How will SMSF auditors deal with COVID-19 relief?

We have seen swift action by the Australian Taxation Office (ATO) to support the SMSF industry across a range of areas that have been impacted by the coronavirus pandemic.  Through a rational and reasoned process, the Commissioner in many circumstances won’t apply compliance resources to potential compliance breaches in areas such as rental relief being…

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How the proposed work test exemption contribution rules will work

Treasury has released for draft consultation the amendments to extend the work test exemption for recent retirees.  This announcement was made in the 2018-19 Federal Budget, whereby it makes amendments to the non-concessional contributions (NCC) rules in the ITAA 1997 to complement proposed amendments to the contribution acceptance rules within the SIS Regulations (SISR 7.04).…

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