Until recently, outsourced trust administration has not been available to Australian accountants. But that’s all changing as Supernova launches Supernova Trust – the newest tool in our suite of solutions for accounting firms. For years, Supernova has been helping accountants better manage SMSFs. As we listened to our clients share the
Supernova’s downloadable annual Tax rates and thresholds tables is a concise summary of all the rates and thresholds that apply to contributions and benefits, employment termination payments, super guarantee and co-contributions updated for the 2021-22 tax year including the covid-19 related changes to pension minimums
The government introduced a number of stimulus measures in response to the COVID-19 economic situation. These may impact your 2019/20 planning, in addition there are a number of other planning opportunities COVID -19 Early access to super The government has allowed individuals who meet
Due to the financial impacts of COVID-19, some SMSFs have had to either, provide rental relief to tenants or apply for loan repayment relief. In these situations, auditors will need to form an opinion on whether this relief represents a commercial or arm’s length dealing
SMSF members can apply for release of their super under the COVID-19 early access arrangements through myGov. The ATO will then issue them with a determination advising of their eligibility to withdraw an amount. When the Trustees receive the determination from the member, They will
ASIC has today announced three temporary relief measures that will assist industry in providing consumers with affordable and timely advice during the COVID-19 pandemic. Relief to facilitate advice about early access to superannuation As part of its COVID-19 economic response, the Government introduced measures to
The Australian Taxation Office has responded to widespread concerns from the superannuation industry on whether SMSF landlords providing rent relief to tenants – in particular related parties – due to the financial impacts of the novel coronavirus, is a contravention of the SIS Act. The
COVID-19 is affecting many self-managed super fund (SMSF) trustees and their service providers as they prepare to lodge their SMSF annual returns (SARs). Previously the ATO advised that if you required more time to lodge your 2019 SAR you needed to contact us or your
The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing superannuation minimum drawdown requirements. The Government is also reducing social security deeming rates in recognition of the impact of the low interest rates on
In response to the economic consequences of the Covid-19, yesterday (22 March 2020) the Government announced Special access to existing superannuation balances will be available to those who have experienced significant reductions in their income, are unemployed or who have been retrenched. Eligibility Members will
