The Federal Government has announced revised a revised start date of 1 July 2021, deferring the commencement on two proposed actuarial red tape measures that were announced in last year’s Federal Budget. This revision are a result of the Government’s re-prioritisation of resources and the shortened parliamentary sitting period in 2020 due to the COVID-19…
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The ability for people impacted by COVID-19 to gain early access to super has seen nearly two million applications made to super funds for payment under the compassionate ground due to coronavirus, representing approximately 1 in every 6 Australians in the workforce. Source: https://www.apra.gov.au/covid-19-early-release-scheme-issue-7 We’ve seen over this pandemic period, concerns with identity theft on…
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Where a fund has entered into a limited recourse borrowing arrangement (LRBA) with a related party that is utilising the safe harbour set out in PCG 2016/5, the interest rate is required to stay in line with the published rate each year by the Australian Taxation Office (ATO). The rate utlised by the ATO is…
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We’ve had a significant amount of interaction across our membership and users more broadly of the Smarter SMSF platform about the temporary use of digital signing around SMSF deeds, including for fund establishment, deed upgrades, change of trustees, LRBAs and more. In a previous blog post we explored the measures that provided temporary relief for…
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The publication of draft Law Companion Ruling, LCR 2019/D3 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement was certainly the most controversial topic impacting the SMSF sector over the past 12 months, with this legislative interpretation bringing into focus a range of circumstances that aim to clarify the distinction between personal and…
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