In the 2020 Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from 1 July 2022. The Stage 3 tax changes remain unchanged and commence from 1 July 2024, as previously legislated:
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.
The Coronavirus has presented a fast evolving and significant challenge to global health systems and economies.
The Government has acted decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus.
The Government’s economic support package of $259 billion represents fiscal and balance sheet support across the forward estimates of 13.3 per cent of annual GDP. Direct fiscal measures are equivalent to around 6.9 per cent of GDP.
The Government’s economic support package has provided timely support to affected workers, businesses and the broader community, and has kept Australians in work, and businesses in business.
These actions have put a floor under the economy during this extraordinary time, and have set the foundation for a strong economic recovery once the Coronavirus crisis passes.
Note: Each link will have a blue HP on the left hand side of the title, by clicking on this 'link' you will be taken to the article. When you are in the article you may find 'fact sheets' that provides additional details about the chosen topic, when you open a 'fact sheet' it can be downloaded (to your device) as a PDF file by clicking on the black downward facing arrow on the top right hand corner of the page.
If you’ve been affected by the Coronavirus pandemic and want to access your super early, it may be beneficial to consult a qualified professional about the eligibility and other options that may be available to you.
By some estimates there are around $20.8bn in lost and unclaimed super in Australia. The last financial year saw $4.38bn worth of lost super reunited with their owners across 537,000 accounts.
The economic impact of the COVID-19 pandemic seems to get more and more serious with every passing day. With everyone more or less practicing social distancing if not outright self-quarantining, many businesses and casual workers are struggling in the current economic environment.
COVID-19 pandemic and government policy has provided challenges for the superannuation industry, particularly for trustees to provide appropriate information. ASIC has recently outlined its interim corporate plan, which includes protecting consumers from harm at a time of heightened vulnerability.
Early release of super. If you’re one of the 2.4m Australians who has taken advantage of COVID-19 early super release, beware as the ATO is investigating fraud and schemes related to this measure.
Financial Planning tells you About Us and our Dealer Group
About Us gives you an understanding of the advice and services in which we are authorised by InterPrac to provide to you
Our Dealer Group is InterPrac Financial Services Pty Ltd. We are Authorised Represetatives of InterPrac Financial Services Pty Ltd.
Hunter Partners are Financial Planners with offices in the Townsville suburb of Kirwan and a serviced office in Hughenden. We can help you to achieve your Financial Planning goals by working with you to formulate a financial plan, then we can help you to impliment that plan. We can help you to establish an investment portfolio inside or outside of superannuation or we can help you to select a superannuation fund that will work for you and be flexable enough to meet your needs as your circumstances change. We can help you to explore if a self-managed superannuation fund (SMSF) may be an option for you.
We set out some of the services we can offer you in 'About Us', we then go on to introduce InterPrac Financial Services Pty Ltd in 'Our Dealer Group'. InterPrac provide us with the services and support that we need to provide our services to you.
Frozen managed fund, as the global pandemic continues to affect the economy, some managed funds facing liquidity or other operational issues have frozen withdrawals ostensibly to protect the best interests of members.
Hunter Partners operates its financial Planning business through Zara (NQ) Pty Ltd (Zara). InterPrac Financial Planning Pty Ltd has appointed Zara as a Corporate Authorised Representative (ARN: 410255) and Stuart Hunter as an Associated Authorised Representative (ARN: 410276) of Zara.
InterPrac Financial Planning Pty Ltd (InterPrac) is an Australian Financial Services Licence holder. InterPrac offers a broad range of financial services that are backed by their ongoing support and expertise. Their size, skills and success enable us to offer first class personal services in financial planning, wealth creation and wealth preservation strategies, whilst at the same time ensuring that we're a progressive company in the ever evolving financial services profession.
Hunter Partners are able to provide the following services, including but not limited to;
InterPrac Financial Planning Pty Ltd is the holder of Australian Financial Services Licence No. 246638 under which InterPrac is authorised to carry on a financial services business which includes the provision of financial product advice and dealing in financial products.Head OfficeInterPrac Financial Planning Pty LtdLevel 8, 525 Flinders Street Melbourne VIC 3000
Contact DetailsPhone: 1800 700 666Fax: (03) 9209-9770
GENERAL ADVICE WARNINGThe information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your InterPrac Financial Planning Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given with respect of the information provided and accordingly neither InterPrac Financial Planning Pty Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.
The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.
Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) through their employer.
The payment ensures eligible employers remain connected to their workforce and will help businesses restart quickly when the crisis is over.
If you are an employer wanting to obtain JobKeeper Payment you will need to register your interest with the Australian Tax Office (ATO). To do this click on the following link and you will be taken to the ATO webpage where you can leave your details as an expression of interest. The ATO will then contact you to provice further information about JobKeeper payment. Click this link to be taken to the 'JobKeeper Payment - Register your interest page'.
ASIC has recently conducted surveillance activity which identified two significant concerns in the labelling of financial products by managed funds.
Before the disruption of the Coronavirus epidemic, the government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions.
small business super clearing house.Running a small business is already stressful enough in this economic climate without needing to worry about compliance of super guarantee payments and whether they have been properly made.
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.
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.
In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the development of real property was highlighted as a main issue.
SMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this pandemic. The concessions largely revolve around the ATO not intending to take compliance action in relation to SMSFs temporarily reducing rent to related party tenants and inadvertent breaches of the in-house asset rules due to downturn in the share market.
Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would contravene the sole purpose test. However, a Full Federal Court decision has reframed the sole purpose test which will provide some flexibility to trustees on certain investments.
SMSF with tax return lodgement due date of 31 October have been reminded to lodge on time. According to the ATO, those funds that are more than 2 weeks overdue on any annual return lodgement will have their fund status changed to “Regulation Details Removed” on Super Fund Lookup.
Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI).
Super guarantee amnesty which allowed employers to come forward to declare any super guarantee (SG) shortfalls and self-correct SG underpayments with reduced penalties has officially ended.
Super guarantee amnesty is due to end in less than 30 days, businesses wanting to take advantage of the super guarantee amnesty have less than a month to disclose underpayments of super guarantee to the ATO and work out a payment plan. Don’t worry if your business doesn’t have the funds at the moment to pay the shortfall, the ATO is willing to work with you to create payment plans to make good on unpaid super over time.
The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses.
The Australian Government is providing financial assistance to Australians. This assistance includes income support payments, payments to support households and temporary early releases of superannuation.
The Government, the Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to ensure the flow of credit in the Australian economy. Timely access to credit is vital for businesses to manage the impacts of the Coronavirus.
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