With many practitioners working from home (WFH) and virtually no ability to meet with clients in person, the ability to have clients sign a range of fund documents has become difficult. When its comes to the signing of financial statements, the law requires these to be signed before the audit is finalised each income year. …
This Monday, 20 April 2020 starts the process for many individuals looking to apply for an early release of super on compassionate grounds due to the coronavirus. This process requires individuals to determine eligibility and self-certifying in the application process – it does not require evidence to accompany the application, but does require the individual…
The Federal Government has announced a Code of Conduct (“the Code”) to impose a set of good faith leasing principles to apply to commercial tenancies only (e.g retail, office and industrial properties). In this post, we explore and summarise the details of the Code and its impacts on landlords and tenants of commercial premises, importantly…
The tax concessions afforded to complying super funds, including SMSFs are subject to strict residency criteria. Failure to comply can lead to significant penalties being taxed against both the assets and income of the fund. Three tests exist in determining whether a SMSF is an Australian super fund, including that: The fund was established in…
In these uncertain and difficult times due to the impact of the Coronavirus, it was fantastic to be able to gain key insights today from the Australian Taxation Office (ATO) and SMSF Association relating to a variety of measures that needed clarification for the SMSF sector to engage with and resolve a range of key…
