NEWS

2022-23 Super Tax Rates and Thresholds

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 2022-23 tax year including the covid-19 related changes to pension minimums

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SMSF YEAR END PLANNING GUIDE 2022

With the end of financial year in sight, its time to review your SMSF clients to ensure they maximise any planning opportunities and avoid any costly mistakes Here is is our annual checklist to ensure you are on top of your SMSF clients coming into

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Introducing Supernova Trust Services

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

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COVID-19 relief and compliance issues

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

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COVID-19 Early Access Process for SMSFS

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

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COVID-19 ATO approach to SMSF rent reduction

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

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Covid-19 – Reduction in Minimum Drawdown Rates

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

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