News

COVID-19 cuts risk pension pain

  The Federal Government recently announced the mandatory minimum drawdown rates for retirees with account-based pensions would be temporarily halved in both the 2019-20 and 2020-21 financial years.  

New laws prompt review of SMSF estate plans

  In light of recent laws passed this month, many clients will need to review their estate planning to ensure their will adequately explains how superannuation and insurance payments should be dealt with.  

SMSF sector grows, new fund numbers drop

  Overall growth of SMSF sector has continued despite a drop in the number of new funds in the December quarter 2019, the latest ATO statistical report shows.  

‘But how will we pay for this?’

  It's a natural question about global policymakers' multitrillion-dollar efforts to prop up economies and markets against the monumental threat of the COVID-19 pandemic. And the question has understandably taken a back seat to confronting immediate health and welfare challenges.  

COVID-19 resources -Update July 2020

  Several new links have been added to the many already in this article, links that date back to the beginning of the COVID-19 pandemic. If you have any questions, or require further assistance, please send us an email or phone.  

‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies

The ATO is set to acquire the data of 3 million Australians from Services Australia as it doubles down on the COVID-19 compliance front.

Work Related expenses – 2020

Although the coronavirus lockdown has changed the work habits of many taxpayers, the fundamental tax claims for 2020 apply the same old tax principles.

Early release of super sees ‘high take-up’

A recent research report has predicted that close to 2.5 million Australians are likely to access early release payments from super before 30 June. However, the number of SMSFs applying for early release payments is expected to be low.

Home Office Claims 2020

The coronavirus lockdown has meant many taxpayers are working from home for the first time.  A special shortcut method just introduced means there are three methods to claim in the 2020 income tax return.

Year End Tax Deductions – “equipment”

As retailers promote heavily for taxpayers to buy before year end, are their advertisements real or imaginary?

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