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…
As trustees and practitioners work through the annual compliance work for the 2021 financial year, the Australian Taxation Office (ATO) is provided a timely reminder (QC 67071) that SMSFs need to regularly review the fund’s SMSF investment strategy to help meet their investment and retirement goals. The investment strategy is not designed to be a…
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…
The introduction of SuperStream measures from 1 October 2021 for the rollovers to and from SMSFs aims to create a faster and more efficient was to process rollovers with fewer errors. It brings the SMSF sector into line with the rest of the super industry where SuperStream is used for digital transactions. Whilst many SMSFs…
