The ATO released a draft Law Administration Practice Statement on 15 December 2021, PSLA 2021/D3: Superannuation – Commissioner’s discretion where members receive benefits in breach of legislative requirements, on circumstances where the Commissioner can apply discretion in subsection 304-10(4) of the ITAA 1997 where a member receives superannuation benefits in breach of legislative requirements. Where…
There is a growing importance in the effectiveness of SMSF pension documentation. Historically there may have been a ‘gap’ in the provision of various SMSF compliance documents, and a somewhat heavy reliance on SMSF software providers to support practitioners with these templates. In recent times we have seen expectations of fund documentation increase…
The introduction of the transfer balance cap from 1 July 2017 created an interesting reporting challenge for the SMSF sector that had historically dealt with compliance on an annual basis. The decision to finally land on a two-tiered system based upon a Total Super Balance (TSB) threshold of $1 million to determine quarterly or annual…
Due to the ongoing financial effects of COVID-19, a number of SMSF have continued to find themselves in a position where they, or a related party, are having to provide rental deferral relief to tenants. For example, in Victoria the current Commercial Tenancy Relief Scheme remains in place until 15 January 2022. As a result…
On 1 November 2021, we saw the launch of the Australian Business Registry Services (‘ARBS’), which forms part of the Government’s ‘Modernising Business Registers (MBR) Program’ to 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 is administered by…
