The Federal Government appears to have made good on their previous election commitment to increase the number of members to a maximum of 6 within a SMSF. We have seen Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 introduced into the House of Representatives and moved swiftly in the Senate where it is more…
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The digital age, and through an accelerated period during COVID-19, we have seen the transformation in the way many of us operate and communicate, including through the SMSF industry. However, we do typically see legislation lagging behind these technological advancements, resulting in outdated practices that don’t align with modern business needs. This can create practical…
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The Federal Government announced a number of proposed changes to super and SMSFs in this year’s Federal Budget (2021-22) – see our previous blog post. Many of these were lauded as positive for superannuation – expanding contribution opportunities, along with addressing long overdue SMSF issues with legacy pensions and the inequities in the existing residency…
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The Federal Government has introduced into Parliament, the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (on 13 September 2023), which amends the non-arm’s length income (NALI) rules within s.295-550 of the ITAA 1997 to deal with non-arm’s length expenditure (NALE) that relate to general expenses of a fund.…
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Earlier in this year as most Australian’s we were through the first stage of the coronavirus pandemic (COVID-19) we saw the Treasurer, Josh Frydenberg announce temporary regulatory relief in respect of online meetings and the electronic execution of documents for a further six months. You can read more about these announcements in our previous blog…
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