SMSF asset valuations, ATO provides COVID-19 concessions. Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value for the associated audit.
Seasonal workers, will they be tax residents due to Coronavirus? If you’re a seasonal worker who has been stuck in Australia due to closed borders or difficulty getting flights home, you may be getting worried that you’ll be considered a tax resident of Australia.
Transition to retirement pension may be for you. Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a transition to retirement pension which is available to individuals who are under 65 but have reached their preservation age.
The maximum number of allowable members for SMSFs could soon increase from 4 to 6 if a recently reintroduced Bill passes Parliament, this could result in a 6 member SMSF. The Bill was previously a part of the 2018-19 Budget measures and was aimed at providing more flexibility to many SMSFs with aging members and larger families.
Reduce car FBT liability with one simple change to operating cost method. Among the many unintended consequences of COVID-19, businesses that provide cars to their employees may now be on the hook for more FBT. Under the FBT regime, where an employee garages a work car at home, the business is deemed to be providing a car fringe benefit.
Changing business structure, some sectors of the economy are suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust.
Director identification numbers are now law, to combat phoenixing and other black economy activities, a new regime of director identification numbers (DIN) will come into effect in the near future. The new regime requires all directors to confirm their identity and will be a unique identifier for each person who is a director or elects to become a director.
To prevent SMSFs falling afoul of the in-house asset provisions when they give related party tenants a rent deferral due of financial hardship caused by COVID-19, the ATO has released a draft legislative instrument to provide a SMSF in-house asset exemption. The instrument proposes to provide an in-house asset exemption for an asset that is attributable to the deferral of rental income measures implemented to provide COVID-19 financial relief.