We have seen Treasury release for consultation, the ‘Modernising Business Registers (MBR) Program’ on 12 March 2021, which will unify the Australian Business Register (ABR) and 31 business registers administered by the Australian Securities and Investments Commission (ASIC) onto a single platform. This platform will be administered by the Commonwealth Registrar (the Registrar) under legislation…
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The Australian Taxation Office (ATO) as part of its response to the coronavirus pandemic (COVID-19) indicated that it would not apply compliance resources for the 2019-20 and 2020-21 financial years for SMSFs that sought loan relief for LRBA related party loans. This relief applied for related party loans that complied with the safe harbour guidance…
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The Australian Taxation Office (ATO) has decided to extend for a further 12 months the current transitional compliance approach set out in PCG 2020/5 to allow additional time to finalise its position on non-arm’s length expenditure (‘NALE’) within the NALI provisions (section 295-550 of the ITAA 1997). The ATO issued draft ruling, LCR 2019/D3 in…
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In mid-February 2021, we saw the Treasurer, Josh Frydenberg announce an extension to the temporary relief measure relating to virtual AGMs and the signing & sending electronic documents. This Determination authorised by statute, currently provided relief until 21 March 2021 – the extension intended to grant relief through to 15 September 2021, providing the Government…
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One of the final pieces to the contribution jigsaw is now in place for 1 July 2021, with the half-yearly AWOTE figure for November 2020 being published, confirming indexation of the concessional contribution (CC) cap from $25,000 to $27,500. Indexation of the CC cap applies in $2,500 increments and is measured against the base figure…
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