of Parliament on 8 April 2020, containing some further detail on the JobKeeper payment scheme.
The superannuation guarantee amnesty (SG amnesty) window is currently open. The main risk with the SG amnesty is making a disclosure, but not being able to pay the superannuation guarantee charge (SGC) – in which case, the benefits of the amnesty will not apply.
The market value of many common SMSF assets has plummeted in recent times, which can lead to SMSFs with in house assets breaching the 5% limit. What should these SMSFs do and how will the ATO react?
COVID-19 has restricted international travel and many Australian citizens have returned to Australia while the world responds to the pandemic.
As a part of the laws setting out the Federal Government’s response to coronavirus, changes now apply to extend the instant asset write-off concession and introduce accelerated depreciation under the backing business incentive.
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.